12/12/08

Create Passive Freelance Income

I get a lot of people ask me how I can possibly make as much money as I do from writing. I'm not a famous author and they've never seen my work written anywhere.

So how is it possible for a no-name to be making a great living from writing when no one knows who I am? How can I possibly earn the income I bring in and manage to pay extra payments off my mortgage, have no other debts, live very comfortably in a great seaside suburb and still have extra money each week to save for a trip abroad for me and my daughter every winter?

The answer is simple. It's so easy to profit from your writing talents in so many different ways that the biggest problem I have each day is finding enough hours to write all the things I want to write about.

Many writers will not find it so simple if they insist on only working for revenue-share sites and pittance paying clients. These are the writers who will make a few dollars a week and then give up after a few months because they're going broke.

They're always easy to spot...

So how do I do it? Let's work it out.


Multiple Income Avenues

I don't just write articles. And I only spend a small amount of time right here on my blog. I write all sorts of things - whatever keeps me interested and stops me from burning out over writing countless amounts of articles.

So I break up my writing into fun bits that may not be a lot of money, but they're still income, I'm still being paid and I'm having a bit of fun.

Aside from this, having more than one type of income coming into my freelance business means that if one company decides not to pay me, my whole business doesn't stop. I still have other clients and other companies sending in money so I always have something coming from somewhere.

If you haven't read my earlier blog post on how to set up multiple income avenues you can find it here: Create Full Time Freelance Income


Repeating Income Avenues

This type of income is a little different - and a little harder to set up - but it's the most profitable, the most rewarding and the most money!

Some of the big gurus call this "passive" income. There's nothing passive about it, so I prefer to call it repeating income avenues. That's where you do a lot of really hard work only once and get rewarded for that big effort for several years into the future.

Did you know this is how book authors, inventors and music artists get paid? They're called royalties and the creator does the work only once, but then gets paid every time someone buys that product for as long as that product is available.

I don't have any big name novels on the shelves with fancy publishers - but I do ghost-write instructional/educational ebooks for a publishing company and they pay me a handsome royalty for every copy that sells. (okay, they're gaming guides...)

I have one that I wrote three years ago that still brings me a nice amount of money every month. Very handy. Especially when you consider that I've written nine now and working on the tenth when I have a free moment between articles.


These are just a few ways to help increase your own freelance writing income.

What ways have you found that keep your freelance writing business alive and kicking?

2 comments:

Laurie Meade said...

I found this site through my google reader and google alerts. While doing research for my article directory on tips for recession relief, I put a google alert, "writing for quick cash" and yours came through.

I am so glad I found your blog it is an inspiration to me. Thank you.

Laurie Meade
http://tipsforrecessionrelief.com

PS I invite all writers reading this to submit an article about recession topics to the above directory, I am heavily promoting it, your article will get traffic.

Laurie

Bianca Raven said...

Hi Preeti. Thanks for your comment. I'll jump over and take a look at your site as soon as I'm done commenting.

Hello Laurie. Recession tips, debt reduction and anything financially related are my favorite freelance niche, so I'll jump over and take a look at your site in just a moment too.