Freelance writing or copywriting is a great business. However, you only get paid when you’re actively working on a client’s project. As soon as your fingers leave the keyboard, you’re no longer making money.
That’s why they call it “active income”!
Being the author of your own profitable ebook, how-to guide or special report is, by contrast, “passive income”.
Sure, you have to do some things up front to create, publish and promote it. But once your information product gets rolling, it can generate substantial benefits for your business.
For example, your own successful information product can:
1. Substantially increase your income.
Let’s face it. There are only so many hours in the day to do client work. However, there’s no limit to the amount of information product sales you can generate from your website or landing page.
Just one good-selling ebook, how-to guide or special report can add another $20K to your annual income. Maybe more.
2. Attract more and better clients.
A couple of years ago, a friend of mine published a handbook in her area of expertise. (Search engine optimization.) Not only did she earn income from sales of that product, but more clients contacted her wanting to hire her. They saw her as the expert. After all, she “wrote the book” — or, at least, the handbook — on SEO copywriting.
3. Enable you to take more time off.
If your income is derived solely from freelance work, then your cash flow stops when you take a vacation. That sucks.
However, if you have a profitable information product — or, better still, several products — you can easily keep that revenue stream turned on while you take time off.
Which leads me to benefit #4 . . .
4. Provide a more consistent cash flow.
There tends to be a frustrating ebb and flow to freelancing. Sometimes you have lots of client work coming in and you’re busy. Sometimes, well, not so much.
It can be stressful.
But with information products, you have another revenue stream. And, when client work is slow or non-existent, you always have a potentially profitable project to work on: your next ebook, how-to guide or special report!
5. Give you a sense of “writer’s pride”.
I haven’t met a writer yet who doesn’t dream of having his or her name on the cover of a book.
Call it vanity if you want to, but I still blush with pride when I see my name on one of my how-to guides. My daughter even took some to school to show her class what her dad does for a living!
So, to answer the question I posed earlier: Yes. Every freelance writer or copywriter should develop at least one information product.
It’s going to take some real time and effort to launch it and get it selling well. (This isn’t a get rich quick scheme.) But, once you have a profitable information product generating revenue for you while you sleep, I can tell you from experience: it’s worth it!
About the Author:
Steve Slaunwhite helps freelance writers and copywriters attract great clients. He is the author of The Everything Guide To Writing Copy, Start & Run A Copywriting Business and many other books. Be sure to grab your free copy of his “Copywriter’s Success Kit” at http://www.forcopywritersonly.com .