I am following one of my connections in Bubblews.com, and read her bubble about financial instability in freelancing. That’s true. Freelancing is not stable if you only focus in one job, client, employer or contractor. I want to discuss with you an effective way to create multiple income streams so we can achieve financially stability even if we know that freelancing is not a stable job. This is not only applicable online because this true both online and offline. I am going to tell you the situations of my Aunt who is working online, and my brother who is working offline – they are both freelancers.
#1 I told my aunt that I planned to quit my regular day job to focus my freelance job online. She gave me a practical advice: “Do not quit your day job unless you are sure that you are making a passive income online.” My aunt told me that freelance job is not stable. She is working at oDesk for several years, and she has proven that income goes up and down unpredictably. She might be making hundreds of dollars this month, but her contractor might end up her work the following month. Freelance contracts are short live.
#2 My brother is a freelancer too, in a different sense. He is a carpenter, mason, plumber, electrician – he knows almost everything just to create a source of income for his family. He told me that I am lucky, because I have a regular day job. I told him “Bro, you are luckier than me because your income may skyrocket in no time if you can close some good deals with your client.” Yet he told me that it’s not stable at all. But how he survives despite of it?
How my Aunt and Brother survive in freelancing? How they have successfully created a stream of income that will keep them stable financially?
- My Aunt learns new skills. She keeps on learning, with that, she have successfully bid different projects with different contractors in oDesk every time her contract ended… and it does not take her long to get a new job after the other. That helps her attain financial stability for several years working from home.
- My brother learns new skills just want my aunt does. He learns and enhances his skills on mason, carpentry and plumbing. In the meantime, he has several clients to work with. He receives calls every day, because of his excellent job, repeat orders makes him attain financial stability for years. He is not rich, but he earns more than I do – because his income skyrockets each time he receives good project with a good client.
So, let’s talk how we can possibly achieve that too. Unlike my brother, I have different interests, so I take it the other way around. I love to work online as this is my world. How we generate a passive income online despite the threat of freelance instability? The answer is simple and attainable…
- Learn new skills
- Enhance those skills
- Find proven tools or platforms to make money with those skills
Learn new skills
I am writing since I was in college. I make money from writing. But I want to find another avenue to make money with. That’s the time I learned how to code. Today, I do CSS customization with blogger and WordPress (Genesis Child themes) templates. That makes me more versatile. I can join or apply with legit freelance writing sites; I also receive few orders on Fiverr.com with my blog tweaking gig. Not only that, I study about SEO, and how search engine customization works to achieve make money blogging. My blog statistics is improving each time I check it – and these are income streams that will generate a passive income in the future. I am doing all of these while I keep my regular day job.
Learning is not enough; we have to enhance our skills
We must not keep all our eggs in one basket or else – you know, it will gonna hurt our finances in the end. While we are enjoying our number one skill that generates us a good amount of money online, just like what my aunt does – she keeps on learning and applying new skills to make her more competent to market them. While she is doing data entry and transcription jobs, she enhances her skills in customer service at the same time. Later last year, she was hired as a customer service representative while she is working part time for a data entry job.
The more, the merrier – find proven platforms to market your skills
If you are competent enough – it’s the perfect time to explore the world of freelancing. Read reviews, find trusted freelance job providers such as oDesk, Freelancer and Fiverr. One thing you should bear in mind, do not believe in “get rich quick” schemes. Always believe that hard work paid off.
Blogging is one of the best tools to create a passive income
Make money blogging is not a myth. There are several people who enjoy 6 figures income in their living rooms. That’s the very reason that I am writing this post and posting here in my blog. Blogging itself can create multiple income streams for you through different monetization methods. Adsense, selling ads space, Affiliate Marketing are few methods that can generate you a passive income if you have the interest and perseverance to make money online.
In the end, financial stability is attainable – not just for Darren Rowse, or other famous bloggers and freelancers out there… we can attain income stability, it’s just laborious, but hard work paid off.
- How to create multiple income streams? @ FreelanceSwitch
- 5 ways to get paid multiple times by the same work by Michael Hyatt
I’d love to hear your thoughts… feel free to comment below.