Make a living at home, the Theory behind Freelance work.

Hello there my friends!

If this is your first visit, Let me say Welcome!

Today I will be talking about ways to make money from home, but not in a Networking sense, but more of a general, how to produce an income while being at your house.

so if you’re just looking for marketing tips, this post probably won’t help too much.

If however, you’re curious about the different methods some people use to generate income at home, Here is a Bunch of Ideas and the theory behind increasing your income.

3 most effective ways to start earning more.

·        1 Raise your salary
-negotiate a raise, or switch jobs (Pro, your already good at your job, Cumulative raises) (Con, Hard to know what behavior will get you a raise, aggressive/ passive, Budgets available, ect.)

·        2 Create a product
-Create and sell a product (Pro, Generate income while you sleep! Create it once, and benefit for a LONG time.) (Con, most products are not good. They are made to make money, not to be Useful, hard to sell while being professional, Hard to mine and interpret the data needed to Improve)

·        3 Freelance
-Taking your skills and Profiting from them. (Pro extremely easy to get started. Don’t need capitol, don’t need a website, if you work harder, you make more, YOUR IN CONTROL) (Con, It can be challenging to raise your Rates, You could get stuck in a Freelance Rate Race, Hard to know which skills are monetizable, Hard to know where to find a steady stream of customers)

The importance of earning more, Verses spending less. 
Teaching you how to save money is easy, But experts don’t know HOW to earn more.

“There’s a limit to how much you can cut back, but no limit to what you could earn.”

 –Ramit Sethi

Multiple income streams:
Most of us make 100% income from one source. such as a paycheck. If it goes away, you’re in a tough spot.

You can try to save money by spending less, but there is a limit on what you can cut back

Create a second or third income,

You diversify your risk,

It gives you options!
Lets say you make about $4000/mo at your job.

If you lost your job, you would be out $4000 and that’s it, your done. If you had your $4000 job, and a job where you make 500-1500/month on the side if you lost your job, you would STILL have money coming in, you would have more options available to you than you would have without...

But if you could make up to 3k on the side,  with multiple streams of income, you can now QUIT your job!

If you work Twice as hard at your current job, Do you make twice as much?

Would you if you worked at your own pace at a side income? YES you can ramp up, or ramp down your efforts, which has a effect on your earnings.

If you worked at home, let’s say, doing freelance work, and you worked 5 hours a week, and you charge $50 an hour, how much do you make working only 5 hours a week?

5/hrs a week x $50 / hr = $1000 / month!

 
What if you want to work 10 hours a week?

You make twice as much!

You have to take the progression of your business step by step and stage by stage!
Start by taking one slow lap at a time, Don’t go straight for the marathon.

Step 1 is going from only One income source, to Two.

·        Revenue source ideas:

·        Amazon Commissions

·        Book Royalties

·        Consulting

·        Products

·        Etsy.com

·        Sell music on iTunes

·        Produce a web comic

Common misconceptions:

·        1 Do I have to Quit my job and be the next Martha Stewart?
Do what’s appropriate for YOUR stage. You don’t need Business cards or a fancy SEO strategy when you first start. Stay away from Time Drains and Focus on what’s important

·        2 Don’t I need a technical skill? Like programming or design?
You don’t have to be a programming wiz to earn more. If you speak English, be a tutor if you know how to Sew, Do small repair for others, you don’t HAVE to be a networking GURU, Find your Skills, and Use them.

·        3 How much experience do I need? I am brand new, and don’t have many connections.
Understand what YOUR target market needs; Diligence, Understanding, Relatable, Preparedness. You have Leverage. 20 years of experience doesn’t mean they are the best at their job, It only means they’ve worked in that industry that long.

·        4 I don’t have to trade My Time for Money. Its all about passive Income!
The People who say this don’t want to start running a lap, they want to Start running a marathon. The TRUTH is Passive income is possible, BUT you rarely start here.

DONT DISQUALIFY YOURSELF 

Common reasons we don’t earn money:

I don’t have an idea/ too many ideas, who would pay me for it. 

I don’t know where to start

I can’t afford to fail

I’ve tried everything

Where to start:

How do you find an idea, that could make you $1000/ month?

·        Generate Ideas

·        Validate The ideas

DONT WAIT for an idea to fall from the clouds,

Generate a list of all the services you could potentially offer.
Math tutor, Marketing, Design, Tech Support, Video editing, Drawing, Event planning, Social media, Research, ECT. (* EASY way to figure out what your good at..... ASK YOUR FRIENDS! “Hey what are one or two things I do well?”)

Start off with 10 or more ideas

Validate the ideas,
FEW people do this, they tunnel vision onto one idea,

A few months go by, and “oops” They aren’t making anything on it.

Do a “Pay certainty test” 

·        Is your prospect ABLE to pay?

·        Is your prospect WILLING to pay?

Let’s say you’re a stylist, You say “I could help people upgrade their Style”

That’s your Freelance Monetizable Skill, and your mission statement.

First let’s look at your audience, 
you could target:

·        College students

·        30-40 year old Mid career Business professionals

·        Retiree’s

Lets look at the prospects with the “ Pay Certainty Test”

·        College Kids, Are they Able to pay?

No, they are generally broke,

Are they willing to pay?

No way, all they wear all day is hoodies and sweatpants, and they’re happy that way. (FAIL)

·        30-40 year old Mid career Business professionals, Are they able to pay?
Yes they make a decent wage, and have access to Money.
Are they Willing to pay?
YES! They know that their style is how they are perceived, and it helps to get a better position. (PASS)

·        Retirees, Are they Able to pay?
Absolutely! They have plenty of money saved up, and not a tonne of expenses.
Are they willing to pay?
No way! They spend all day with their spouse of 40 years, They have no interest in upgrading outfits. (FAIL)

Look at that, we eliminated 2/3 possible markets that wouldn’t have produced the needed results, which allows us to fully focus on the market where our services are needed.

TEST YOUR IDEA before you invest a lot of time and money.
Testing lets you KNOW and virtually guarantee your income is there, before you invest all your energy and money.

Well, I hope I inspired some creativity,
Best of luck out there,
-Andrew Halliday