Are you looking for viable revenue streams today? You are not alone as inflation has hit a 40-year high and some say it’s even higher. A lot of freelancers want more money in their pockets with prices rising at speeds never before seen before.
What’s a freelancer to do to earn more money to keep up with inflation?
What services can you provide during these high inflationary times to make another revenue stream?
Table of Contents
What Is A Stream of Revenue?
Do you wonder what are revenue streams? A revenue stream is any source of income a business generates. It can come from selling products or services, advertising, subscriptions, licensing fees, or any other way a company makes money.
Diversifying revenue streams is crucial for financial stability and growth. By having multiple streams, a freelancers can better weather economic downturns or changes in the market.
Maximizing revenue streams is a key strategy for long-term success, allowing freelancers and businesses to adapt to evolving customer needs and industry trends.
Viable Revenue Streams For Freelancers
Tax Preparer
You might not think you’re qualified to take on the role of an accountant, yet you’d be surprised. Okay, you don’t have any formal qualifications. However, what you do have is a wealth of experience preparing your returns and sending them to the IRS to be checked.
The fact that there are franchises that will help you with the rest makes starting a home-based tax preparation business very realistic.
Of course, the demand is high since more people are self-employed than ever before with the quiet resignation from corporate life.
Tutor or Teacher For Another Viable Money Stream Online
By tutoring children in core subjects, such as math and English, you can earn money while giving parents in your area a break. Again, you don’t need formal qualifications, not if you work in an industry that’s math or English-based.
Thanks to the internet, you can do it remotely, helping you to reduce your expenses.
Another way is to sell your courses online like I’ve done below on Udemy. Once you have produced the course, it becomes a more passive revenue stream for you.
Of course, you may update it from time to time and send out updates for your students on Udemy or on Skillshare.
Proofreader
A few years ago, it was estimated that there were over 570 million active blogs globally, which is a considerable number.
For anyone with quality grammar and syntax skills, this is an opportunity to make money by proofreading. After all, the market is saturated, so bloggers can stand out by taking care of typos that make audiences question their expertise.
It doesn’t take much to make money from this market if you can prove that you’re legit.
Photo Seller As A Viable Revenue Stream
If you’re thinking you can’t make money out of them because they don’t charge, you’re mistaken. The way Pexels and Pixabay boost their bottom line is by buying the rights to stock images.
The bigger their respective libraries, the more foot traffic, and the more sponsors will pay to advertise on the sites.
Freelancers will have tons of photos they can sell for anything from a couple of dollars to hundreds of dollars. Top tip – try the Stockimo app.
Blogging For Small Businesses
If you love to write, have you thought about blogging for small businesses? Small businesses need to be found online so readers can purchase their products or services.
Having a creative writer who can make their blog stand out from the crowd is important today for businesses. With a blog, their website will be updated frequently and can draw larger audiences to their website.
Affiliate Marketing
Freelancers can earn money through affiliate marketing by promoting products or services and earning a commission for each sale made through their unique affiliate link. To succeed in affiliate marketing, freelancers should first choose relevant products or services that align with their niche and audience.
Next, they need to create compelling content that incorporates their affiliate links naturally. It’s crucial to be transparent with their audience about the affiliate relationship and only promote products or services they genuinely believe in.
Freelancers can leverage email marketing, social media, and their website to reach a larger audience and drive more sales through their affiliate links.
However, by continuously analyzing performance metrics and optimizing their strategies, freelancers can maximize their earnings potential with affiliate marketing.
Graphic Artist: Another Viable Income Stream
Now if you are very creative you could do graphic arts design for websites. Many small businesses need help with graphics for their social media posts and their websites.
You could crank out designs daily for businesses to generate a viable income stream working from home today. Be sure to charge enough for those that may send some back for re-design.
Getting Paid As A Freelancer
Most importantly, be sure to have a way for businesses to pay you smoothly. Make it easy for them to be able to send you payments so you don’t have to chase them! There is nothing worse than doing the work and having to wait to be paid.
Whether it’s products or services, be sure you get paid for your time and effort.
Your Turn: Viable Revenue Streams You Make
How are you supplementing your income during this time of high inflation? Do you have various ways to make money? I’d love to hear more about it in the comments below.
She has 30+ years of experience in marketing/advertising with 12 years of experience in content marketing, social media, blogging, and SEO.
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Awesome ideas for freelancers. One thing I will add is that there are new services making wave in the freelance industry like webinar marketing services, podcast transcription, Infographics design, sales funnel developer/designer, etc. These are services you can charge a lot for.
You might want to consider adding it to the list too.
Webianr marketing services became a thing after the Covid19 outbreak. Although you’d hardly find such services on freelance platform, promoting your services in communities will generate more leads for your business.
For Sales funnel, there’s a high demand for experts that can build effective sales funnels for entrepreneurs, entrepreneurs, course creators, etc.
I hope this adds value to everyone.
Looking forward to your next update.
Hi Akinduyo, Yes, that’s a great idea, I’ve even helped others with webinars and zoom meetings. That is a new freelance job today like you said after Covid hit. Thanks for adding this to the post here. I hope you get a gravatar as I almost spammed your comment without it. Have a great week ahead!