Each year, more and more individuals are choosing the freelancer lifestyle. Having the freedom to work remotely, set your own pay, and follow your passion is an appealing career path for people of all ages. However, with all of its benefits, becoming financially secure is one top challenge experienced by many freelancers — especially at the beginning of their journey.
One solution to this problem is setting up streams of passive income. Not sure how to do this for yourself? Keetria offers her top recommendations for creating quality passive income streams that offer greater financial security.
Write a book.
As a freelancer, you’re already an expert in one (or more) subjects. From writing to photography to graphic design, you understand more than most about your field of work. Leverage this expertise by writing a book about what you know. Research publications in your industry to see what already exists. After conducting your research, brainstorm ways to cover a specific aspect of what you do from your unique perspective. Once you’ve self-published a book (which is more affordable than ever before), you can earn a sizable passive income for years to come.
Launch a business.
Not all business ideas require you to put in hours each day to earn money. On the contrary, many can be run in such a way that you can earn a passive income. Start your new business by choosing what you plan to sell. The best ideas for generating passive income include selling online courses, eBooks, website templates, and the like.
After launching your business, it is crucial to have the right marketing strategies in place to promote your brand. To keep your marketing as hands-off and effective as possible, consider enlisting influencer marketing services, which you can easily find through online job platforms. Prior to hiring anyone, you can weigh reviews, delivery times, and proposed fees.
Build your own app.
Have some tech development skills? Turn your passion into an app. Related to your freelancing business or not, apps have the potential to generate serious passive income from ad revenue, purchases of your app, and in-app purchases.
Rent out your home or apartment.
If you own your own space — and your HOA or condo board allows it — start renting out your dwelling on one of today’s top vacation rental websites. According to the latest figures, the average host on Airbnb makes $11,000 annually.
Being a freelancer means that you need to have a solid system in place to keep you financially stable as your workload fluctuates. When you set up multiple streams of passive income, you can quickly and easily achieve this goal. Rather than having just one stream of passive income, work to set up between 3–5 for maximum results.
Among her many titles, Keetria is an entrepreneur, lifestyle wellness coach, and business consultant. For more empowering content that leads to your success, visit Keetria’s blog.