Pssst… there will be a webinar on this topic on Thursday, October 29th! Join us to learn all about creating multiple income streams for yourself.
We all know about the freelance income rollercoaster. The feast or famine months. The high and dry times. This is the curse of not having a steady paycheque.
As freelancers, we have a couple of options to try to even things out and stay out of famine mode. (Well there are actually plenty of options but these are the best 2 IMO and they don’t involve getting a side gig as a phone sex operator.)
- Work on getting booked out in advance
- Create secondary income streams from information products
Why are these the best income streams for new freelancers? Well let me tell you…
When you learn to book yourself out, you can predict your income for the coming months because you’ve already got clients committed to working with you. Whoa! Mind = blown. I’m kidding. But it makes sense right?
You know how much time you need to dedicate to a project, so you set your client calendar up accordingly. This way you have enough work to keep you going, but you’re not burning yourself out or under-delivering by overbooking clients.
Get Booked Out
So how do you do this?
Step 1 – You determine how long a project takes, and how many clients you can juggle at once. What is the best way stagger your new projects – one a week? every 2 weeks? Be sure to factor in your regular client intake process and all of the steps/time it takes to get a new project going, all the way through to delivery.
Step 2 – Now set your intention to fill up all of those spots you’ve put in your calendar. Seriously. Write it down, put it in your project management system, draw a symbol on every new client day in your calendar, shout it at a stranger in the grocery store. You are going to fucking DO THIS.
Step 3 – Start hustling. If you want to fill your client calendar you’ve got to get out there, market yourself, and start building relationships. Relationships are the key to establishing trust and converting cold leads into business buddies into people who are fucking stoked to give you their money.
Step 4 – Celebrate your success, do awesome work, and laugh maniacally about how you escaped the 9 to 5 and still earn a steady income. You beat the system!
Doesn’t that sound great? Of course it does! You’ll never have to settle for ramen for a week straight and wonder how much internal damage it’s really doing.
But your income is still capped by how many projects you can do. And maybe you want to be able to take a few weeks off here and there to travel or go to a yoga retreat in Bali or maybe you just want to take a fuckin break and watch the entire Mindy Project series and try every type of curry from that Thai delivery place up the street. Do you, boo. No judgement.
Creating a secondary income stream from info products is going to allow you to bring in more income without having to clone yourself. A lot of people call this “passive income”, but it’s not entirely passive. You still have to make it and market it. It’s a process up front, but you can continue to sell your product forever and ever with very little work to upkeep it.
Create an info product
So, how do you do THIS?
Step 1 – Come up with your perfect product idea. What are your clients always asking you? What’s the thing you absolutely rock at fixing for your clients? What are you super good at? What’s your jam, man?
Step 2 – Decide on the format. There are plenty of options to sell your info products – e-courses, e-books, workshops, guides, physical books. Pick the format that works best for your audience and the topic/content you are delivering.
Step 3 – Test your product idea with a landing page opt-in or even pre-sale. If people buy, you know you have a winner that is going to be worth the time and effort into creating it. If not, scrap it and head back to the drawing board.
Step 4 – Build and launch. This step is obviously pretty huge. It can take a lot of time to create an online course or ebook, and creating a launch plan is equally huge. But if you know it’s a product that your people want, it will be totally worth it! Try to find a few launch partners that can help you through the process.
Step 5 – Continue to generate “passive income”. If your product is evergreen, set up sales funnels to generate sales from your list as it grows. If it’s not, plan your next launch and factor in the lessons you learned the first time around.
These 2 income streams will absolutely help you to even out your freelance income and keep you out of the feast or famine cycle. Or maybe help you to fund that epic adventure to Thailand this winter.
This Thursday, I am hosting a webinar with Brittney from The Adventure of Existence on how to create multiple income streams from your business, and why we both believe these are the 2 best income streams for new freelancers and online entrepreneurs. It’s going to be action-packed and super fun, so don’t miss it! Claim your spot here.