MAKE MONEY ONLINE
WRITING FOR THE WEB

No matter what type of business you're in, if you want to make money online, one of the best things you can do is diversify your income streams - have income coming in from multiple sources. This is especially true for freelance writers on the Web, who often focus entirely on a few primary clients.

If one of your main clients leaves (or their budget runs out), you suffer financially. Diversification means you have income from a larger number of sources, so losing one should never cause a huge hit. Freelance writers are lucky - writing is something that applies to many residual income streams, and it's a skill they already have.

What is a Residual Income Stream?

A residual income stream is one that repeatedly brings in revenue, over and over again. These are sometimes mistakenly called "passive revenue streams" - passive revenue means you do the work once and continue to earn from it without any further work. In truth, most residual income streams do require additional work.

Let's look at a non-Web example of an author publishing a book. They'll continue to earn from that book (royalties) over time, even though they only had to write the book once. However, the work doesn't end. I they want to keep the sales coming in, they have to continue to promote that book, which does require working hours. This is an example of a residual income stream - continued work brings in continued profits (sometimes much better than their standard hourly rate billed for client projects).

Remember to "write for yourself" and add as many income streams as possible to your business plan as a freelance Web writer, and you'll find that making money online can be much more stable than you previously thought. Never again worry that losing one client might put you out of business.