The ups and downs of a creative freelancer’s income are inevitable, but there are ways to smooth them out. Yet the truth is that it’s best if you have multiple, stable sources of income rather than just one.
Passive income is one option; this means making passive money while you’re not actively working. This could include, for example, sleeping or engaging in a creative pursuit.
Among the many advantages of passive income are:
- There’s no more flexibility for you to focus on your interests and ideas
- Spending more time with loved ones
- More free time to unwind and recharge
- Relying less on paychecks
- Offering chances to go outside the box and work with others
1. Earn through stock images or design
With the help of stock picture sites, anyone with a keen eye for photography or design may make money by selling their work to clients looking to achieve a specific look. Plenty of businesses rely on them, so if you post enough of them in different places, you might be able to pull in a substantial sum every month with no effort.
Here are a few of the best places to find stock photos:
- Shopify Burst
- Comparing Adobe Stock to iStockPhoto
2. Licensing your illustration or design to clients
While many businesses can get by just fine using stock images, some would rather work with you one-on-one to license designs specifically for their needs.
An illustrator, for example, can charge a local business for the right to use one of their illustrations on items. You might ask for a flat fee in front or a royalty on future sales of products bearing your design.
At the outset, this may be the more cost-effective choice because it will bring in more passive money over time.
3. Sell your design
Freelancers in the design industry can find all sorts of useful resources on sites like creative market.
In addition, it’s a wonderful spot to unload any extra materials you have lying around from past endeavors.
4. Create e-books
As an artist, you have a wide range of abilities. There is no doubt that you possess a wealth of knowledge that might be usefully disseminated in the form of an e-book or manual. Whatever you do to cultivate your creativity or hone your skills, whether it be using a specific piece of software or any other method, qualifies.
People will pay for your expertise if you can package it in a way that makes it easy to understand and comprehensive.
Certainly, there is lots of free advice out there.
You have the option of creating the e-book and selling it only through your website, or you can publish it on famous sites like Kindle Direct Publishing to reach a wider audience.
5. Affiliate marketing links
Setting up affiliate marketing links is a good idea if your blog has a fair amount of traffic since you will earn passive money through commision whenever a reader clicks through to purchase a product, book, or service that you have suggested.
6. Starting a workshop
Human-to-human interaction still holds great value. The most effective strategy for earning passive money from your design skills is to open a workshop. You’ll need a studio or a sizable area, of course.
You may also keep an eye out for different choices, such as consulting a college library. Similar to how eager individuals are to enroll in online courses, workshop registrations consistently exceed expectations. They enjoy participating in a live session where they may learn, interact, and socialize with others.
Workshops are a great way to help others while also expanding your network. Having this will increase your credibility and open doors to new business prospects.