A Guide To Creating Multiple Income Streams

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Being self employed can be a big challenge. When the cash flow is on, things are good. However, when the cash isn’t coming in things can get pretty tight. Lately my cash flow has been on, but if or when it starts to slow I want to be ready. The best way to prepare yourself for the lean times is to have various sources of income. Successful business people don’t have to be working to make money. They’re still making money even when they’re out sailing and you should too.

Most freelancers don’t realize it, but they are literally surrounded with money makers. Do you design web sites, take photography, or have a specialized skill? You can take these things and turn them into multiple streams of income that can be used to help you through the lean times.


How many projects have you designed that weren’t used or photographs that didn’t quite make the spread? Just because they weren’t used for that project doesn’t mean they’re dead. Let’s take a look at few different ways you can make cash with projects you thought were dead.

Say Cheese

1) If you are a photographer, illustrator, or designer then you no doubt have projects that didn’t make the cut. If you’ve got a folder full of images why not upload them to a site like iStockPhoto. Sure it’s only a few cents for each download, but hey it’s better than letting them sit. iStockPhoto accepts 2.0 megapixel or larger photos, 3D images, and illustrations. Upload and cash in. If you’ve designed some web sites that didn’t make it, think about packaging them up and selling them as templates.

Create Training

2) Did you work on a project using a technique or style that you created? Are you an expert on a certain topic? There is a huge demand these days for educational products. Sites like Lynda.com and dvGarage create training for digital artists. If you have something unique to offer send them an email, you never know what they might be looking for. If you have your own site you could try selling the training yourself.

Join The Blogosphere

3) Creating a blog for yourself helps establish a lot of things. Potential clients might find you. Other artists might see your work. You can share your techniques and thoughts with the world, perhaps establishing yourself as an expert on a topic. It also helps you brush up on your writing skills, plus it’s fun. You can also monetize you blog as well with something like AdSense or other types of affiliate programs.

The Write Stuff

4) Magazines, Web Sites and Publishers are always looking for good writers. Since you’ve been blogging for a while now, you have a great online portfolio. John Foster, a friend of mine writes for a computer magazine. He’s a hardware reviewer so for every article he writes, a piece of computer equipment comes to his door to play with, plus he gets paid to write about it.

Book companies, especially companies like Oreilly that deal with technology are always looking for experts to author books. Once again, if you have what it takes email them or even call and find out what they’re looking for. Once you become an author you might start to drift into the next area…

Speak Louder

5) Speaking engagements can be the key to getting work. Too bad it’s everyones least favorite thing to do. Brush up on your speaking skills at the local Toastmasters meeting, it’s not just for sales people anymore. Once you’ve created a site, with tutorials, and have a book you’ll get to promote all of these during your speaking engagement. Plus you get all the people coming up afterward with questions, which is an opportunity to pass out business cards and network.

Conclusion

If it seems like a lot, it’s because it is. However, the best part about most of the work above it that it creates multiple income streams. I can tell you there is nothing like doing something once and getting checks for it over and over again, it sure beats doing client work. Most of the time freelancers are too busy looking for the next project to turn their ideas into money, but if you try even just one of the ideas above, you should be well on your way to multiple income streams. Good Luck.

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