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It’s always a good idea to have money coming into your life from more than one place. This is more true now than ever before. More and more people are starting to create multiple streams of income by freelancing.
So what exactly are multiple streams of income?
Multiple streams of income is money that you earn from more than one source. When you create multiple income streams, you can set up two income streams, three, four or even more. These can be from one full-time job and one or more part-time jobs (also called side gigs). They can also be from two or more part-time jobs if you don’t have – or don’t want – one full-time job.
These streams of income actually don’t even have to be from jobs, although they usually are. In addition to active streams of income, you can create passive income streams, like from cash-back credit cards, rental income or the stock market.
When you have multiple income streams, if something happens to one of your sources of money, you will still have the others!
For years it’s been pretty common for people to have more than one source of income by having more than one “regular” job as an employee of a company. Now it’s becoming a lot more common for people to have more than one source of income from freelance jobs, working for themselves.
When you work as an employee, you’re usually tied to working certain hours in a certain place. Freelancing is just the way it sounds – freeing. When you earn money freelancing, you’ll be free to work the hours you want to work in the locations you want to work.
This article will tell you why and how to create multiple streams of streams by freelancing.
How to Create Multiple Streams of Income by Freelancing
In case you’re not convinced, first I’ll give you 12 reasons why you definitely should be bringing in income from more than one place. Then I’ll tell you how to create multiple income streams for yourself.
Why You Should Create Multiple Income Streams
1 Financial security – Even in the best of times, it is a really good feeling to have financial security. If something happens that causes one of your sources of income to diminish or disappear, with multiple income streams you’ll have one or more other sources to live on.
2 Sense of certainty – Uncertainty, especially about something as important as money, is not a good feeling. Having more than one stream of income will give you more financial certainty, which will in turn give you more certainty in your life.
3 Higher income – Earning money from multiple sources means you will likely earn more money overall.
4 Continuous income – Multiple income streams will keep money flowing into your life if you lose your primary source of income.
5 Layers of redundancy – Multiple streams of income – especially if you have more than two – will give you layers of financial redundancy. When it comes to earning income, redundancy is definitely good.
6 Catch up to everyone else – Earning money from multiple streams of income is becoming very popular. More people than ever before are doing this, and you can too.
7 Enjoy positive side effects – Multiple income streams can have positive non-monetary side effects like:
- alleviating money-related stress and anxiety
- giving you a break from just one type of work
- learning new skills
- becoming proficient in new skills
8 Use your brain more – Doing more than one type of freelance work allows you to use your brain in different ways. This will help you to not become bored with your work. It will also help you keep different parts of your brain active.
9 Pay off debt – Rather than increasing your debt, you can actually decrease it by paying it off more quickly and easily.
10 Achieve financial independence – If you’re financially dependent on anyone – parents, friends, government assistance programs – you can earn more and become more independent.
11 Retire early – For many people, the ultimate dream is retirement. Bring in more money, and you probably will be able to retire earlier.
12 Live your dream life – There are no guarantees in life, but bringing in more money from multiple income streams means you may have enough money to live your dream life.
Related: 22 Multiple Income Stream Ideas
How to Create
Multiple Streams of Income
Now you know there are lots of good reasons why you should have multiple streams of income. What is the best way for you personally to create multiple income streams, though?
I’ll tell you several different ways you can begin the process of creating multiple income streams, no matter what type of online work you’re interested in and what level of skill you have.
If you’re interested in creating just one additional stream of income, the first three ways will give you guidance on how to get started. If you want to create more than one additional stream of income, the last three ways will help you.
1. Use a skill or skills you already have
You probably already have at least one skill you can use to earn money freelancing. If you have one skill you’re confident about, start looking through job search sites and job search engines to see what kind of demand there is for your skill and what kind of money you can charge for it.
There are a huge number of freelance job search sites and search engines on the internet. Some are general for just about everyone, like LinkedIn Jobs, Indeed and GlassDoor.
Some are specific to freelancers in any niche around the world, such as Fiverr and Upwork. Some are region specific like these job sites and search engines for freelancers in Canada, the U.K. and Australia.
2. Improve on a skill you already have
If you know you have a skill but you’re not confident about trying to earn money with it, you should improve this skill. The most common way to learn a new skill is by taking an online course which will teach you that skill. There are many, many online courses which can teach you how to improve your skill.
If you know what skill you want and you only want to learn just this one skill right now, search online for courses which can teach you this skill.
You’ll probably find that the most fully-comprehensive online courses can be pretty expensive. There are plenty of good courses which don’t cost that much, though. Lots of free courses exist too. You won’t learn as much with free courses. They can give you really good insight into the skill you’re interested in, though, and help you decide whether you want to study it further.
Related: Why Niching Down is Wrong
3. Look through World of Freelancers for ideas
If you don’t feel you have a marketable skill or if you would like to learn a new skill, take a look through World of Freelancers. You’ll find lots of ideas about what kind of freelance work you can do. You’ll also find lots of information about how you can learn specific skills. Do a site search for the skill you’re interested in, or browse through the Freelance Careers page to get ideas about different types of freelance jobs.
4. Learn 30+ freelance skills with Work at Home School.
A really effective way of learning many different skills so you can create several different streams of income is with Work at Home School. This is a bundle of more than 30 online courses which will teach you how to do 12 different types of freelance jobs plus teach you all kinds of related freelance skills. Some of the skills courses are full courses, and some are partial courses.
The 12 kinds of freelance jobs you can learn with Work at Home School are:
- coding and WordPress
- audiobook narration
- language translation
- affiliate marketing
- Pinterest virtual assisting
- general transcription
- web development (two courses)
- flea market flipping
- video marketing
The Work at Home School bundle will also give you all kinds of other important skills you’ll need as a freelancer such as:
- transitioning from the 9-5 job into freelancing
- handling your bookkeeping
- being more productive
- doubling your freelancing income
- being confident
- staying fit
- successfully homeschooling your children
Learn more about how you can create multiple income streams with Work at Home School by signing up for their free MasterClass here.
5. Learn 5 different virtual assistant skills with FullyBookedVA.
You can use practically every kind of freelance skill there is to create one or more income streams as a virtual assistant. Businesses, organizations and entrepreneurs hire virtual assistants to perform all kinds of services.
The FullyBooked VA bundle of online courses will teach you how to earn money as a freelance virtual assistant in five specific virtual assistant niches:
- real estate
- social media
- email management
- project management
This bundle of courses also gives you access to a virtual assistant jobs leads community plus lots more.
Start creating multiple income streams by enrolling in the FullyBooked VA bundle of online courses here.
6. Learn how to earn money from multiple clients as a Pinterest virtual assistant with the Become a Pinterest VA Today course.
Pinterest VA’s not only have really fun and creative jobs; they have multiple clients so that they have multiple income streams.
PinterestVA has a very comprehensive, premium course called Become a Pinterest VA Today, which will teach you absolutely everything you need to know about how to earn money handling Pinterest accounts for large and small businesses.
The Become a Pinterest VA Today course has two levels. You can choose the Self-Study Program or the Self-Study Program Plus Community. The community will give you 12 months access to the Pinterest Presence Community plus very valuable access to client leads. I had a Pinterest VA who was a graduate of this course. She was excellent and understood everything about Pinterest!
Start creating multiple income streams by watching the Become a Pinterest VA Today free training workshop right here.
Multiple streams of income give you options. They give you layers of security. They give you financial freedom. Building multiple income streams of freelance income is easier than it’s ever been. Choose the way that’s best for you and start building your freelance income today!
Want to learn more about how to earn money as a freelancer? Enroll in my free 7-lesson mini-course Get on the Right Path to Freelancing here.
Sabina Lohr is a lifelong freelancer turned entrepreneur who created World of Freelancers to help others discover how to work for themselves online and live the freelance lifestyle. She’s always really enjoyed the freedom that freelancing brings, including several years on and off of working online while traveling and living abroad.