5 Ways To Monetize Your Freelancing Business
So you're starting your business and you want to make sure you're incorporating multiple opportunities for income?
Or, maybe you already have a business and want to learn more about how you can diversify your income?
In either case, this blog is for you!
I remember when I was let go from my corporate job a few years ago and it dawned on me that having my entire income under one umbrella just wasn't a smart idea.
Only having one income source means you could have the entire income rug ripped out from under you and be left trying to stay afloat. No one wants that.
On that day, the day I got let go from my job, I made a promise to myself that I would never allow my income to be completely removed... even if I lost one source. This meant I had to not only start my business but also diversify my income!
This lead me to my journey of working with clients, having a membership, and launching a coaching business.
I now have more income streams than I can count!
Now, before we get into some of the different ways you could diversify your income, I want to make sure you know that not all these options will be for everyone AND some are more lucrative than others.
Make sure you keep that in mind as you're thinking about which options you want to go with.
Sell your services
This may seem like an obvious one, but hear me out.
You may be looking at the internet and seeing all these people talk about passive income. It's the greatest thing since sliced bread and I make thousands of dollars every single day while sitting on beach drinking cocktails.
Let me be the first to say that this is 100% untrue.
I am I firm believer that everyone should start by selling services so they can get into the trenches with their customers AND and so they can experience some serious cash injections in their business.
You can hustle for a couple days and land a new client worth 4-5 figures per month... but it takes ten times more time and effort to make that money from a passive income standpoint.
So, sit down and think about the kinds of services you want to offer. Here are some examples for you to consider:
Content Writing: This is often more creative in nature as the goal is to engage with an audience
Copywriting: This is more strategic as it involves sales psychology and taking a potential customer through the buying journey
Web Design: More the look and feel
Web Development: More on the coding, which can also be positioned on retainer for continuous maintenance
Content Marketing: You can offer a wide-variety of services under the marketing umbrella
Graphic Design: You can often offer this with little to no experience due to the rise of simple tools like Canva and PicMonkey
Social Media Management: This is often a simpler service where you’re managing someone’s current social
Social Media Strategist: This is where you would partner for strategic growth
Editing: You can do this for blogs, podcast scripts, manuscripts, and so much more
Photography: While this is often a location specific service, you can also offer stock photography, which can be done from anywhere and sent to the client
Podcast Editing and Management: You can edit the audio and manage the promotion of each episode
SEO Services: Especially if you’re someone who has your own blog and is familiar with SEO
And that's just to name a few.
Once you've figured out what you want to offer, go sell the crap out of it. You can land clients quickly!
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You might be sitting there wondering how consulting differs from other services I've talked about above...
Or maybe you don't even know what consulting services are...
Consulting services are defined as an expert giving advice a person, or group of people, within a certain field.
I decided to include this option because you may come across prospects who aren't ready to commit to ongoing services, like the ones I listed earlier.
Maybe they're not ready to outsource or maybe they don't have the budget.
Whatever the reason, you still want to have an option that will allow you to help them and get your foot in the door for future opportunities.
For example, if you're a social media strategist, instead of developing a strategy for the client on a monthly basis, you may offer them a one-time consultation where you evaluate their current strategy and provide them with changes, advice, etc. They would then take this information and implement the changes on their own.
You're simply there to provide your expert advice and then allowing them to use the information however they see fit.
By doing this, you're giving them value, making some cash, and giving them a taste of what it would be like to have your expertise on a consistent basis.
They now have more incentive to come back to you when they're ready for ongoing help.
This is an option that is often overlooked by service providers because we think that the only way to truly make good money off of affiliate marketing is to either make it our primary focus or have a huge audience!
Here's the thing we need to keep in mind as service providers:
We use tools in our business AND we help others run their business through these tools.
So, if we're already using the tools AND we're telling our clients about the tools we use and recommend, why not make a little money off of the things we're talking about already?
I know... so simple.
For example, let's say you're a content writer and you love using SEMRUSH to help do you SEO research. Your client then asks you about the tool you use to do said research. You can then provide them with your affiliate link to sign up since they're already interested. Your client gets a new tool for their business and you get a little bit of income.
Here are some of my fave companies that have great affiliate marketing programs:
Everyone is getting into digital products and there's a reason for it!
It's a way for you to generate income without having to continue to put in time.
As a service provider, you have a variety of options you could choose from when it comes to which digital products you want to sell.
The obvious option is to go with a full course, BUT having a full course on the marketing is A LOT of work and may not be up for that right away.
Digital products can also mean:
And so much more
If you're a web designer, you could sell website templates. If you're a graphic designer, you could sell social graphic templates. If you're a copywriter, you could sell sales page copy templates.
The list goes on!
Let's not forget about being paid for the content you create.
I have personally done guest lessons inside of people's course for a fee. I simple put my expertise into a lesson, a workbook, and a template, and I deliver that to the coach and VOILA! Paid content!
You also look into appearing on summits for a fee, growing a YouTube channel and making money off of ads, sponsored posts on your blog or podcast, etc.
Getting paid to create content doesn't have to be hard, you just have to choose the right option for you.
For me it was selling my expertise in lesson format!
Diversify your income
You can see how all of these options offer both pros and cons, but they all have one things in common, they help you diversify your income!
Whether you choose one or all of these options is up to you and the kind of business you have.
Ensuring you're not relying on one income source will help you increase your income and allow it to become more reliable over time.
**This post contains affiliate links. If you use these links to buy something I may earn a small commission at no extra cost to you. Thank you!
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