Freelance Confidential - Amanda Hackwith [21]
One of the realities we discussed earlier was how freelancing is often a springboard for other ventures, and how this kind of diversity is necessary to secure your career. Ed Gandia describes the importance of increased income:
I believe that the real game-changer is the ability to boost your income for every hour you put into your business. If you can do that, it becomes a LOT easier to make drastic improvements in the other three areas I just mentioned (clients, projects and lifestyle). Therefore, much of my focus has to do with increasing my income for every hour I put into my business. Because, as I earn more in the same amount of time, I have the freedom to fix those other aspects of my business that aren't working.
Passive income sources are one way to nearly infinitely expand your business, as long as you have the items to sell. If your business has stalled or you're looking to shore up your monthly revenue, invest effort in exploring passive income to find a project that's right for you.
Selling Stock
Whether you're a graphic designer, programmer, musician, or photographer, you likely have leftovers from projects that were never used for clients. Stock marketplaces have become exceedingly popular in the last few years as a place where producers of a creative or technical product can sell their work. When I'm not editing FreelanceSwitch, I also manage and run a stock marketplace for graphic design. In my experience, there are a few tips you can follow to choose and develop stock items that will sell well:
Useful "toolbox" items. If you find yourself using a file over and over again, buyers will too. For web designers, this could be a style for buttons; for video editors, it could be a subtle transition or clip.
Solve problems. There is no quicker way to sell an item than to present it as a solution to a user's problem. Similar to the useful items I mentioned above, items that solve a user problem (like a design tool that corrects a photo or a bit of script that speeds up development) are frequently best sellers.
Flexible content items. Buyers inevitably gravitate towards items which have room for their own content, whether it's a photo with generous room for copy or a template with highly flexible options for content.
Trend items… but only if you're the first or the best. Stumbling on a popular trend or style can be very profitable, especially if you're the first to offer the product. However, any trend will eventually develop dozens of imitators and saturate the market. If you're selling an item with the newest trend in style or design, make sure you're either the first one out of the gate or you're selling a version far superior to the copycats.
Whatever item you decide to sell as stock, make sure it is well made and prepared for use by a buyer. Some stock marketplaces might allow you to make a custom preview image or write your own file description copy—the quality of your description and preview are half the fight right there. Make sure your item is well presented with the following elements:
A clear and modern preview. Most stock sites are geared for visual browsing—buyers will search for a term or category and then browse until they see something they like. Your thumbnail image or larger preview will often be the only chance you get to catch the buyer's eye. Make sure your preview is accurate and you show off any special value or qualities that set your item apart from the rest.
A sales-focused and accurate description. If the stock marketplace allows you to write any accompanying text or description, take advantage of it. Frequently sellers will try to stuff as many keywords in the description as possible; that's