Are You a Freelancer Whose Work Has Dried Up? Here’s What You Can Do

OlufisayoMay 19, 20200622 views

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While there are many benefits to working as a freelancer, including the ability to choose your own work, set your own hours, and be your own boss, there are also downsides.

It is typically a more precarious career path than others, and the lack of safety net or support available for when things go wrong can be brutal.

If you’re one of the many freelancers right now that has seen their client base and income stream dry up, you may be feeling anxious and insecure. However, there are steps you can take to ensure that any temporary loss of freelance income does not wipe you out completely. Here’s a quick guide to how you can stay afloat during times of scarcity.

Save When Times Are Good

This one requires a bit of foresight and may not be helpful if you are reading this article because the work has already dried up. However, if you are currently going through a busy period with your freelance work, now is the time to start saving for a rainy day.

Open up a savings account and move as much surplus income as you can into it as soon as you receive it. Don’t be shy about chasing up clients for unpaid invoices, as many clients will move at a glacial pace if not prompted.

Diversify

One of the most effective things you can do to shore up your financial security is to diversify your income streams. If you are relying on one or two clients for all of your income, then you are putting yourself in a vulnerable position when things go sour.

Consider scaling back your workload with an existing client if doing so will allow you to take on work with other clients. The more revenue streams you have, the stronger your position will be in the long term.

Reduce Your Mortgage Payments

When you find that your income has suddenly dried up or reduced, then your first thoughts may turn to how you will be able to keep up with your mortgage payments.

Fortunately, you can arrange to reduce your monthly payments to your mortgage providers by remortgaging. What’s more, you can even use a free online mortgage advisor to look into negotiating a remortgaging plan that will reduce your interest rates, potentially saving you thousands in the long run.

Reconnect with Your Network

For most freelancers, networks are everything. If you suddenly find yourself without paying clients, now is the time to reach into your Rolodex of contacts you have collected over the years to see if there is any work going.

Leave no stone unturned and don’t be shy about dropping some emails to people you haven’t spoken to in a while to see if your services can be of use. If they are worthwhile clients, then they will understand. Remember to hit up friends and family to see if they know of anyone who could use a talented freelancer such as yourself.

All freelancers have dry spells. However, it needn’t be the end of the world. Follow these simple strategies to ensure that you always have a safety net.

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