A Safety Net of Multiple Income Sources

8 Oct

003My goodness I’m busy.  As some of you know, my wife, Bev, was named supervisor for the entire state by her merchandising company, so she’s a busy little beaver, and I’m helping her out on Fridays with deliveries.  Although that doesn’t hurt my writing business it does scrunch time a bit and make every minute count for me….so yes, I’m busy.

I recently self-published “The Ultimate Writing Guide” on Amazon in paperback and ebook, so I’m glad that’s out of the way, and my first “Shadows” novel, “Shadows Kill,” should be published in another week.  I’m now working on the second draft of the next in that series, “Shadows Over Innocence.”

But that’s not what I wanted to talk to you about today.  Let’s get to it!

QUOTE OF THE DAY

It’s not only moving that creates new starting points. Sometimes all it takes is a subtle shift in perspective, an opening of the mind, an intentional pause and reset, or a new route to start to see new options and new possibilities.

Kristin Armstrong

 

 

THOUGHT OF THE DAY

I’m not sure if I mentioned it before…if so, forgive me…but recently I lost a customer I’ve had for three years.  It was one of the first freelance writing customers I had, and the loss of that customer cost me about $300 per month.  It happened through no fault of my own, so I didn’t beat myself up about it but still, the loss of that income hurt a bit.

But that’s the freelance business.  You win some, you lose some, and you keep moving forward.  Luckily, I believe in diversification.  I like having multiple income sources so that if one fails another can take up the slack.  And that’s the whole point of today’s post.

TIP OF THE DAY

I’m going to being making YouTube videos about writing.  Why not, right?  I monetize them and I make money, and with the following I have, I should be able to make a steady income.  I won’t get rich from it but that’s not the point. The point is to have another income source to protect me from the harsh winds of freelance winter. J

HOW ABOUT YOU?

Do you have alternate sources of income? Are you diversified?  Have you considered it?

Share your thoughts and ideas in the comment section, please.

Bill

“Helping writers to spread their wings and fly.”

 

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32 Responses to “A Safety Net of Multiple Income Sources”

  1. Janine Huldie October 8, 2015 at 7:26 pm #

    I love that you are doing this and like you I am also diversifying what I am doing working from home and totally get this. Good for you though and so excited for you now! 😉

    • Billybuc October 8, 2015 at 7:28 pm #

      I must have a direct pipeline into your home, Janine. How else to explain how fast you are at commenting on my stuff? Thank you so much.

  2. 1authorcygnetbrown October 8, 2015 at 7:39 pm #

    I was talking to my neighbor (who’s big into computers) today about making youtube video trailers. He was talking about making a video book but that would demand too more time than I have right now to do such an extensive project. There are so many ways to diversify. e-book, paperback book, audio book with each book are obvious diversification. Also finding different marketing strategies (as I have been doing) is another type of diversification.

    • Billybuc October 8, 2015 at 7:56 pm #

      All very true, Donna! Thinking outside the box is crucial for any writer who wishes to succeed. Thanks for your thoughts.

      • 1authorcygnetbrown October 8, 2015 at 8:41 pm #

        For us creative types, there should be no box, right?

      • Billybuc October 8, 2015 at 10:51 pm #

        For sure, Donna!

  3. Bill Smith October 8, 2015 at 7:40 pm #

    Love the Quote of the Day! Thanks for sharing! Diversifying income streams is essential as a freelancer, for sure. Good Post! Keep the coming! 😉

    • Billybuc October 8, 2015 at 7:57 pm #

      Thank you Bill. The more people who agree with me the better I feel. 🙂

  4. Greg Boudonck October 9, 2015 at 12:05 am #

    Good idea about the Youtube videos Bill. As you surely know, I have diversified in many ways. I have my website lancerlife.com where I sell my books (over 50 published) and affiliates. I am also involved with a network marketing company, and I freelance regularly. Yes, it can be a bummer losing a long time client, but with your skills, you will find a new one I am sure. Take care my friend.

    • Billybuc October 9, 2015 at 12:09 am #

      Greg, you are the poster boy for diversification….well done, my friend, and thank you!

  5. Audrey Howitt October 9, 2015 at 12:11 am #

    Yup I do! But when they all bubble up at the same time, my life gets a bit crazy!

    • Billybuc October 9, 2015 at 12:14 am #

      There is that problem for sure, Audrey! It’s a nice problem to have, though. Beats the polar opposite situation. 🙂

  6. Melanie Chisnall October 9, 2015 at 6:51 am #

    I love the idea of YouTube videos! I think you’d be great at having your own channel – you already have a supportive following / network and you’ve done the ‘A Moment With Bill’ videos, so nothing is stopping you going for “gold” 😉 Funny you should mention the videos in this post today because yesterday, I was writing up a plan for this business idea I have in mind for next year, and setting up a YouTube channel with videos is one of the key social media platforms I want to include. But we’ll see… don’t know how this road is going to go yet, hopefully some clarity will happen in the next few weeks.

    I had no idea you published an ebook about writing, goodness where have I been?! Congrats Bill, what an awesome achievement! 🙂 I for one, can’t wait until Shadow Kills is released. Have a super (and relaxing!) weekend!

    • Billybuc October 9, 2015 at 1:48 pm #

      Mel, I appreciate you stopping by and sharing your encouragement. Thank you…I won’t make you wait too much longer for Shadows Kill…and good luck with that business idea of yours.

  7. marlenebertrand October 9, 2015 at 3:45 pm #

    Diversification is a great thing. Every industry has a cycle of ups and downs. A life mentor taught me the lesson of diversification a long time ago. It is how I manage to stay afloat and still get to enjoy being independently employed for the majority of my life. I’m not a 9-5er. I don’t like the idea of waiting for someone else to decide how much money I am allowed to earn. I don’t like waiting for paychecks, but I absolutely love the idea of revenue sharing through multiple channels.

    Bill, we won’t get wealthy with YouTube videos, revenue sharing websites, blogs, and such, but a little bit here and there adds up. I love it. There is a lot more freedom. We write an article or publish a video once and then spend time doing other things, like writing the next great novel.

    I’m going to be having surgery shortly. I’ll be away from writing while I recuperate. But, the good news is that I will still be generating income from the things I’ve already published. I am a fan of throwing it all out there to see what works. In my opinion, it all works. Some things work better than others, but every effort has value. Either you learn something from it, or you earn something from it.

    You are an inspiration to me. Thank you for sharing about the things you’re doing to make it in this world. I wish you much success in all of your endeavors.

    • Billybuc October 9, 2015 at 6:31 pm #

      Marlene, thanks for sharing your experience and for your kind words. It’s good to know there are people like you out there who understand.

      More importantly, though, best wishes as you recuperate. I hope all goes smoothly and you are back on your feet quickly.

      blessings always
      bill

  8. denisewa58 October 9, 2015 at 9:43 pm #

    I may be a newby to the writing market, but not to diversification. My husband and I have owned rental property for a number of years. Along with our full-time employment and me writing on the side, we have also taught music lessons, arranged music, translated (my husband speaks Spanish), taught college courses, and taken in foster children. We do whatever we can to keep the bills paid and bread on the table!

    • Billybuc October 9, 2015 at 9:52 pm #

      Denise, that’s exactly what this post is all about. I love it…it’s old fashioned Yankee determination to do whatever it takes…well done. Thanks for sharing that with us all.

  9. Shauna L Bowling October 10, 2015 at 12:16 am #

    You certainly have been busy, Bill! Let me know when Shadows Kill is available for purchase. I’ll definitely pick up a copy.

    I’ve been busy, too, but with just one source of income. Although the drive is longer than I’d like, I’m making more than I was before I quit my job to try freelancing. And I don’t have to market myself! That was my downfall as a freelancer. I just didn’t have it in me and couldn’t force myself to play saleswoman. Oh well, at least I tried.

    I’ve been so behind in my reading and don’t know if I’ll ever catch up, so I’m going to wish you a happy birthday now. I’ll be thinking of you on Tuesday!

    • Billybuc October 10, 2015 at 12:39 am #

      Not oh well, at least you tried, Sha….you had the guts to try. Few people would do what you did to follow a dream…bravo dear friend.

      Thank you for the birthday wish…I find myself not in a celebratory mood for #67. LOL

      • Shauna October 10, 2015 at 1:16 am #

        Think of all you’ve accomplished since your last birthday, Bill. You definitely have cause for celebration!

      • Billybuc October 10, 2015 at 1:21 am #

        Thank you Sha!

  10. melissajane14 October 10, 2015 at 2:42 am #

    A quick question for you, Bill… Will your Youtube videos be about developing your writing craft, or will it be about more of the business aspect of freelance writing? Perhaps a little bit of everything (Like on HP)? Best wishes!

    • Billybuc October 10, 2015 at 2:53 am #

      Hi Melissa…a little bit of everything I think…each video will be about a different aspect of writing or freelance writing. Thanks for the reminder.

      • melissajane14 October 10, 2015 at 2:59 am #

        Always happy to help 🙂

      • Billybuc October 10, 2015 at 3:06 pm #

        and I’m always happy to accept that help. 🙂

  11. Karen October 12, 2015 at 9:36 pm #

    Hi Bill,

    Great post with a great reminder. I have been spending on the diversification aspect of working independently. It does take lots of time and energy, but I want to give myself the room to home-school my daughter as long as it works for both of us.

    One of the reasons I am inclined to diversify is that HP has been serving me less and less. It takes longer and longer to earn enough for a payout.

    Tried PeoplePerHour and Fiverr, but if I use images of work I have completed and posted elsewhere, I am reported for plagiarism. That causes a bunch of loss of opportunities. I do see it as a challenge that keeps me on my toes and thinking of new ways to create a following, though.

    I think everyone has a magic formula that works for them. Each person has to figure out their own magic formula…to hit that “sweet spot.”

    So, best of luck to you, Bill, and to all freelancers, in finding your “sweet spot.”

    • Billybuc October 12, 2015 at 9:43 pm #

      Great comment, Karen! Thanks for sharing your travels. It helps to hear what other freelancers are doing. Maybe if we all pool our efforts and knowledge we will all benefit.

  12. pictimilitude October 16, 2015 at 2:09 am #

    Ya know, I totally read this the other day and thought I’d commented. Maybe I read here and commented on your other blog. I don’t know. I’m doing well to keep up with my own blog. HAHA.
    Anyways, yes, diversification. This is good. I think about that, too. I have a few videos I made in 2012 and 2013. Hmm…maybe I should get back into it, too. You know. Practice my “public speaking” skills. 😀

    • Billybuc October 16, 2015 at 2:14 pm #

      Lil Sis, you know, it can’t hurt, right? You can’t lose money making youtube videos…so where’s the harm? I hope you do.

      Have a great weekend, my friend, and thank you.

  13. Dee November 7, 2015 at 6:24 pm #

    Bill, you are indeed a busy man but one who accomplishes much. Sorry to hear of your client loss but good to see you are moving forward with your You Tube video business. I have been too busy with teaching and missed the book notice on writing. I will look into it on Amazon. It will be a real asset for me. God bless you and Bev today.

    • Billybuc November 7, 2015 at 6:30 pm #

      Thank you so much, Dianna. I know how busy you are and I really appreciate you stopping by. Blessings to you and yours.

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