If you’re a regular follower of personal finance sites, the idea of a side job or hustle should be no stranger to you. However, what’s often less emphasized is the crucial need of diversifying your side-hustle. Though initially, it might prove profitable, situations can change. Therefore, your most successful strategy amid change would be to diversify your income streams to secure your secondary earnings.
Take my personal experience as an example. Three years back, I started my venture by submitting bloggers’ posts to carnivals for a nominal charge. Concurrently, I began writing posts for other bloggers as well. In retrospect, this was a sound decision as the market for carnival submissions gradually dwindled over a year.
The initial phase of my business saw a burst of client requests for carnival submissions, which compelled me to limit a few clients to maintain a manageable workload. Then, in another 12 to 18 months, I lost almost all my clients. Some found the idea of submitting to carnivals no longer lucrative, while others shifted to cheaper competitors.
In the event that carnival submissions were my only source of income, I would be out of business today. Fortunately, my freelance writing venture flourished. Still, I’m exploring ways to diversify further to guard against potential downturns.
If you’re contemplating diversification of your side gig, here are some tips to consider:
1. SEEK RELATED JOB OPPORTUNITIES
Suppose you’re a math tutor for high school students. You can also offer ACT and SAT preparation services, or extend it to college graduates preparing for GRE Math.
2. STAY INFORMED ON CURRENT TRENDS
For instance, as a freelance writer, learning about social media platforms like Pinterest could be beneficial. Offering services like social media post promotion or creating Pinterest-optimized images can make you invaluable to clients, thereby broadening your clientele and revenue.
3. EXPAND INTO A RELATED FIELD
As a writer/blogger, like myself, I always seek opportunities to branch out my skillsets outside the blogosphere into areas like print media. If one platform ceases to provide business, I have a fallback option.
4. CONSIDER LOCAL CLIENTS
In our digitally-driven world, the convenience of remote work is enticing. As a social media manager, finding a job with a distant company is possible but don’t overlook local businesses. They too could benefit from your assistance and contribute to your business expansion.
Freelancers, do you diversify your income streams? If so, what tips can you share?
