Freelancing is a very rewarding profession. You get to handle multiple clients and earn a stream of income higher than those of an average office worker.
You don’t have to go through the inconvenience of commuting. You are also spared from the drama of office politics. Given that the necessary expenses are only minimal, freelancers often save more money than a regular office worker.
However, what if the well dries up, and the flow of work stops? What are the sources of income for a freelancer?
The contract period of a freelancer with a client always has a termination point. If a client does not renew your contract, then your income suffers a setback. Some may continue to acquire work, but the payout from these remaining clients may not be enough to justify the amount of time spent on these projects.
The career of a freelancer always has uncertainties. Unless you have secured a guaranteed long-term engagement with a client, financial independence may remain elusive.
Thus, you must have contingencies in place in the event that the volume of work decreases. These contingencies are options that you should consider as alternative sources of income until freelance work becomes regular again.
10 Amazing and Alternative Sources of Income for Freelancers that You Can Do
1. Part-time employment
As much as freelancers enjoy the freedom of working in their own hours and in the comforts of their own homes, financial distress may require them to go back to the brick-and-mortar world.
Some companies offer a part-time work. By definition, a part-time work is any job that is fewer than eight hours per day. The outsourcing industry offers several opportunities for those seeking a part-time work. By 2016, approximately 1.6 million jobs will be created by the business process outsourcing (BPO) industry.
BPO companies are open to hiring part-time workers because the cost per head is low. Moreover, the volume of work per campaign constantly increases. Companies need to fill these seats as soon as possible.
The compensation in BPO companies is among the best in the job market. In addition to salary and the usual benefits, incentives and other bonuses are offered to motivate agents to perform well.
The BPO industry is definitely a good source of income for freelancers, and the nature of the job is closely related to what they do. The Philippines also has one of the best career/succession planning programs in global BPO.
As for myself, I worked as a customer support representative at night and a sales manager during the day before I decided to do a full-time freelance work.
2. Business consultancy
If you believe that you have the skills to guide businesses through turbulent times, consultancy can be your calling card. Your skills can be validated with your track record from your clients in freelancing.
If you already have a website, rewrite the contents to highlight your new service offering. Utilize social media channels and other online platforms to promote your consultancy service. Lastly, go old school and use traditional networking tactics:
- Call up friends and associates and offer your services or ask for referrals.
- Go door-to-door and leave a marketing kit
- Attend networking events and business forums and offer your services
If your performance record is great and clients give written testimonies, you can make good income as a business consultant. In addition to testimonials, case studies and portfolio can also help you close sales and gain customers.
It is currently my personal favorite because it creates passive income stream.
When people think of the writing profession, they assume that writers must have a degree in literature, English, or comprehensive writing. Although having the requisite skills in writing is a must, delivering relevant and engaging contents is more important than these skills.
Blogging is a skill that you can develop with consistency. If you have a website, make sure that it has a blog page with functioning social media sharing buttons. Then, follow a strict blogging schedule of posting a content at least once a week. In general, the more often you blog, the higher the probability of returns is. However, you need to remember that unless you work really hard on promoting your blog, there’s no way that you’ll achieve success with it.
The statistics on blogging are very encouraging for businesses. It may take a while, but you can be assured that with consistency, your efforts will yield positive returns on your business.
You can also offer blogging services to friends, associates, and existing clients. Many people understand its benefits, but they do not have the time to write.
One of my blogs, on which I spent a maximum of 20 hours per month, generates a minimum of $350 per month.