Ways To Earn A Passive Income – Freelancing is primarily about active income – you get paid for the hours you put in, ideally for a project you complete, or for a specific workload. However, there is another way to make money as a freelancer with passive income.
Passive income is something that you don’t directly work on once it’s established as a source of income, but it brings in money when you work to build it.
Ways To Earn A Passive Income
Like most things that sound too good to be true, generating significant passive income can be difficult. If you do it right, your efforts will eventually pay off, but with minimal maintenance.
Passive Income Streams
Freelancing isn’t for everyone – sometimes you can solve problems on your own. Also, if you don’t have clients or projects and your income is decreasing etc.
But apart from the disadvantages mentioned above, freelancing has many advantages. Over the years we have asked freelancers one of the most important questions freelancers ask; And you should often ask yourself: Am I satisfied with my income?
In 2023, 3,504 freelancers shared their thoughts on income satisfaction, and the results were:
This is great news! Freelancing is not only about money, a good rate of return will give you experience and grow your business.
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Based on our surveys over the years, 68% of freelancers in 2019 were happy and satisfied with their income and 32% were dissatisfied. However, in 2020, their numbers have increased slightly – 71% of freelancers are satisfied with their income and 29% are not.
Positive Attitude: Freelancers are always striving for more and are never fully satisfied with how much they get.
The Bad Way: Of course, there are people who are unhappy with their salary and income as a freelancer. And that’s the problem.
The 2021 survey results show that nearly 69% of freelancers in the DACH region are satisfied with their income. Similar to the results above, this is slightly lower than the 71% income satisfaction in 2020.
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It should be noted that those dissatisfied with their earnings were primarily those with relatively few years of experience as freelancers and reduced overtime rates.
Those in the SAP industry claimed the highest levels of job satisfaction, followed by IT infrastructure and engineering roles. Freelancers in the graphics, content and media industry ranked last, with less than half of freelancers (32%) satisfied with their pay.
If you are unhappy with your freelance earnings, you need to pay attention to several issues to solve this problem:
💡 Want to take a closer look at all the freelancer agencies collected through our surveys? Download Freelancer Research!
Ways To Earn A Passive Income: A Comprehensive Guide
One of the best ways to earn a steady and reliable income as a freelancer is diversification. The saying “don’t put all your eggs in one basket” applies to freelancing as well. Your “eggs” are spread across several baskets, so if one goes missing, you won’t find yourself broke. 6 ways to effectively expand your freelance income:
For many freelancers, client work brings in the majority of their monthly income. If you’ve worked mostly with one major client up until now, consider branching out. Clients come and go, it takes time to build a relationship with a new one.
The goal is to have a stable network of clients that will bring you business, rather than one day theoretically going out of business and putting you out of business. Use online job boards (like Job Boards), talk to other freelancers, put your portfolio out there, and use your existing connections to start making inquiries.
You should also consider getting value from older customers. Some freelancers, unfortunately, forget about the client once the job is done and the check is in the mail. This is a big mistake that will cost you many future opportunities. Try to get referrals from your customers – There’s nothing better than seeing others who have used your services, not only appreciate it, but also take the time to write about you. In addition, old customers can often attract new customers. Connect with the people you work with and aim for long-term business relationships.
Ways That You Can Earn A Passive Income
Client work is not something that comes first. If you are a very good writer, you can earn extra income as a freelancer by writing for yourself and others. Blogging has become one of the best ways to make money online and is a great way to get your name out there as a professional.
A good blog can be monetized in a variety of ways: you can choose to accept on-page advertising, affiliate marketing, or sponsored posts. You can also offer your services as a freelance guest writer to other websites. Aim for unique, high-quality content that makes a difference to your customers.
The next step in blogging is entering the big world of e-commerce. Setting up a marketplace like Amazon, eBay or Etsy is easy for anyone, but if you care about building some brand equity, it’s best to make a home for yourself online with your own branded e-commerce store. Platforms like Shopify and WordPress make this easier than ever.
It definitely takes some work and, like any new venture, should be considered a job. You need a strong brand, a supplier for your products and a place to store them (unless you go the dropshipping route). Some entrepreneurs choose to buy existing stores through a website reseller.
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The advantage of buying a ready-made store is that you don’t have to spend valuable freelance hours creating a website, and all the products and suppliers are already there. Prices range from cheap entry-level stores around $50 to high-end stores that fetch a generous ~$10,000.
If you have the skills to get a website up and running and improve what’s on it, buying and selling websites is easy – and you’ll learn a lot about online retail in the process. If you’re not just buying and selling a website, but your site is getting a lot of traffic, it might be worth looking at online classifieds.
However, you don’t need to sell physical goods to get into the e-commerce game. Digital products like downloads, webinars, e-books and e-newsletters are all things you can do to sell online. Take the time and work with them up front and you can continue to make money from them many times over with very little maintenance.
The options don’t end there: if you’re a designer, you can create graphics, fonts, templates and themes. If you have a passion for photography, you can sell photos. Think about the skills you already have and how you can use them to benefit others. These small financial increases will naturally add up as your business grows and will be very beneficial to your bottom line.
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Speaking of skills you already have, another great way to diversify your income as a freelancer is to provide coaching and consulting services to others. This is also another way to monetize your blog as you can use it as a platform to promote your services.
As your niche authority, your expert advice is valuable. You can pay others for consulting and coaching services while spending more time doing what you love. Mentoring is not only beneficial, it helps you network and build relationships.
How you pay for your coaching services is up to you. Most people choose to work on a project-by-project basis rather than a specific hourly rate. Make sure you charge enough to make the most of your time.
Whether your niche is health, digital, business, marketing or something else, there are people willing to pay an expert to learn more. Killer examples help prove your professional credentials.
How To Turn Freelance Income Into A Passive Income Stream
If you want to continue diversifying your income, another way is to continue diversifying your skills. Online learning is now very accessible so learning new things is easy. Websites like FutureLearn and Lynda offer free courses on everything from creative arts to technology and coding.
There’s a lot to be said for being a skilled all-rounder with very strong qualifications, especially if you want to build your own. This will set you apart from the rest of the freelance crowd.
This applies to any business, but a freelancer’s flexibility allows him to search the market.
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