A Freelancer’s Guide to Creating A Steady Income Flow
There are many upsides to freelancing, but also there are a some downsides that can trouble many who choose to engage in it. One of the most important ones it the irregularity of work which means a lack of steady or fixed income.
However, as long as you put your mind to it and if you are serious about the freelancing lifestyle, this is a problem that can easily be remedied. First of all, there are two major types of income for freelancers, which are passive and active incomes.
Passive incomes are those that come from the products that ‘earn for themselves’, such as book sales and similar products, while an active income is something that must be done consistently like, for example, online trading.
Relying on a combination of both is a good idea, so here are some freelancing tips that can generate a relatively steady income..
Steady Clientele
Most freelancing work is done for the same or similar clients. Therefore, if you are about to have some steady work and short breaks between projects, you need to land some busy clients and demonstrate to them that you are their best option.
Landing best clients is a matter of marketing and building your reputation. This will require some good PR on your behalf, good prices and high quality work. To keep your client you need to keep them happy. Always do your best for them, have an understanding of their needs, listen to them carefully, and appreciate their feedback.
Managing Finances
The first thing to consider is pricing. Having the lowest price for your work doesn’t make you the most eligible freelancer in your field. You need to make sure that you are paid for the work you do and that you are paid well.
Also, not all projects generate same amount of money. To offset this, give yourself a monthly salary, regardless of the amount you make. This means that you will have a nice sum of money to live on, but still have some savings to invest in your business.
Active Income
This type of income is the most common for freelancers. This includes working for clients, investing money in stock trading and other types of work. Stock trading is a good way of generating active income when your field of expertise is running a bit dry.
There are many types of stock trading, from those that are based on buying shares and holding on to them for just a couple of minutes, to buying them and holding them for several weeks or even months. There are some approaches that include making hundreds of purchases a day and taking a little bit of profit from each of them.
All these trading methods are based on different apps and software that have intuitive and very useful options like Equity Feed features that make trading easier and more accessible to freelancers of all types.
Passive Income
This type of income is the type that requires you to create a source of income which will be constant but which requires minimal actions on your behalf. An example would be writing an ebook and then collecting the income from its sales.
This could also include videos and other, similar products. A passive income is good to have as it is useful for covering monthly expenses or filling a savings account.
A Steady Income
A steady stream of income is something that every freelancer wants to have. It makes the future brighter and less daunting, especially when it comes to vacations, covering larger expenses, paying off credit cards, loans etc.
Thus, with the right balance of passive and active incomes, you just might create the lifestyle you desire and have an enjoyable and dynamic career and lifestyle. After all, these are some of the main reasons why people chose to pursue a career in freelancing.
Category: Family Finances
