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6 Ways to Diversify Your Revenues When You Are a Freelancer

<p><em>Life is full of surprises, and freelancers know it well. Indeed, many of them live with financial instability. They can have a lot of contracts in March and nothing in May. What can you do to make sure always to have regular money inflows? Here are some ways to diversify your revenues when you are a freelancer or a self-employed worker. It can be relevant not to put all the eggs in one basket!</em></p> <p></p> <h3><strong>Offer a new service</strong></h3> <p>Here is our first suggestion: why not offer a new service? You can be specialized in one domain, but this does not prevent you from trying other things, especially if you like to learn. Start by analyzing the market. How can you help your actual customers? What need can they have? For example, in one of our <a href="https://www.momenteo.com/blog/portrait-of-a-freelancer-jeanfrancois-lajoie" target="_blank">portrait of a freelancer articles</a>, Jean-Fran&ccedil;ois explained that he started to be a photographer by taking pictures of families. With time, we also decided to expand his business to school photography.</p> <p>As Charles Darwin said, it is not always the strongest that survive but the ones that can adapt. One of your services may become obsolete over time; it is then essential to <a href="https://www.momenteo.com/blog/how-to-stay-up-to-date-in-your-field" target="_blank">stay up to date</a> and adapt to the realities of the market.</p> <h3><strong>Help other entrepreneurs</strong></h3> <p>In recent weeks we have witnessed in many freelancers groups that many entrepreneurs were overloaded and ready to delegate some tasks or contracts. If you are looking for projects, why not tell your professional network or your self-employed friends? You can also offer complementary services. For example, a social media manager could need a graphic designer from time to time or a photographer could need some help updating its accounting.</p> <p>If you do not know a lot of freelancers, why not look for groups on social media or do some networking? Besides increasing your network, it will allow you to get advice from people living the same reality. Moreover, it is always important to keep some time looking for new contracts and contact your past clients to see if they need anything. It will help you always have some work to do and have more regular money inflows.</p> <h3><strong>Provide an online training course</strong></h3> <p>With time, you will gain experience and credibility. Why not benefit from this opportunity by sharing your knowledge in an online training course? Start by asking yourself which knowledge could be relevant to other people. For example, if you are a social media manager, you could offer a training course on making successful campaigns on Pinterest or TikTok. If you are a baker, you could offer a training course on cooking some amazing desserts.</p> <p>You can offer live or recorded training courses. Many software and tools can help you create online courses. Although it needs a lot of work at first (research, creation of the videos, promotion), training courses can surely be an interesting source of income.</p> <h3><strong>Give lessons</strong></h3> <p>It is possible to give in-person lessons. Indeed, many schools or academic institutions can be looking for various professionals to give conferences, testimonies, and even complete courses.&nbsp; If it is something that interests you, start by contacting schools related to your expertise. You can follow them on LinkedIn as well to be informed about their career opportunities.&nbsp;</p> <p>Students often like when their teachers have different life experiences that may be useful. In general, the theory is good, but practical tips are always relevant.</p> <h3><strong>Sell online tools</strong></h3> <p>Why not target passive income by selling online tools? Many freelancers and self-employed workers recently added an online store to their website to sell various useful products. It could be different templates, customized agendas, tools to create content, manage budgets, ebooks&hellip; In sum, no need to sell expensive stuff; most of the time, it costs less than $10 per product. You can surely get inspiration from your community&rsquo;s most frequent questions to create these online tools.</p> <p>An example we find well done is <a href="https://bloguedebeatrice.com/boutique/produits/" target="_blank">the Blogue de B&eacute;atrice</a>. After creating her website, this entrepreneur filled her online store with many useful tools for self-employed workers. And since everything is digital, everything is done and shipped in only a few clicks.</p> <h3><strong>Accept a part-time job</strong></h3> <p>Finally, if your current situation is difficult and you have a lot of invoices to pay, why not accept a part-time job to help top up your monthly income? Of course, it would be better to choose something that interests you. With the ongoing workforce shortage, many businesses are looking for new employees. If you always go to the same coffee shop, why not give them a day per week? You could also work a few hours at a local library or bookshop. This could allow you to change your routine, meet new people, and have a stable income until you have enough contracts.</p> <p><br /> In conclusion, it is possible to diversify your revenues when you are a freelancer or a self-employed worker. Sometimes, you only need some imagination and comprehension of your clients&#39; needs to increase your income. Financial instability is something to consider when you launch your business; however, with an emergency fund, you will be able to face most challenges.&nbsp;&nbsp;</p> <p><br /> &nbsp;</p>

Ariane