Struggle In Diversifying Income Sources

One of the worst enemies of freelancers is experiencing dry spell. It’s inevitable especially if you’re just starting out. There’s always a constant struggle to balance the feast and famine cycle. The only way to survive the famine period is to discover and build new income source.

As of the moment, freelancing makes 90% of my total income. That is a scary figure if you would ask any finance-savvy person. The remaining 10% of my income source won’t even suffice to pay all my necessities in a month. If ever my entire freelance business shuts down, I would not survive in a month. This is why I need to focus on my entrepreneurial pursuits.

Juggling freelancing and working on your entrepreneurial projects can be a daunting journey. You have to give your best to both commitments and worst all, they can be both demanding. Aside from the fact that you’ll be working twice as hard as you would normally do, you also have to bear the pressure that your entrepreneurial project may fail.

Another problem that you have to face is the fact that you will need to bootstrap your project. I spend most of my extra money in developing the product that I want to offer. I’ve also experienced borrowing money from friends and from my Mom. I already paid them so I really have to focus on making my project profitable. There’s so much pressure! >_<

Developing the project that you want to monetize is just halfway of the story. Launching the product/service is another story. Before the launch, you also need to have beta testers. Both means one thing – lots of work!

I will write a detailed blog post once I launch my first product. I will also share my launch experience on the main blog. As usual, I need to collect data and result so I can provide a detailed report. For now I have to muster all the motivation that I can have to continue with the development.

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Monnel Espiritu

Freelance Yuppy Adventurer at Hire@Freelance Yuppy

Don’t trust me. Test it to find out :) Internet is full of snake oil salesmen. If you want to keep it real, look for data and scientific research about their philosopher’s stone. If it doesn’t have one then it must be magic – it’s just a trick. Of course, there are things that can’t be measured by science and data but thankfully these are very rare cases (and sometimes it’s because of the limitations of science). Hope you learned something from me! I coach on Coach.Me and write about my freelancing adventures and entrepreneurial struggle on my main blog.

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