This is simple – take your skills and find someone who will pay you to do something for them.
Advantages of Freelancing
- It is extremely easy to get started
- It is extremely easy to set a price for your work – there are lots of example to copy.
- The relationship between work and income is very clear – if you work, you get paid certainly.
Disadvantages of Freelancing
- Freelancing is hard work and freelancers often get stuck in a “rat race” i.e. you need to work to eat
- It is hard to raise your fees and there may be an upper limit to how much you can charge
- It is sometimes difficult to know if your skill set can earn you money. For example, not many people may care about how fast you can read a book.
How do you get paid?
- Per hour
- Per project
- ‘Subscription’-based – for example, “you have access to my expertise for 3 months”
Examples: web designer, marketing consultant, babysitter, freelance writer, programmer, etc
This is related to freelancing – instead of, for example, offering yourself as a freelance marketing consultant, you could write a book on marketing and sell it. When you make your knowledge into a product, you can generate revenue even when you are sleeping. However, while this method can generate higher revenues, it is also higher risk as you are not sure if anyone will buy your products.
- You can make money even when you are sleeping, or sick, or…
- It is easier to make more money than in freelancing – you can sell your book to hundreds of thousands of people but you cannot write for that many people as a freelancer in a short period of time
- You get more freedom
- The logistics of selling products include specialist software like shopping carts, payment processors, email marketing software etc
- You need to know how to market your product online – this may include blogging, SEO, social networks, etc
- It is difficult to know who will buy your product, at how much, and how to price it
- The Internet is a sea of horribly crappy products and so it is difficult to convince people that yours is any different
How to earn money
- Freemium model where you give something for free and then charge for upgrades e.g. DukaPress
- Charge for single products like books or ebooks e.g. Kiosk 3CB
- Create a product where you can charge recurring fees e.g online courses e.g. Membership Site Masterplan
- Create valuable content and then market affiliate products. Here’s how to do this.
3. Getting a Higher Salary
Truth is, the vast majority of us are employed so this is an obvious strategy. Yet, very few of us think about it in this way. To get a higher salary, you need to improve your skills at work and demonstrate this to your boss. Hopefully, this will translate into increased responsibilities at work and a higher salary. Simple enough for you?
- You already know what to do! Just make your boss happy with the quality of your work.
- Salary increases tend to follow you through to the end of your career and they are cumulative. If you get a 10% salary increase, it will likely continue like this for the rest of your career and often can only go upwards.
- It is hard to know exactly what kind of behaviour will get you a raise
- Everything is out of your control and depends on your boss’ discretion and your company’s budget
Which road will you take?