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Passive Income for Freelancers: Make Money on Autopilot
43K views
Jan 17, 2024
If you’re a freelancer and you’re tired of trading time for money, then this video is for you because I’m going to share four ways you can easily build passive income as a freelancer. For more ideas and updates, follow along with this article: https://millo.co/passive-income-for-freelancers • • • VIDEO CHAPTERS • • • 0:00 Introduction 0:38 Why Passive Income as a Freelancer? 0:57 Recycle/Upcycle Discarded Client Work 2:07 Upsell Clients on Services or Bonuses 2:53 Turn One-Time Projects into Recurring Payments 4:09 Promote Affiliate Products to Clients 5:25 Conclusion (Building Passive Income) • • • MENTIONED IN THIS VIDEO • • • Ben Brush's story of creating passive income: https://millo.co/ben-brush-7-ways-i-turn-my-unused-designs-into-passive-income • • • SUBSCRIBE for more freelancing videos • • • https://www.youtube.com/channel/UCHUE7dy9CxjtipQgGVhrNQg...
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0:00
If you're a freelancer and you're tired of trading time for money, then keep watching
0:04
because I'm going to share four ways that you can easily build passive income into your freelance business
0:13
Hi guys, it's Josh here from Millo.co, where freelancers come to level up their business
0:18
It's time you build some passive income as a freelancer, and today I've got four simple
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methods that you can use right away. But before we dive in, make sure to hit that subscribe button
0:27
and leave a comment telling us what you'd like us to cover next. And if we pick your idea
0:32
you could win $1,000 to invest into your freelance business. Okay, passive income as a freelancer
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it can be hard. That's because most freelancers exchange their time and energy for payment from
0:45
their clients. Passive income is just the opposite. You make money even when you're not putting in the
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hours at work. So how can you actually build up passive income as a freelancer? Well, here are
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some ideas. First, recycle discarded client work. One of the quickest ways to start making a nice
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bit of extra passive income is to recycle or upcycle. If you're a writer, you may have headlines
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articles, or sales emails that your client never decided to use. If you're a designer, you probably
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have vectors, backgrounds, or layouts that you presented as options, but your clients decided
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on something else. Don't just throw those unused elements in your trash. Instead, repurpose them
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Recycle them, and then use them to build your passive income. As long as you still own the
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copyright to these elements, you can package them up and sell them on your own website or through
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marketplaces. These kinds of passive income marketplaces exist in almost every industry
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For example, designers can sell discarded designs on creative market, and writers can sell unused
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work on constant content. And selling your work isn't the only way to recycle either. Designer
1:53
Ben Brush found lots of different ways to build passive income from his unused work
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including creating tutorials, selling merchandise, and offering free giveaway packs to build his
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audience. We'll link to Ben's story below this video. Second, to build passive income into your
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freelance business, consider upselling clients on each project. To build passive income as a
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freelancer, you don't have to create new products or new revenue streams. You can actually get
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passive income from the clients you already have. The key to success here is to build a value-added
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offering that doesn't require any extra time or effort on your part during a client project
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For example, if you're a freelance social media manager, you could write a book of guidelines for
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each social platform. Your client can purchase and distribute the book to their employees
2:41
Freelance video marketer Bobby Macy offers his clients a schedule of daily video ideas
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delivered through a shared Google Calendar. His clients pay a flat fee every month
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and they reap tons of value from his tips. Another way to build up passive income as a freelancer
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is to turn one-time work into recurring payments. As a freelancer, you're accustomed to doing work
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once and getting paid once. But if you want to build a passive income into your business
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then you have to start thinking of ways to do work once and get paid over and over again for that
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work. Ask yourself, what kind of work do I create on a regular basis that I could turn into a long-term
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asset? For example, if you're a blogger, you could compile a collection of your articles into an
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e-book and sell it on Amazon or through your own website. If you're a coach, you could make videos
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from some of your best training and compile them into a course that you can then sell on sites like
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Udemy. Once you realise that you can double dip on many of your one-time projects, it could be
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exciting to watch your collection of monetisable assets grow and grow. Then, with some hustle and
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some hard work, you can convert those into passive income. Freelance coach Rhonda Page told us that
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she's in the process of doing this in her own business. She's recorded hundreds of hours of
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webinar video and she's going through it to find her best work and compile it into a value-packed
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video course. But building passive income as a freelancer doesn't mean that you have to create
4:07
a product to sell either. Which brings us to idea number four. Promote affiliate products to your
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clients. This is yet another way of capturing additional revenue from the work that you're
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already doing. To put it extremely simply, affiliate marketing is an arrangement where a company pays
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commission for traffic or sales generated from its referrals. In other words, for every client that
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signs up after you recommend a service, your affiliate partner will give you a commission
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Here's a clear example. If you're a WordPress developer, you might recommend to your clients
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that they upgrade from basic hosting to a more robust hosting option like Flywheel, who will
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then pay you up to $500 in commission. That's some great passive income just for one suggestion. If
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you're a graphic designer, you can recommend your clients sign up for stock photo sites to send you
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images to use in your designs. These sites will then give you a small commission every time that
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client makes a new purchase or renews their monthly subscription. When it comes to passive
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income through affiliates, the important thing is to genuinely add value. People can tell when you're
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just trying to get a commission, so be sure that your recommendation adds value to your client's
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projects. If the value is there for your client, you'll collect a nice referral fee to add passive
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income to your freelance business. For some freelancers, passive income may feel impossible
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or just not worth the effort. But for freelancers who are already stable in their business and
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they're looking for ways to take things to the next level, passive income is a great avenue to
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explore. Of course, there are a million and one ways to approach passive income. The four ideas
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that I've just presented today are just some beginner ideas. For more ideas, brainstorm ways
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that you can generate new long-term revenue from work that you're already doing. Once one tactic
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shows promise, you can invest more and more time and effort to really grow your passive income as a
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freelancer. And that's it! Four passive income ideas for freelancers, plus the formula you need to come
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up with passive income ideas on your own. Hey, stay tuned to this channel for more ideas on generating
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passive income in your niche. We recommend that you subscribe so you don't miss any of our upcoming
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videos. For now, I've been Josh with Millo.co and we wish you the very best of luck in your freelance
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journey and we'll see you next time
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