Feast & famine — How to manage workload fluctuations as a freelancer
Everyone who has made the leap from a traditional 9-to-5 job to freelancing can probably relate to the liberating feeling of the first weeks. And while it is an exciting career switch, eventually you might also feel the uncertainty of finding enough work.
While you happily dropped daily commutes, dress codes, and fixed working hours, you also lost the guaranteed paycheck at the end of the month. Almost every freelancer has to consider fluctuations in their industry and will — sooner rather than later — experience the feast or famine cycle. But the good news is, as you gain experience as a freelancer, you can develop strategies for overcoming the famine cycles.
For Scribbr editors, the workload is influenced by academic cycles and peaks in the summer months, when students typically have their thesis deadlines. At the same time, the agency nature of Scribbr means that editors do not compete for projects on a global market, but only with a limited number of Scribbr editors. Still, 77% of our freelance editors agreed that these fluctuations are a stress factor in their careers overall.
So the question is, how can you enjoy the freedom and flexibility of your freelance career and keep your mental and financial stability through the peaks and valleys in your workload?
Reframe your relationship with money
As a freelancer, some months may bring you a much higher income than what you earned as an employee — while in others, your income might not even cover your rent. It might seem like a no-brainer to distribute your money wisely throughout the year and to be careful about upgrading your life as soon as you get a big paycheck. Unlike traditional employees, you’ll need to pay your taxes and business expenses out of pocket and put away savings for slow months, so you can feel more confident and avoid stress.
By knowing the high and low seasons in your industry and setting realistic goals for your income, you’ll develop a feeling for how much you can deviate from your budget on average. Consider the positive outliers savings for quiet periods and sick days rather than money you can spend.
Stay up-to-date on your industry
If you regularly talk to other freelancers in your industry, you will learn that many are experiencing fluctuations in their workload, too, and it’s not the end of your career. Knowing the typical high and low seasons in your industry will help you manage your expectations and not freak out when you have not received new projects from a client in a while. You could join a Slack community with like-minded freelancers or attend networking events that allow freelancers to share experiences with others. Depending on your field and how susceptible it is to political or technological developments, staying informed will help you make predictions and avoid risks long-term.
Cultivate long-lasting partnerships
During times when the cash flows effortlessly, it’s easy to lose contact with a few clients and neglect your marketing strategies. But if you build positive relationships during peak times, you increase your chances of being remembered by clients in times with a lower workload. Beyond maintaining a positive communication and asking for feedback, another strategy is to offer different packages or discounts for consistent work or prolonged projects. If you offer clients a discounted rate for a set number of hours per month, it might help you to cultivate long-term, win-win relationships.
Diversify your skills
Slow periods might be difficult and the financial insecurity stressful, but they don’t have to be a waste of time. If you have the possibility, you can take advantage of the extra time and turn it into something productive. For example, you could take courses, teach yourself new skills, or do something completely different than your profession.
This will make you feel accomplished and give you new inspiration for your career goals. A new niche could also function as your secondary income during periods in which you can’t count on many jobs in your primary freelance industry.
