Multiple Streams of Income

One very important aspect to consider when working at home is the need for multiple streams of income. If you write online, having one very lucrative client is a great way to maintain a steady schedule, but multiple streams of income ensure that you will have stable income. Some choices for online writers to consider include Up-Front Content Sites, Bidding Sites, Residual Income Sites, Blogging, Ebooks, and Private Clients.




Up-Front Content Sites
There are several websites that offer to pay cash for well-written articles. The best-paying content site that I have found is Demand Studios. Others include Quality Gal, and Textbroker. Associated Content is an online article site that also offers some up-front pay in addition to their revenue share program. These sites are an important part of the online writer's multiple streams of income, unless you have already got an established blog that is making money, or are successfully marketing an Ebook. Having cash-in-hand to pay the bills gives you the freedom to work on your other streams of income from writing online content.


Bidding Sites
Sites like Elance and oDesk offer freelance writers the chance to bid for projects, and potentially connect with private clients. A bidding site is a great way to dip your feet in as a freelancer if you need to diversify your sources of online income. Getting experience dealing with private clients is important, when writing for a living, since these jobs can be much more lucrative.


Private Clients
Private clients offer cash for work accomplished, and are a bit like the content sites, except you are basically cutting out the middle man. Instead of selling your article to a content site, that will mark it up and then sell it for a higher rate to a customer, you are simply selling your writing skills directly to the customer. Bear this in mind when you set your prices- don't undervalue your work.
Private clients are a great way to supplement your streams of income, but often are difficult to rely on in the long term. Online writing projects come and go, so make sure you have other jobs lined up at all times.


Residual Income Sites
eHow, Suite101, and Associated Content are all sites that offer future income, based on page views or ad clicks. Success on these sites depends on your ability to write well, and understand Search Engine Optimization. In addition, you may need to write hundreds of articles on each site in order to generate multiple streams of income that can compete with the up-front cash of Demand Studios or others. One concern many people have is the possibility that they may come to depend on their residual income articles as a stream of income, and then lose that stream when the company hosting it goes out of business, policies change, etc. In order to alleviate that fear, it is best to ensure that you are not depending on any one of your multiple streams of income.


Blogging
Putting up a great blog, driving traffic to it, and keeping it up to date can be a time consuming job all by itself. It takes time to build a readership, and get enough daily traffic to generate income. Once you have established a following, however, blogging can be a good source of online income.


Ebooks
The best way to make money as a freelancer is to sell your skills and knowledge directly to the public. When you sell an article to a client, you make some money, and the client reaps the ongoing rewards. Working for yourself ensures that all future rewards come to you. Write an ebook, and you will be selling your own product. If you write on an evergreen topic (a topic that will remain relevant over time) you are setting up a very solid addition to your multiple streams of income.