How to Maintain Stability as a Freelancer: Your Full Guide

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As a freelancer, I hear a lot of myths about the world of freelancing. However, one of the most common misconceptions is that freelancers have no stability.

I think many people imagine freelancers freefalling through life in a constant state of anxiety. I mean, I guess that’s how it feels sometimes…

There is a level of instability as a freelancer, that’s true. But there is still some stability. As a freelancer, you need to find your own ways to maintain stability in your career. It’s not always easy, but there are a few practical ways to create the structure you need.

I’ve put together a guide to maintaining stability as a freelancer – including my top tips!

5 tips to maintain stability as a freelancer

There are a few key ways to bring stability into your life as a freelancer, including:

1. Improve your cash flow
2. Create a structured routine
3. Save, save, save
4. Build a strong network
5. Choose retainer clients

Let’s take a look at these ideas in a bit more detail…

1. Improve your cash flow

Improving your cash flow is a great way to maintain a sense of stability in your freelance work. It’s not about changing the amount of money you have, but how you manage that money.

There are lots of ways to alter your cash flow. I’m not a financial advisor – these are just a few ideas from my own experience.

You could:

• Collect payments into a business account
• Pay yourself a wage every month
• Put money aside for tax
• Transfer money into your savings and pension plan

Implementing a clear plan for your money will help you feel more in control – and it’ll give you a greater sense of stability in your freelance career.

2. Create a structured routine

There are lots of different ways to freelance – and everyone will be different. Some people will create a routine, and some people will prefer to be more flexible.

For me, a structured routine is central to my success. I still give myself the flexibility I need to meet friends or go to the gym, for example, but I give myself a clear freelance routine for the day.

This includes a morning and afternoon session of work, and time for lunch. I can effectively manage my time for myself and my clients – and it helps me feel a sense of stability. When I sit down at my desk every day, I know what I’m doing.

3. Save, save, save

For many freelancers, quiet times are part of life. A client may reduce their budget or you might struggle to find new clients at certain points of the year, such as January.

For this reason, it’s important to have a chunk of savings that can act as your safety net. Ideally, you should save up money before you commit to freelance life – and you should be adding to that pot whenever you can.

If things go quiet, you can support yourself until things pick up. Everyone will have different ideas about how much they need to save, with some experts recommending at least six months of bills.

As a freelancer, you don’t get the same pension perks or sick pay options as someone in a traditional job. You should be putting money aside to cover your retirement or any expenses if something happens.

4. Build a strong network

Everyone needs a network, whether you’re a freelancer or not. Your network might consist of family, friends, colleagues and clients. These people can help to support you as you go through life – and you need them to feel grounded.

If you work from home, you might find it hard to build your network of colleagues – but there are plenty of ways to stay connected as a freelancer.

By building a strong network, you can turn to other people when you need advice or support. This can help you feel a strong sense of stability – and that support is invaluable when you’re feeling lost.

5. Choose retainer clients

Retainers are clients that send you regular work. You might agree to a certain number of hours, for example, or you might get one blog post per month from them.

Many freelancers don’t like working with retainer clients, as it can take some of the flexibility out of freelancing.

However, finding clients who want to send you regular work means you have a basic idea about how much you’ll be making every month – and what that means for your routine or budget.

There are other ways to find stability in your client load, too. You could block out your time for each client so you know exactly how to spend your time. Or you could choose to work with companies that have a decent budget for freelancers.

Maintaining stability as a freelancer

As a freelancer, you need to find ways to maintain stability. You don’t have the same structures in place as someone in a traditional job – which means you need to create that structure yourself.

If you struggle with uncertainty, set yourself a structured routine and find ways to add stability to your career without compromising your flexibility – whether you provide interpreting services or freelance content writing.

Choose stable clients, improve your cash flow and build a solid network of people around you to manage the ups and downs of freelance life.

Do you have any tips to maintain stability as a freelancer? How do you manage your freelancer career? Do you have any tips for new freelancers?

Let me know all your thoughts in the comments 🙂

Happy reading x