How to Build a Steady, Passive Income
If I had to choose the most common fear of freelancers, it would be the fear of not having a steady income.
We know there are plenty of projects … and there are more than enough paying clients to go around … but we still worry.
This week, we’ll look at how to erase that fear and build a solid freelance career with a predictable income plan. And, I’ll give you an action step each day to help you move closer to your own predictable income plan.
Before we get started, let’s talk about predictable income — or money that comes in month after month …
Sometimes predictable income can be passive — which means it comes in whether you’re working or not.
You can also have steady predictable income each month when you have recurring work from the same client through a “retainer” deal.
I’ll go more in-depth during this week and give you examples of each …
But, first —
Adding passive income isn’t a huge shift — you won’t have to restructure your entire business plan, change your niche, or start over from scratch.
Most of what I’ll recommend this week can easily be added to your current plan, which if you're still working a 9-to-5 job, will make the transition from employee to freelancer easier.
I speak from experience. It took me a while to set up consistent income streams. I spent the first several years of my writing career trying to get enough paying work to leave my full-time job, but not so much that I would be overwhelmed. Often the projects I did were single, one-time projects, and I was always looking for my next paycheck.
But if I had started predictable income streams early on, I would have had a lot more security when making the leap.
That’s where today’s action item — and your first step toward passive income — comes in:
Spend some time considering what you want from your passive or predictable income stream and make a list. Here are some things to consider:
- How much do you want to be involved day-to-day?
- Do you want to work for clients on a regular basis or yourself so you can set your own schedule?
- What is your biggest concern about passive income? (Mine was money coming in whether I was working or not, but yours might be finding a topic you absolutely love.)
Write down your answers (or share them here).
Tomorrow I’ll reveal my favorite passive income stream — and how you can quickly create your own …
In the meantime, check out my article about making the leap less risky.
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