7 Ways to Diversify Your Income Streams as a Freelancer

A step-by-step guide for writers to monetize their passion.

Freelancing as a career rarely guarantees a stable income.

Fluctuating monthly income levels can take a toll on your mental health. Creating multiple revenue streams is necessary to maintain a reliable income flow.

In case of a downturn or disruption in the market, the cushion of multiple income streams will help you get through financial lulls.

This post is a rundown on the how-tos of diversifying your income as a freelancer.

Discover your talents and broaden your horizons

Being an active learner is the key to staying in the game as a freelancer.

With rapidly changing trends and technological advances, you must stay updated with the latest industry demands regardless of your sector. Continuously refining your skills and learning new ones will increase your earning potential and open up more projects.

For example, as writers,

Get hold of content by learning content marketing and on-page SEO among others. Online courses are only one click away.
To enhance your writing skills, learn to leverage tools like Grammarly and Hemingway.
Add complementary services to your package as you continue to run your business.

The following ideas will help you generate multiple income streams and protect yourself against unpredictable storms.

1. Create a blog to get started

A blog is a perfect platform to start your business, whether coaching, graphic designing, or writing. A blog can serve as more than just a writing portfolio; it can help you monetize your writing skills in many ways.

For example,

A blog provides a platform to practice writing, improve your writing skills, and build confidence.
It serves as a lead-generation strategy to attract potential clients.
You can earn money through ads, brand sponsorships, affiliates, and collaborations.
Your blog can establish credibility in your niche and help you position yourself as an expert.

Writing a blog is easy with robust website builders Wix, Carrd, and Super from Notion. Also, You can check the availability of domain names and buy from Hostinger/GoDaddy.

Once you have a blog, set up your site as service-based with specific pages listing your skills, testimonials, past experience, etc.

2. Monetize your content

You may have knowledge and insights that someone would be willing to pay for several reasons, such as:

Consultation calls for people who frequently approach you to seek advice on specific topics.
Publishing and promoting info products to your audience.

You could use a service marketplace like Gumroad to sell your digital info products, among many other websites. Freelancers fail to sell their info products for several reasons.

Selecting the wrong topic and audience,
Trying to do too much too quickly.
Having unrealistic expectations.

To overcome these challenges, focus on creating one info product at a time, iterate, and refine it based on feedback.

3. Hop on to Medium

While you could publish your content on Medium for free, there are ways to earn professional-level pay as a freelancer. Some ideas-

Enroll in the Medium Partner Program and earn money based on views and reading time.
Market yourself as a freelancer and sign up clients in your niche.
Direct people to your newsletter. Learn more about earning money from an email newsletter here.
Find brand collaborations and sponsorships suited to your niche.

There are more details on how to earn from Medium even if you're ineligible to enroll in the partner program in this video —

4. Monetize your content as a freelancer on Youtube.

YouTubers specialize in creating content focused on a particular topic their subscribers have come to expect.

With just a camera and some notes, you can connect with an eager audience to watch your videos and hear your thoughts. It’s a fantastic way to make money and create income streams.

On YouTube, videos typically earn based on the number of views they receive. If a large audience views your videos, you can generate passive income.

5. Podcast Production

Podcasts have turned the tables by becoming a popular way of content consumption. Many content creators use this medium to reach people by focusing on specific themes or issues.

Platforms like Anchor, Castbox, Spotify, and Buzzsprout offer earning opportunities through affiliate marketing, recording advertisements, selling products, or crowdsourcing.

You can also convert your podcasts into visual videos and share them on social media platforms to attract more audiences and generate additional passive income streams.

6. Monetize your ad space

One way to generate passive income is by monetizing your blog or website by selling ad space. As your blog attracts more visitors, it can become a valuable marketing instrument for your brand.

By leasing out advertising space, you can earn money while continuing to grow your audience and online presence.

7. Guest Posts and Ebooks

Generating passive income can also be done by selling your expertise and knowledge through guest posts.

If you already publish informative and helpful articles on your blog, why not try to sell them to others and earn an extra income source?

This will help you increase your earnings and attract more attention to your services. Here are some websites currently accepting submissions for guest posts priced at $200 per article.

Another cool income source can be created by writing an eBook.

As a freelancer in your field, you likely have valuable insights to share with others looking to follow the same path. Although it requires a lot of effort to create an eBook, they have tremendous potential if it succeeds.

Even if you think there are already many resources on a particular subject, your unique perspective and way of explaining concepts can still add value. Don’t forget to share your experiences and add your personal touch to your writing.

The Final Say

After reviewing various methods for generating additional income as a freelancer, it’s evident that this profession encompasses more than just writing articles or developing websites.

This piece only covers what is possible with your available time and resources. The extent to which you can succeed in earning money is up to you.

Bear in mind that achieving financial independence necessitates meticulous planning and strategy. If you’ve begun experimenting with various options, carefully track your income and expenses.

Before we part…

From June 6–9, 2023, I’m hosting Freelance Superheroes — a 4-day live training program that will help you

✔️Figure out your niche and learn how to write valuable content

✔️Learn to do industry research to find your ideal client

✔️Refine your cold outreach strategy to maximize your response rate

✔️Create offers that prospects will find hard to refuse

✔️Land clients who pay you for writing about exactly what you love

If this sounds like something you’d benefit from, save your spot today.