EF#4: 💵 Diversifying Your Freelance Income

Hi Friend!

I hope you enjoyed the free downloadable eBook I posted on my subscriber-only resource page last week. I emailed the super-secret 🤐 link to subscribers last Friday, so check your inbox if you missed it. The eBook is called Expert•ish Freelancer Marketing Toolkit and it highlights 60 tactics to craft your ideal marketing mix. Feel free to email me ([email protected]) and request the link again if you need it.

In the meantime, I just returned from the incomparable New Orleans—my first visit ever to the Big Easy. What a unique city with a cool vibe, great food, must-see live jazz, and incredible history. I’m writing about it for a AAA assignment, and I love that the freelance business I’ve built enables me to write about such incredible travel experiences.

But guess what? It’s not always 🦄  and 🌈 in my world.

Over the years, I’ve written about topics that absolutely do not light a fire in my soul—mostly because the clients paid well. So I put on my big-girl freelancer pants to write about less-than-scintillating topics like real estate, compliance, franchises, dietary supplements, technology, big data, intellectual property, internal auditing, and employee benefits. #suckitupbuttercup

And while I love writing journalistic articles, I’ve also written a variety of copywriting and content marketing pieces ranging from video scripts, advertorials, and press releases to brochures, web copy, and email campaigns.

I share this to illustrate that this is a key factor in how I’ve sustained a thriving freelance writing business for over 35 years. I diversify my sources of income so I’m never too reliant on what I write about, who I write for, and what deliverables I can produce for clients.

Ready to do the same? Keep reading!

Freelance Focus: Diversifying Your Freelance Income

Freelancers often face income instability, partly due to only offering a narrow range of services or relying too much on just a handful of clients. In doing so, this makes you more financially vulnerable. (Ask me how I know.)

Diversifying income sources promotes financial stability, reduces dependency on specific clients or projects, and opens up opportunities for growth and resilience in the face of market fluctuations.

Many freelancers attempt to increase income by simply taking on more of the same types of projects, which can lead to burnout, make you unavailable for higher-paying projects, and limit long-term earning potential. Others might rely solely on a single niche, which can become saturated or vulnerable to industry changes. 

Case in point: I decided to lean heavily into the travel niche in (wait for it) January 2020, boldly announcing this was going to be my primary focus. And then the pandemic smacked me down hard two months later. (Cue Chandler Bing’s voice.) Could this BE worse timing?

By expanding into different deliverables, niches, audiences, and types of writing, freelancers can create a robust income portfolio that taps into their diverse skills and interests, ultimately fostering financial security and professional fulfillment.

Ready to build a more sustainable, stable freelance business?

18 Ways to Expand Your Revenue Streams

While I’ve only incorporated some of these diversification strategies into my own business, I wanted to also include some additional ideas that I know other freelancers have found success with. Remember, I’m just here as your guide. You do you.

1. Diversify the deliverables. If you typically just write a few specific deliverables (think articles and blog posts), expand into different formats. This will likely vary depending on your background and experience. But some ideas include video scripts, infographics, newsletters, social posts, brochures, product copy, corporate communications materials, sales letters, advertorials, fundraising letters, member communications materials, and branded content pieces. 

2. Add a new niche. While “the riches are in the niches,” no one says you can only have one niche. You can focus on related or adjacent industries, like food, health, and science. Or you can add totally different niches like aviation, pets, and beauty. Know that certain niches (like technology and healthcare) pay better than others (like lifestyle and travel). And some (like parenting) are really saturated, which means you’re facing a lot more competition. But do what works for you.

3. Write for different audiences. If you typically focus on consumer media outlets, consider adding in some business-to-business (B2B) outlets. Don’t overlook other audiences, too, like association members, college alumni, nonprofit organizations, industry-specific trade publications, government agencies, educational institutions, corporate newsletters, and niche online communities.

4. Expand beyond your primary type of writing. If you typically focus on journalism, consider advertising copywriting, grant writing, SEO writing, technical writing, corporate writing, speech writing, e-commerce writing, or academic writing,

5. Do editing and proofreading. This is a no-brainer since it’s tied so closely to writing. If you’re the first to catch a dangling modifier or have a strong opinion about the Oxford comma, tap into your wordsmith superpower. (I find it so much easier to edit other people’s writing than my own.)

6. Offer content strategy. Do you have a knack for seeing the big content picture, understanding content pillars, content audits, marketing goals, themes, promotions, and personas? Rather than just providing deliverables (like blog posts, video scripts, etc.), map out a cohesive strategy that ties it all together. 

7. Sell info products. Turn your expertise into a profit center by creating books, guides, templates, toolkits, swipe files, workbooks, journals, etc. While I haven’t created any products to sell yet, I hope to in the future. Of course, as a newsletter subscriber, you’ll get first dibs and subscriber-only discounts when I do! But in the meantime, enjoy the freebies I’m creating just for you. 😊

8. Tap into affiliate programs. Partner with brands whose products or services align with your niche or audience. Simply promote them through your website, blog, social media channels, or email newsletters using unique affiliate links. When your audience makes a purchase through these links, you earn a small commission, providing a passive income stream. Note: To maintain trust with your audience, it's important to disclose any affiliate relationships.

9. Create educational courses. Why keep your expertise to yourself? Share your knowledge, help others, and make money in the process by offering online courses. Tap into streamlined platforms (like Udemy, Teachable, and Skillshare) to help you create and sell your courses.

10. Be a coach. Do others often turn to you for advice, expertise, and insights? If you’ve been in business for a while, consider offering one-on-one coaching sessions to others in your industry who might need the guidance of someone more seasoned.

11. Do speaking engagements. The thought of public speaking holds zero appeal for me, but some people love the opportunity to get on stage and share their expertise. This is also a great way to build your brand, establish credibility, network, generate leads, and develop new skills.

12. Conduct live events. Offer webinars, workshops, ask-me anything sessions, or other type of training or deep-dive into a topic you’re very knowledgeable about. Tap into streamlined platforms (like Vimeo Events, Zoom, and GoToWebinar) to hold your events.

13. Offer consulting. Do prospects and clients often ask to pick your brain? Charge them for it! Your hard-earned wisdom came from years of trial-and-error and in-the-trenches experience. Don’t give away your insights for free. It’s okay to whet their appetite with a few good expert nuggets, but don’t provide too much detail.

14. Monetize something you’re currently doing for free. If you write a cooking blog, consider charging a subscriber fee to access premium, member-only content. If you’re offering free yoga instruction on YouTube, tap into ads and sponsorships to generate income. Turn a digital community you manage into a VIP paid member community. 

15. Branch out as an influencer. If you love social media, have a passion or expertise, and have a large enough audience, brands will take notice. If you look at my measly number of social followers (other than LinkedIn), you’ll quickly see that I am not that gal. 😂 Whether you’re slaying it on YouTube, TikTok, Instagram, or other social platform, you can work with brands on sponsorships and collaborations to generate additional income.

16. Tap into adjacent skills. If you love social media, offer to handle the social accounts for others. If you speak multiple languages, offer translation services. If you can quickly and accurately turn an audio recording into a written transcription, offer transcription services. If your a Wordpress whiz, create simple websites for other solopreneurs and small businesses. If you’re photographer or illustrator, license your images to stock photography and design websites.

17. Collaborate with others. Partner with someone else who offers complementary services (like a graphic designer or PR pro) to offer packaged deals and bundled services. Besides expanding the types of products/services you offer, you also double your networking opportunities and promotional resources.

18. Think outside the box. If you’re freelancer writer, that doesn’t mean all your services need to be writing related. Ditto if you’re a graphic designer, transcriptionist, virtual assistant, or other freelancer. No need to stay in your lane! You might take great photos and you can turn those into physical products, from notecards and T-shirts to posters and magnets. Maybe you’re a fantastic artist and you create custom kicks or handbags for fashion-forward fans. Perhaps you’re a whiz at event management and you handle live events and launch parties for clients. What other skills do you have (even if you haven’t used them in a while) that you can leverage to generate income?

I’d love to hear your take on this! Have you diversified your income in some way that’s not on this list? Send me an email to let me know. I’m at [email protected].

Mindset Matters

Don’t underestimate the value you bring to clients. While you might think you’re “just writing a blog post,” you’re actually helping a client achieve their goals. That blog post might encourage readers to take action and purchase the client’s products or services—something that can bring in thousands of dollars for the client.

Look beyond the service or deliverable you provide to see how your work truly impacts your clients. This mindset shift empowers you to view your freelance work as a benefit to your clients. As lucky as you feel to have your clients, they’re just as lucky to have you. 

Tools & Resources

Resources mentioned in this newsletter:

• Udemy

• Teachable

• Skillshare

• Zoom

• Vimeo Events

• GoToWebinar

Build your own freelance toolkit by exploring the Resources page on the Expert•ish Freelancer website, highlighting tools/services, podcasts, books, websites, etc.

Plus, I’ll continue to add my own checklists, tip sheets, and templates—like the infographic 10 Steps to Kickstart Your Freelance Writing Journey—perfect for newbies as well as experienced freelancers who might need to revisit some of the basics. As a newsletter subscriber, you’ll be the first to know about these resources—many of which won’t be publicly available on this Resource page!

 High/Low

High: In response to the free subscriber-only eBook I sent out last week (Expert•ish Freelancer Marketing Toolkit), I got these kind words from a subscriber: “Damn, Lisa! You.Are.Gooood!” Thanks for making me smile, Bruce!

Low: I’m still hearing crickets on some pitches I’ve been sending out for months with no results. #feelinginvisible

Thanks for allowing me into your inbox!

 I look forward to sharing my freelance journey with you, and I look forward to hearing about yours. I’m just here as your guide. Take what works for you, and tweak it to your needs. Rinse. Repeat.

 In the meantime….

Be kind. Do good. Give thanks. 😊

With gratitude,
Lisa

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