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Diversifying Income as a Freelancer

Diversifying Income as a Freelancer

We've all experienced the feast and famine of running a business. There will be times where we are swamped with work, and times where there's no work coming in at all. What if there were a way to ease the pain of both? In this talk, you will learn how you can prepare for the famine without breaking your back from the feast. All by diversifying your income streams.

Joe Casabona

March 29, 2020

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  1. Feast Famine You’re so busy (maybe even too busy), &

    it seems you’ll have work until the end of time. Work dries up, leads aren’t coming in, and you can’t get paid fast enough.
  2. @jcasabona How to Prepare for Famine • Pay yourself a

    salary • Save extra money in an separate account for slower times • Start generating new leads during the Feast • Create multiple streams of income
  3. Why Diversify? • You don’t put all your eggs in

    one basket • It’s less stressful (Imagine only having one client) • You can explore other creative avenues
  4. @jcasabona Ways to Diversify • Look at auxiliary services you

    can offer • Look at skills you have unrelated to your core business • Partner up with someone and create something cool
  5. @jcasabona Auxiliary Services • A web developer who offers maintenance

    package that you can basically outsource • A podcaster who sells T-Shirts • Write an eBook about what you know / have learned • Coach / Consult
  6. @jcasabona Additional Business Examples • Pippin (Pippin’s Plugins) started a

    brewery • Brian Krosgard (PostStatus) has products around cryptocurrency • James Laws (Ninja Forms / Saturday Drive) is part owner in a coffee shop • Joe Howard (WP Buffs) and his MRR course
  7. How to Diversify #1: Save money during the Feast for

    the Famine. Take some percentage of your income and put it in a rainy day fund. #2: Use that down time during the famine to work on your other revenue streams. Use the money you saved to pay yourself. #3: Time Box! Allocate time to work on other projects.
  8. I took on barely any web dev clients in 2019.

    And I didn’t sell that many courses.
  9. @jcasabona Ideas for Diversification • Affiliate Marketing / Links •

    Sell Hosting (if you’re a web developer) • Sell Digital Goods • Drop Shipping • Sell an online course • Create a podcast
  10. My Income Streams • Selling (and licensing) Online Courses •

    Building Websites • Creating Videos for Hire • Podcast Sponsorship • Affiliate Income • Consulting