As a freelancer, you know that time is money — the more you work, the more you make. But how can you ensure that you’re still making money, even if you want to take time off or cut down on your hours? Establishing passive income revenue streams is the answer. From publishing a blog with the help of Jenn Greenleaf and becoming an affiliate marketer to releasing your own ebook, here are a few potential passive income options for your business.
Set Up an Ecommerce Shop
Many freelancers could sell relevant downloadable items in an ecommerce shop to establish a passive income stream. For instance, you could sell contract templates for other professionals in your sector to customize or stock photos that people can use for their websites. Perhaps you could even sell physical products about your line of work; for instance, if you’re a writer, you could design stationery, planners, or notepads for your shop.
While establishing an eCommerce shop takes some time, this additional work can quickly pay off in the form of consistent passive income. And once you’ve built the site, it’s easy to add new products in the future with minimal effort.
But what if you don’t know the basics of setting up an eCommerce website? You don’t have to navigate the process independently – to save time; you can work with a freelance Shopify developer. That can help you boost your chances of eCommerce success. If you want to hire a Shopify expert, compare a few different freelancers’ delivery times, reviews, and rates.
If you have a blog or open to setting one up, you can make passive income from affiliate marketing. Investopedia states that you can earn money as an affiliate for a particular brand by including links to their products on your website. When someone clicks on one of these links and purchases a product or service after being redirected from your site, you receive a commission payment. Try to work with brands that your audience would benefit from.
Release an Online Course
Can you teach a particular skill well enough that people would be justified in paying for your expertise? If so, you could create an online course and sell it on your website. Some freelancers teach live webinars that require hands-on involvement, but you could plan and film a standalone course and put it up for download. Whenever a student signs up and downloads the course, you’ll make money! Depending on the topic, you may need to update the course materials occasionally; for instance, if your course is about search engine optimization or social media marketing, it might require periodic revisions to ensure that all of the material is relevant.
Write an Ebook
Plenty of readers love ebooks; they’re easy to download, they’re affordable, and using a tablet makes it convenient to read while traveling. To create a source of passive income, you could write, format, and publish an ebook! Blog Tyrant recommends outlining your target audience and structuring your ebook around their core interests. You could include tips and advice for your audience about starting their own freelance business, as well as some background information about your journey towards becoming a freelancer. If you enjoy the process, you could write more ebooks on other topics in the future to expand your virtual bookstore.
Developing reliable passive income streams can free up more time for you to work on projects you’re truly passionate about. Passive income is the ticket to true financial freedom for freelancers. With these tips, you’ll be able to bring in more money without working longer hours.
Want to work with a reputable copywriter for your business? Whether you need blog posts or ghostwriting, Jenn Greenleaf can take your content to the next level! Send an email today (or find her on social media) to get started.
About the Author: Sarah Noel
Sarah Noel is a freelance writer who, when she isn’t wielding a pen, she and Adam Taylor are making it their mission to teach other freelance writers best practices for balancing work and home.