Let’s face it – without passive income opportunities, your business growth is limited.
Even if you enjoy working long hours and meeting deadlines, you have to plan for unforeseeable future disruptions in your freelance business.
You should not get too complacent with one income source.
What if you get sick?
What do you do when you get too much work one week and little or no work the next?
When your business is just you, you often do not have the proper time allocated for marketing and other important tasks other than translation.
So don’t make yourself irreplaceable! Finding good passive income opportunities and creating extra money sources is a must for your business to have long term success. Here are a few ideas for creating multiple income streams:
1- Outsource and delegate
If you handle every sigle thing by yourself, you may never be able to see the light of the day. To get the best of your limited time, you need to outsource additional work you can’t handle or not good at doing.
Or better yet, start your own translation agency and delegate translation jobs to other qualified translators while collecting commission on each job completed. This is just one of the passive income opportunities.
2- Create some information products
Being an expert translator, you must have learned some tricks and tips in learning a foreign language over the years and being good at it. Maybe just a booklet teaching your clients to use the proper language terms under certain scenarios; a pamphlet on the different business etiquette between your two primary cultures; or listing common mistakes in language use and how to avoid them.
This is one of the most undervalued passive income opportunities for translators. If you can’t think of a product idea, talk to other local businesses to create a joint info product. You don’t always have to work alone. Don’t underestimate the power of combined intelligence.
3- Create a membership program
When you have enough followers and like-minded fans, you can start a social club where you can hold regular meetings and seminars for a fee. In additional to providing a chance for social networking, the membership program should also offer real valuable information and inside knowledge to the members.
It doesn’t have to be just translation or language related, but you do need to find a niche so that you’ll attract enough followers who appreciate the value you provide and are willing to pay for it.
4- Carry related products with your main service
Other than hiring a professional translator, consumers who require quick and accurate translation quite often would like to buy a quality multilingual dictionary or an electronic hand held translator from a reliable source.
This could be one of the passive income opportunities for you as you’ve established some expertise and status in your language pair.
It would be ideal if you have a platform in place, such as a website with decent traffic. If you provide information related to your expertise and attract enough visitors, you’ll likely sell these side products as a result of the trust and credibility built.
Just make sure whatever products you offer, the quality has to be superb. If your clients question your integrity, you’ll have a hard time rebuilding that trust.
5- Become an affiliate
If you don’t have your own product, you can sell others’ products. Linking your talent and expertise with someone with a useful product is an excellent way to broaden your client base. But you’ll need a web presence, no matter which way you go.
The benefit of having a good website is that it informs and educates your visitors 24/7. It never stops selling for you, provided you have the right information that your visitors are seeking. It can be a service, a book or any kind of products that complements your service.