Here at NAIWE, we emphasize the importance of developing multiple streams of income, and I have found this to be beneficial in my own business as well.
Before taking the plunge to freelance full time, I was a bit fearful of getting rid of my steady paycheck. I felt that it was reliable. However, as I continued to build up my clientele, I overcame this mindset when I realized that my income came from one source — my employer. What would happen if I lost this job? I would lose all of my income!
As a freelancer, I had multiple clients. Therefore, I was receiving multiple checks. If one client’s work were to dry up, I still had the other clients’ work to hold me over while I looked to fill that open spot.
While I had to learn to juggle this new method of not necessarily knowing when a check would be in the mail, I found that this method of having multiple streams of income was actually safer to my overall well-being because I am not putting all of my financial faith in one company.
And as my freelance career has continued, I have further developed multiple streams of income by speaking at conferences, teaching college-level courses, and publishing books.
How about you? How have you developed multiple streams of income to give yourself more financial security?
April Michelle Davis has been the executive director of the National Association of Independent Writers and Editors (NAIWE) since 2018. Prior to that, she was NAIWE’s Social Media Marketing Expert. NAIWE is an association that focuses on career building for writers, editors, and other professionals in the publishing industry by developing multiple streams of income; it helps its members market their products and services through social media, newsletters, and more.
She is also the coordinator for the Virginia chapter of the Editorial Freelancers Association, a lifetime member of the American Copy Editors Society, and a freelance editor, indexer, proofreader, and author. April Michelle has taught courses through her own company, Editorial Inspirations, as well as for associations and colleges on topics such as editing, indexing, grammar, writing, and creating macros.
Her credentials include a master’s degree in publishing from George Washington University and a bachelor’s degree in English from Messiah College, as well as certificates in editing (University of Virginia), book publishing (University of Virginia), and professional editing (EEI Communications).
April Michelle has shared her insights about her career development by contributing quotes and vignettes to several books. She has presented sessions on various editorial topics to many groups, including the Virginia Writers Club, the Communication Central conference, Randolph-Macon College, the Christian PEN: Proofreaders and Editors Network, the EFA, Copyediting newsletter, RavenCon, and the Hanover Book Festival. In addition, April Michelle has published three books.
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