It’s a question we all need to ask ourselves at some point: “How do I diversify my income?”
It’s not like you can’t make a great living from designing WordPress websites. It’s just that that kind of work takes a lot of work. Wouldn’t it be nice to not have your revenue stream strictly dependent on how many hours you work in a day or how many new clients you can sign in a year?
As you know, WordPress development doesn’t necessarily lend itself well to generating recurring revenue. It’s just the nature of the work. A client hires you to design a WordPress website. You spend a month or two building it, maybe longer. Then it’s done. One-off development projects require you to continually be on the hunt for new income streams.
Add to that the fact that freelancing isn’t always the most stable line of work. Since you work on contracts and are not a hired employee, you never know if or when a client might fire you. Or if a new client will fail to pay and force you to chase down the money owed for months. Or if the next holiday season will bring a lull in business as clients are reluctant to spend money while next year’s budget is hammered out.