by Dream Center Co-Working & Business Support Services
When you freelance full-time, you might feel like your schedule is always busy -- after all, time is money, and you want to earn as much as you can! Perhaps you’ve begun earning passive income through your personal investments, and now you’re wondering how you can free up some time by bringing in passive income through new revenue streams for your freelance business. Dream Center shares a few passive income ideas for freelancers in a variety of fields!
Register Your Business
Perhaps you’ve already been doing freelance work as a side hustle, but you haven’t gotten around to officially incorporating your business yet. Registering your company and choosing an entity will bring you tax benefits and make other companies feel more comfortable doing business with you. It’s best to take care of this task before focusing on any other passive income strategies.
While there are several business entities you can choose from, you may want to register your company as an LLC. LLC status provides limited liability, tax breaks, and flexibility. It’s important to note that every state has their own regulations for the LLC registration process, so check your state’s rules before you start. Filing on your own can be stressful, but you don’t have to shell out for lawyer fees -- instead, you can use a budget-friendly online formation service.
Offer an Online Course
Have you ever considered teaching others the skills that you use to freelance? You don’t have to block out hours of time to teach in person -- instead, you can record lessons for an online course and share it on your website for participants to download and watch in their own time. Thinkific recommends choosing a course idea with high demand by referencing common questions from people breaking into your industry.
Create Ebooks or Digital Products
Offering digital products is a great way to earn passive income. You could publish an ebook covering topics that your audience is generally interested in. For instance, if you’re a digital marketer, you can create ebooks on social media marketing, email marketing, and search engine optimization, which you can update every few months. Alternatively, if you’re a web designer, you could create and sell website theme templates.
Sell Ad Space on Your Website
Does your freelance website tend to get a substantial number of views each month? You might be able to sell ad space to other brands in order to establish a passive income stream! If you can send persuasive pitches proving to other companies that your audience would be interested in their products, they might be willing to pay you a recurring fee in order to display ads on your website. You could consider working with an ad network to get ad placements from relevant brands in your industry, or you could work with brands on an individual basis.
Engage in Affiliate Marketing
If you do draw the traffic necessary to sell ad space on your business website, affiliate marketing can be a lucrative passive income stream. SmartBlogger states that affiliate marketing involves promoting another company’s product or service in exchange for sales commissions. Ideally, you’ll want to promote products and services that you already use and enjoy -- be authentic in your recommendations to your audience in order to maintain trust.
Building a sustainable freelance business can take a while. By establishing passive income streams, you can boost your earning potential without sacrificing more of your time. And to maximize productivity and increase profits, find a coworking space like the Dream Center, where you can save on expenses like utilities and office supplies while you work with like-minded professionals. With these ideas, you’ll be able to increase your income even when you’re off the clock!
TheDream Centerisa self-contained coworking space; with dedicated desks, private offices, conference/training room, and a beautiful backyard patio for outdoor meetings, outdoor coworking, small events, and much more. Connect with us today to find out more!773.249.6617