5 Ways Freelancers Can Add Passive Streams to Their Business

Is it possible for freelancers to make money with passive income streams?

When someone asks me "What is freelance?" or "What does it mean to be a freelance writer?" they often want to know what type of freelance writing I do, how I get paid, and yes if it's possible to earn a living as a freelancer.

In the 10-plus years that I've been a full-time freelance writer, I've been able to earn more than I did as a full-time staff editor at a magazine while working fewer hours—and running my freelance business from home.

But I haven't earned a six-figure freelance salary from freelance writing assignments and client projects alone.

In fact, I suggest freelancers dabble in more than one freelance niche of 2024 to build a sustainable business. I also think they should learn different freelance skills so they can offer their existing clients more services and stay top-of-mind for various projects.

If you're looking for fresh ways to add more income streams to your freelance business, keep reading.

5 Passion Income Streams for Freelancers

Sell your know-how and earn extra cash on the side while still completing reelance work for clients.

1. Create an e-Book

One strategy I adopted for a passive income stream is crafting a digital e-book, titled “100+ Tips for Beginner Freelance Writers.” This comprehensive guide is based on some content from my top blogs on my site and guides freelancers through the process of starting their business, pitching, and finding clients.

Despite the initial time investment and paying a designer to help me create the 65-page book, it serves as a continuous revenue source for me when I promote it in my e-newsletter, on social, and in blogs.

(Yes, I understand that the act of marketing digital products takes effort and isn't 100 percent passive.)

If you have a blog or content that positions you as a thought leader, creating an eBook could be an additional income stream alongside freelance client work.

You could even look for a template on Canva to follow.

2. Develop a digital course.

Another avenue freelancers can explore is creating online courses. I've created three freelance writing courses on Teachable which cover topics like finding freelance writing jobs, maximizing freelance earnings, and attracting better-paying clients.

While it takes time to create a course and you'll likely have to pay to host it on a platform, there are tons of courses you can create to generate income. Some freelancers have email courses, others create video-online courses, and some sell webinar recordings after a live event. (Check this one out if you want to learn health writing for magazines.)

Has someone probably created a course based on a topic you're already thinking about? Maybe. But, after doing some research on the topic and competition, this could be a great way to build a passive income stream as a freelancer. It's a fun way to sell knowledge you have, that could be gardening tips, sleep advice for parents, running programs, and everything in between.

3. Sell proprietary products.

Do you have a workflow, process, or template in place that others have told you is a "genius idea?" Consider selling proprietary products such as PDF templates, stock photos, Notion templates, or customizable guides on a third-party platform.

Create it once, market it, and you'll have an asset that others will be happy to pay to use in their businesses.

I sell templates that guide writers on various topics—from LinkedIn Message Templates to a customizable Client Intake Form customers can use to screen potential clients before a meeting.

Brainstorm some business templates, guides, and processes you have and use that could be turned into valuable tools for others and a profitable passive income stream for you.

Bonus: Creating these types of products will help you learn new digital skills so you're an even bigger asset to any freelance client.

4. Design custom products.

Freelancer extraordinaire Kat Boogaard started selling physical products on her website with some of her favorite freelance sayings. From "freelancer" sweatshirts to "tears of my unpaid invoices" mugs, I love that she's showcasing her sense of humor and providing the freelance community with specialty products or gifts.

Do you have an idea for a funny T-shirt saying or a slogan that would look great on a hat? Consider tapping into this creative side and exploring it as a passive income stream once the upfront costs are addressed.

5. Utilize affiliate marketing.

Explore affiliate marketing by promoting products or services that are relevant to freelancers. You could team up with someone who's selling a course or program and use an affiliate link.

You might offer sponsored content opportunities, paid links, or other types of affiliate marketing on your website or in a newsletter if you have good traffic and a big audience. (Hi??, learn more here.)

Or, you could capitalize on your social media if you have a strong following. (Yes, content creators, we're looking at you.)

What are some other ways you earn money as a freelancer beyond doing client work?

Share in the comments. ??

Connect if you want help brainstorming passive income streams to supplement your freelance business.

________________

Hi! I’m Diana.

I’m an award-nominated freelancer trained as a journalist, copywriter, editor, content marketing writer, SEO writer, and freelance coach.

I’m also a wife and a mom to two toddlers, a large dog, and an exercise enthusiast who loves baking.

I enjoy covering topics that help people and their loved ones live healthier, happier, fuller lives, whether it’s through health, wellness, personal finance or pet topics.

I also love teaching others how to become freelancers, improve productivity, and run their small businesses. I cover these topics and more on my blog and in my weekly newsletter.

You can learn more about me, my publishing background, and my nearly 20-year freelancing journey at DianaKelly.com.

You can also follow me on Twitter and Instagram.

Get in touch here if you'd like help with content for your brand, website, or publication.

Inquire about sponsoring this newsletter that goes out to over 6,000 subscribers every other week.