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Working as a freelancer is deeply rewarding in many ways. You can set your own schedule, choose your own projects, and claim full ownership of your success. There’s a downside of freelancing, though: The constant hustle can be pretty draining. This is especially the case when you feel you have to take your work with you, everywhere you go. One way you might be able to alleviate the stressful aspects of freelancing is to see if you can create passive income sources.
Passive income is revenue for which you have to do little active work, once you have established the mechanism for purchase or exchange. Some examples of passive income include rent, royalties and dividend stocks. Depending on what you are offering through your freelancing business, The Escape Rat suggests these passive income ideas, which very well may make your life easier.
Subcontract to other freelancers.
Hiring other freelancers to take on your work is a great way to continue to grow your business without pushing yourself past the breaking point. It is also a way to help junior freelancers in your field get their foot in the door. When farming out work to other freelancers, it’s important for you both to agree upon a contract that is mutually satisfactory. You will need to clarify in the contract if this is a case of “work-for-hire” – meaning, the work is being done under your auspices, so you retain ownership of it, until it is sold to a client.
In addition to a contract, make sure you have an organized system for paying freelancers. Failure to pay promptly or correctly will make other freelancers reluctant to work with you again. An online payroll platform, especially if it offers direct deposit payroll options, can help you keep up with your teams’ hours, and make sure everyone receives their compensation promptly, with minimal paperwork.
Create a digital product.
A digital product, as opposed to a physical product, is online content that can be downloaded and utilized by a buyer. Once the content is created and made available via a purchasing platform, it can be sold repeatedly to many customers, without any need for you to duplicate the initial work of creating it. Yes, you will need to monitor your sites and, according to RepricerExpress, handle any customer service issues immediately, but your goal is for your product ultimately to sell itself, though it may take some work for you to reach that point.
EscapeNormal notes some popular ideas for digital content include templates, themes and e-books. So even if you are accustomed to offering a physical product or in-person service, ask yourself whether there’s any way you could translate your expertise into a marketable digital item. For instance, if you usually sell works of physical art, consider making them available as downloadable prints, as well.
Offer online classes.
Whatever it is you create or offer, you probably have a unique angle or a niche perspective on it. So consider using this as the basis of an online course or workshop. In order to attract interest in your online course, you need to draw on your customers’ desire to achieve a certain outcome. This could range from learning to declutter their home more effectively, understanding investment, or beginning to publish their own writing for money.
Make sure you market your classes with a reminder of your own achievements in your selected area, so prospective students will see you as a reliable guide and expert. There are many different highly-rated platforms you can use for online courses, with different price tags and different options for use, depending on your needs. TalentLMS, Teachable and Skillshare are some popular platforms for online education.
When it comes to passive income, there are many ways you can get creative with the above-mentioned ideas, especially given the many diverse needs of the global market. Offering digital services or products online means you are less limited geographically, and even if you start slowly and have to navigate a learning curve, you can set ambitious goals for passive income in your future. Aim for even better results with the help of the self-coaching model written in The Escape Rat.