From the Huffington Post – Gina Horkey provides 6 things to consider when striking out on your own, but perhaps the most important is her 6th recommendation — developing multiple streams of revenue. This is particularly important in situations where you are providing services as opposed to selling products because service providers are more likely t o be scrutinized as potentially misclassified employees. Having multiple streams of revenue is an excellent way to demonstrate that you are independent and should not be treated as an employee. In addition, Gina writes:
“6. Build a Diversified Business
Having multiple revenue systems in one business is a great way to hedge your bets and operate in different economic climates. What other services or products can you offer to help you accomplish this?
For my freelance writing business, it means that I offer writing, editing and virtual assistance services. I also coach those newer to the business than I (which paired with my background in personal finance works well) and have a course for aspiring freelancers that teaches them to break into the game of writing for the web.
Having multiple products and services is a great way for me to diversify both my income and my time. It also keeps things fresh and interesting and allows me to carry out my creativity in different ways. I think it’s fun – plus they all complement one another….”
Read the full story at 6 Things to Consider When Making the Leap to Self-Employment