My multiple streams of income (in order of highest income to lowest) currently include the following:
- Wage earning-Wal-Mart
- Self-Employment-Writing and photography
- Passive Income-internet projects
My writing jobs can vary from week to week depending on my time available to write and the number of orders I receive. This can create inconsistent income. Part of the appeal of wage earning is the paycheck on regular paydays.
I have not been able to fully use the following plan to bring in income consistnatly with my self-employment, but the times that I have used it, I found it very successful. Right now I just write as much as I can when I can for the client who’s order is due first! It is possible to have consistent income from self-employment with some planning.
Know your clients’ payment pattern
I have some clients that pay within 12 hours or less, 2-3 days, and one that pays by a check that takes a week or so to clear. I would try to get the client who pays by check done at the beginning of the week so that by the beginning of the next week the check will clear and the money will become available. Next would be the fast payer to give myself some spending cash today. Next I will finish the jobs for the client that pays in a couple days so I have income while I wait for the check to clear.
Stagger job commitment deadlines
If you have all the jobs due at once, you could end up with periods of no income. Spread out the commitment dates so they are due every couple days or whatever works depending on job size. This could give you work for 1-2 weeks in advance. This will give you time to bring in more work to do when the current jobs are finished.
Send an email with a discount and deadline
When work is slowing down, send an email to clients offering a discount for orders that come in by a certain date. Divide the client list into groups and offer the discount to a portion of them each week as work is needed. Don’t send the offer to everyone at once because you may find yourself in over your head with work.
Plan time off
If you need a break or vacation, work a little extra and plan when invoices are sent to bring in income during the week or days that you plan to take off. Let clients know you will not be taking new orders during the time off so that they can plan around your schedule with their orders.
These ideas can easily be altered to use for most self-employment. Some ideas may take more planning when there are employees involved and for store-front businesses.