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Multiple Income Streams for Freelancers

April 08, 2012 | Comments: 0 | Views: 104

Freelancing has become a very popular way to make a living these days. It often pays better than having a regular job and it gives you a lot more freedom. There are however some risks to freelancing and one of the most common is having too few sources of income. You have to have multiple income streams if you are going to survive as a freelancer.

One of the biggest problems that a lot of freelancers run into is that they rely on too few clients for their income. In fact a lot of them depend on one company as their whole source of income. This obviously puts you at risk if the company goes out of business or just decides that they are no longer in need of your services. This is why you have to make sure that you diversify your business and have more than one source of income. Unfortunately this is not as easy as it sounds.

One of the reasons that freelancers come to rely on one client is that it is so easy in a lot of cases. After all there is only so much work that you can do, if one client can provide you with all the work that you can handle it can be hard to go out and look for other clients. You do however have to make a conscious effort to do this for the good of your financial security. If you get all of your business from one client you have a couple of options for ways that you can diversify.

The first option that you have is to take less work from that client even if it means dropping them altogether. It may not seem like it but you are far better off with small amounts of work from five different clients than you are with a lot of work from one. The other option that you have is to take on additional clients and hire employees to help you handle the work. A lot of freelancers don't want to have to deal with hiring employees but it is the best way to grow your business.

Once you have made the decision to take on multiple clients it is important to make sure that you take on the right kind of clients. In general it is best to find clients that are located in different industries or in different locations. This will help to avoid your getting caught in a situation where an economic crisis can cause you to lose all of your clients. Obviously this will not be possible for all freelancers since it will depend on the kind of work you do but if you can do it you should.

Multiple income streams are critical for financial success. There are lots of ways that you can create an additional income stream.

Source: EzineArticles
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