Having been a freelancer for over three years, I know the importance of having a few passive income streams that generates money even if you don’t work.
When I first started my business, I didn’t thought much about it, but it’s extremely important to have a source of income for those days when you’re sick or for when you want to take a vacation.
Having passive income sources is so nice but today I try to focus almost entirely on building them, so that I can stop working on a hourly basis and enjoy more free time and money.
If you’re a web designer or developer, it’s easy to build passive income streams. All you have to do is use the skills that you already have developed. Nothing new. Below are some examples of what works for most people.
- Recurring services. The most common example of passive income stream is recurring services. You can either offer a monthly maintenance service to your costumers, or you can even set up a recurring service online that you can then sell to your clients.
- Hosting. If you do any kind of design service, perhaps your clients want a website with hosting with it. You can sell them an all included package for only $100/year. If you’re using a vps and you have a decent number of clients, your margins will be very high.
- Blogging. Blogging is another legitimate source of passive income. By writing about your skills, you’ll build a solid reputation and you’ll be known online. You can also sell advertising in your blog and make some money too.
- Selling templates. If you are a web designer, there are plenty of sites where you can sell your work. My advices in this case is to produce many high quality templates and sell them online. You can also sell photos or entire websites.
- Ebooks Once you’ve built some popularity, you can write an eBook about your work. You can always find someone who wants to learn more about your profession, and an eBook might be exactly what they’re looking for.
There are many other income sources for web designers and developers that you can try. These streams might take some time to create, but once they’re set, they’ll be serving you for a long time.