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Starting A Freelance Writing Business: 5 Habits Of Successful Freelancers

In the post, Starting A Freelance Writing Business: 5 Habits Of Successful Freelancers, I discuss some habits I think it takes to be a successful freelance writer these days. The five I listed are:

I. Diversifying Your Service Offerings;

II. Setting Livable Freelance Writing Fees;

III. Working ON Your Freelance Writing Business; Not In It;

IV. Creating a Life Plan; and

V. Diversifying Your Income Streams.

I just wanted to give a little more insight on this last one.

An Important Thing to Keep in Mind When Diversifying Your Freelance Writing Income

Time is your most valuable asset as a freelance business owner. How you spend each hour is directly proportionate to how much you can ostensibly earn. Hence, it’s critical to make the best use of it. So, one of the questions you’ll have to eventually answer as you start developing secondary income streams is “How much time should I spend on this?

In my experience, this depends on where you are with your primary endeavor (ie, writing for clients). It took me years to get to the point where I could devote 50% or more of my time to my secondary income streams (ie, self-publishing and affiliate marketing).

What Took Me So Long to Start Working on My Own Projects

As an aside, I started freelancing in 1993. I didn’t start devoting a significant portion of my time to working on my own projects until 2010.

I had to get systems, processes and procedures in place that would free  up time to work on other endeavors. Once I did this, I was able to turn my attention to figuring out how to grow my self-publishing income — which was the main secondary income stream I wanted to focus on.

I could have made this leap much sooner had I developed a plan. I kind of fell into self-publishing and in/around 2010 — when I looked up and found out that the numbers were impressive enough for me to make a real go of this way of earning a living  — I got busy restructuring New Media Words, my SEO writing company, so that it could function more seamlessly without so much hands-on attention from me.

What this meant to a large degree was outsourcing most of the work that came in.

Conclusion: Diversifying Your Freelance Writing Income

As I state in that post over on e-Junkie, earning money as a freelance writer is only limited by your imagination. Developing several income streams can make the freelance experience much more enjoyable– and profitable — because all of your eggs aren’t in one basket.

While in the beginning of your freelance writing career all of your time will be spent marketing for clients and completing their projects, don’t forget to plan for the day when you can start developing secondary income streams — working on YOUR OWN projects.

Best,
Yuwanda

P.S.: Learn how to take your freelance business to the next level by outsourcing.

It’s the number one way to grow your business to the point where you’re earning more, without working more.

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