4 Passive Income Ideas for Freelancers to Consider

If you're a freelancer, you may have grown accustomed to the idea that work can be plentiful one month and sparse the next. Setting up multiple streams of passive income revenue should be part of your overall plan for generating your own salary as a freelance professional. Learn more from T10T about how to set up these streams of revenue and gain a better understanding of how to maximize your passive income.

What Is Passive Income?

Many freelancers misunderstand the importance of generating passive income. You don't have to be a genius-level investor or have an insider's view of the stock market to make this type of money. Investing is a good example of a one-time purchase that can generate passive income, but there are many more that can incorporate your personal talents and skills.

Ideas for Passive Income Streams

Freelancing itself is considered active income: You provide goods or services, and the buyer gives you money for them. Freelancing also has the potential to generate passive income. Assess your marketable skills by thinking about what you normally do when you freelance — do you write, design graphics, or provide specific services such as foreign-language tutoring? — and consider how these skills could be put to use to generate their own income.

1. Selling Content

As a freelancer, you may occasionally write blog posts for others. If you have a backlog of unused blog content on topics that aren't specific to any named business, consider selling them. Similarly, you can make ebooks, custom templates, and even self-published novels available online for those who wish to buy them.

2. Creating Online Courses

If you're an authority on a subject, consider creating several online courses to place on platforms such as Teachable, Udemy, or Coursera. Your courses will earn passive income while you have the freedom to pursue active freelancing gigs.

3. Blogging

This is a great choice for people who have established blogs on a particular subject. For example, if you regularly write about parenting, wellness, or a niche subject such as fishkeeping, consider becoming an affiliate marketer — where others pay you to advertise their products on your blog — to gain another stream of passive income.

4. Earning Agency Commissions

This option may work better for more established freelancers. If you regularly work for an agency, it could be possible to work out a deal with them to give you a commission of 10-30% for each new client you bring to them.

Healthy Work from Home

Freelancers frequently work from home via the internet, so it’s worthwhile to invest some time into ensuring your living and working space is conducive to your overall health. Try to incorporate some indoor plants and maximize the amount of sunlight inside to fight stress. Make sure you are eating healthy snacks and drinking plenty of water. Lastly, think about setting aside a dedicated quiet space for meditation. 

Paying Taxes as a Freelancer

An important thing to keep in mind when working as a freelancer is that you are self-employed and will pay taxes as such. The good news is that many of your business expenses can be deducted from turnover for determining your taxable profit. Make sure you’re only paying as much as you need to in taxes.

Before you try one of these ideas, make sure you have a professional-looking website, logo, and business card. Use a pre-made invoice template to customize invoices that contain pertinent contact information to ensure that you are paid on time. Start with one of the above suggestions or make a list of your own that is more relevant to your career. Remember, passive streams of income may not generate much revenue at first, but they will likely grow over time! 

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Tina Martin