The more I network on sites such as twitter and talk to freelancers around the world; typical life – cycle seems to be the same for freelancers – especially within the first 6 months and a condition that I am now going to call ‘the-slump‘ strikes again!
1 – 6 months isn’t life just beautiful
What appears to be the norm, is that a new freelancer either through a client from their previous employment; referrals by friends or family; promotion etc there is a 1 – 3 month period of glee and success. A time when all is right in the world, jobs and clients are great, cash flow is stable , the freelance life is amazing and you going to sleep with a satisfied smile wondering why you didn’t take the dip into this world earlier.
80% of your income, comes from 20% of your clients
Does that ring true for yourself??
6 – 12 months the big bad world
Now ever so slowly, the business, jobs, enquiries begin to fizzle out and your left with a cobwebs around your email inbox! Followed by the worst factor of all is money getting tight and then the demon of discouragement and negativity kicks in. Perhaps, a client who was paying for your lovely new lifestyle – stops calling / cancels their retainers or goes bankrupt?
The days of a guaranteed pay-check at your last job all of sudden look rosier with the benefit of hindsight.
Whatever the cause, this phase of a freelancer’s life is characterised by the all to real and sudden realisation that your great little company / life was all too dependent on far to few clients and you trudge back with your tail in between your legs back into employment!!!!
TAKE A STAND – Learn from mistakes of old and prepare!!!
As a freelancer you must always be weary of the dangerous territory of depending upon a few clients. Repeat business is always brilliant. Of course. However, repeat business must be via new avenues of income and it must be business that you are confident will be there between the good times and the bad!
Even with repeat business it should be part of your monthly strategies to be actively looking to solicit new business and it should be a part of your business plan to always be seeking new revenue streams! People change, businesses change, markets change, clients change – your only protection is to be prepared for change.
1 year on one small step for you, one giant step for…
Wherever you see a successful business somebody once made a courageous decision
If you have been smart or intend on being smart you have thought about your long term freelancing success and taken heed of your marketing. It is at this point where you will make the courageous decision to persevere and you won’t go running back to mister big bad agency but you will find ways to diversify, innovate, recruit and compete against your competitors.
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