This is what freelancers should be aiming for in addition to their freelance work. It makes good use of your free time.

We mentioned in earlier posts the revenue “dip” phenomenon and how you could go about making sure that its negative effects are reduced. There was mention of diversifying income; this is where your residual income strategy should come into play. There are absolutely a ton of ways in which you can attain a residual income; and as a freelancer it could really help.

Here are just a few ways in which you can attain residual income:

• Make and sell copies of WordPress themes on ThemeForest.
• Make flash elements and sell them at FlashDen.
• Run a blog or general website on your interested, gain a good amount of daily traffic, and then monetize through private advertising, Adsense, or affiliate programs.
• Make a script, sell copies of the script on your own website.
• Write up an eBook that has quality, VALUABLE information in it, and sell copies of that.
• Provide some kind of subscription service, such as the Themes Club at WPDesigner.
• Make a templates website where you sell templates that you make on your own website.

The great thing is whether your a freelance designer, coder, or writer you can still produce a good residual income. Even if you freelance in a very niche field, you could probably think of a way of gaining a residual income whilst still using your skills in that particular field.

In my personal opinion, residual income is a very valuable asset that should not be looked upon lightly. If you can earn even the smallest amounts of residual income it means an awful lot as it accumulates pretty quickly and you don’t even need to think about it. Also, if you manage to create a business or sorts that you sell a copy of script on or sell designs on, you’re producing something with lasting value, which if needed, you can sell at a later date for a boost in cash-flow.

This is just an initial rant on residual income. I will expand more on residual income in later posts as I want to go through a case study on residual income to show you just how valuable residual income is.

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A: Good question Michael! It can be tough to stand out in a crowd in any market or profession. While there is no one fail proof path to recognition, there are some steps you can take to assure you are doing everything you can!

#1. Network! The first step (after establishing your service) is to network. I’m not talking about finding anyone you can and shove your web address down their throat- but find those in your field and befriend them. They can certainly help get the word out.

#2. Don’t make customers, make clients! Treat every potential buyer as a long term client. Provide them with the best customer service money can buy (and do that part for free!). Clients will provide more clients and word-of-mouth will get around!

#3. Obsess over what you do! Keeping up with the latest trends or tools of your trade can be tough but take time out of every week (or every day!) to read up on whats going on in your field. Knowledge is power, and the more up-to-date newsbreaking type of work that you do- the more the world will start to notice.

#4. Be unique! Don’t just do what everyone else does- you have your own mind and your own style… perfect it! Brand yourself! The more unique you are, the more you will stand out!

#5. If all else fails… advertise! Yes i know, a “duh” answer… but if you choose the right place to advertise and are willing to pry open your wallet, you can soon start making a name for yourself. The truth is, the more people see your brand or name, the more popular they assume you are… and remember, advertising doesn’t only bring in clients from that one advert but it brings clients from the one who’s seen your ad 20 times and brought it up in conversation when someone needed your service.