How Freelancers Can Future-Proof Their Income

Lost your income because of coronavirus or the recession? Here’s how to minimize these hits for the future.

Shirdhar Gupta
  1. You only have a certain number of hours in a day, so trying to add on more clients to your roster has an ultimate cap.
  2. If you take on more clients and create a fund to protect yourself during economic downturns, you’ll eventually run out of that money if the downturn lasts past a couple of months (like it is now). This solution is a bandaid.
  • Monetization is a direct input to output equation. You must create or do something in order to make money.
  • Custom, project-based work is the only way to bring in revenue.
  • Everything is dependent on you.
  • Monetization includes diverse revenue streams that include passive income, custom work, and recurring revenue channels.
  • Custom, project-based work is not prioritized to bring in revenue.
  • Workload is distributed so that running the company and bringing in revenue is not dependent on one person.

Revenue Diversification

An entrepreneur leverages the power of revenue diversification to protect themselves from income instability. For example, during a recession, higher-priced products or services may not do well, but a lower-priced item may skyrocket because of affordability.

Compound Brand Interest

When you’re a freelancer, your customers’ purchases with you are strongly transactional. They interview you to make sure that you can complete the job and hire you if you check off all the boxes.

Here’s How To Become A Freelancer Who Acts Like An Entrepreneur

To apply an entrepreneurial mindset to your freelancing business, here’s what you should do:

  1. Act like a brand. Host a weekly email that you send out to your audience and leads with valuable, free knowledge that your audience wants to see. Create an engaging Instagram page where your audience can follow, learn, and engage with you. Whatever these channels are, find the channels to build a relationship with your audience and make it fun to hear from you.
  2. Diversify your revenue channels. Streamline your best offerings into a product or an offering that doesn’t require your custom touch. Experiment with this and scale it into a robust revenue stream for your business.
  3. Offload your work. Once you’ve diversified your revenue channels, you’ll naturally see some work offloaded from you. This may naturally occur as a result of creating a passive income product or if you take the initiative to identify where and how your business can become less dependent on you to bring in income.

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I create moneymaking brands with womxn entrepreneurs who refuse to settle for mediocre. www.ascent-strategy.com

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Sophia Sunwoo

I create moneymaking brands with womxn entrepreneurs who refuse to settle for mediocre. www.ascent-strategy.com