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Multiple Streams of Income for Freelance Writers

It is very important for freelance writers and internet entrepreneurs alike to set up multiple streams of income. While the way you do this is different depending on your career, it is an important detail to look into nonetheless.

As a freelance writer, there are two ways of looking at multiple streams of income. First off, you should do so within your writing career. As a general rule of thumb, you do not want to have one or two clients making up the majority of your income. This may never turn into a problem for you, but what would happen if that one client no longer needed your service? It is ideal to have several clients accounting for your income. This way, if you lose one client you only lose a portion of your income; not the entire business.

Another way to look at the subject of multiple streams of income has to do with diversifying into other fields; most commonly, blogging. Managing a blog that makes some money is a great way to supplement your freelance writing income. This way, you can have two separate money making streams working for you at the same time.

Other streams of income for freelance writers include editing, proofreading, and design among many others. Do any of those fit in with your current knowledge base?

Remember, if you are a freelance writer you do not want to entirely neglect your core competency. But with that being said, if you have the chance and time to set up multiple streams of income, you should definitely consider doing so.

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4 Comments »Freelance WritingOctober 19th, 2007

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