One of the “scary” aspects of starting a new service based company, starting out as a freelancer, or even for established companies/freelancers is how to keep consistent cash flow. The typical “service” model is to constantly hunt down that new client, or suggest/hope that old clients do some repeat business. The problem with this is your income becomes very unpredictable. While most companies can monitor a pattern and estimate income, there is always that fear of tomorrow being the day that your bank account dries up.

A better method is to figure out ways to develop consistent trackable monthly income. Sometimes this can be done with current/future clients, and others is simply an alternative revenue stream to your business.

1. Monthly Services

Many freelance or service based companies have opportunities to offer monthly services/subscriptions yet completely pass them up!

Web company? Offer a monthly analytics tracking and reporting program. Simply analyze the traffic over the past month, drop it into a template, and offer a few suggestions. What company wouldn’t want to know how many people are visiting their site and from where? You could also sell monthly maintenance contracts.

Copy writter? Offer to develop a monthly newsletter / e-newsletter. Combine it with a service like Constant Contact and you can step up your service by offering reporting of the previous newsletters for a little extra income.

Photographer? Offer a service where you swing by the client office or their latest projects to shoot some photos for an online photo journal.

Technology Consultant? Offer to setup a project management, or CRM software on your server and manage it for clients. They get increased productivity and communications, and you get a bit of extra income. You could also sell monthly maintenance contracts.

The trick with most subscription based revenue streams is to make them affordable for companies, and quick/easy on your end. You don’t want them to interfere with more lucrative projects, only increase the bottom line and help the slow months. The more clients you get to join aboard the more income you can count on every month. If you can automate these subscriptions or freelance them out you can get income every month by barely lifting a finger.

2. Stock Services

Many freelancers have an opportunity to sell their work that is not used for anything else. Photographers and designers can sell photos/illustrations at stock warehouses like iStockPhoto. Web designers can sell templates at sitepoint.com, or start their own template site.

Photo Resources

• iStockPhoto
• ShutterPoint
• PhotoStockPlus
• ShutterStock

Graphic Stock Resources

• Sitepoint
• Digital Point
• ShutterStock (graphics)
• iStockPhoto (illustrations)

3. Publishing

If you are a freelancer than you are obviously passionate about your work. Start a blog about it and throw some adsense up on it, try finding some affiliates who have related items to sell, see if you qualify for payforpost or textlinkads.

You could even go one step further and write a book on your subject. Not only will this establish yourself as an expert, but it will also bring in revenue. With self publishing methods like limpo, publishing a book is easier than ever.

Why not go so far as to write a local journal about your industry? If successful you can charge other companies for advertising.

4. Teaching

Offer basic training courses or seminars for those who want to learn more. You can opt to charge a minimal amount for attendance to make an extra few hundred dollars every month. This also is a great way to get new client leads, people attending are likely to pick you over anyone else to help them with their project.

You could also offer individual training for an increased fee. This again improves revenue and builds a contact base of people likely to recommend you when a “big project” that is over their head comes along.

5. Subletting

Have office space? Why not sublet your extra room. Office space is of extremely high value, and smaller companies are always looking to get a meeting place and mailing address with out breaking their budget. Work from home? Can you sublet the apartment above your garage? what about your basement, or the garage itself?

You could also consider renting out your space for meetings, groups, and events.

6. Referrals

Know of any company that your clients could use the service of, but you don’t provide? See if you can work out a referral program where you get a percentage of profit/sale. This can be an easy way to maximize the income of each client.

For example a web company might partner with a hosting company. Copywriters might partner with a printer. Marketing companies could partner with publications + advertising.

7. Consulting

Some people don’t really need you to DO any work, just GIVE them advice. Many times they will need it more than once! See how many companies you can wrangle up where you can consult them a few hours a month to help keep them in the right direction. Help them track the results, and if they do well because of it you can be sure they will keep you around for months to come.

8. Products

Developing a product is a great way to get income regularly with out having to “hunt down” the latest client. Once it is created there often is little effort beyond processing orders and shipping them out. This could be anything from a sharp photograph portfolio, to workbooks, a script or piece of software. There are a million possibilities out there, and none of them have to make you rich. If the goal is to supplement your freelance income then any additional sales is simply a benefit!

9. Affiliate Marketing

There are thousands of companies out there that will pay you for referrals for their product or service. Maximize the traffic to your site by referring visitors to companies of similar but noncompetitive products/services. This could be web hosting, maybe a printer such as vistaprint or shutterfly?

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