If you’ve struggled with inconsistent revenue while freelancing you know how frustrating it is.
One month you’re ecstatic with what’s in your bank account and the next… you’re wondering what expenses you can cut (how many times can my kids eat ramen without me being a bad mom?)
And while our first instinct is a mad rush to get more clients, that instinct may be one of the reasons you’re in this situation in the first place.
In my 13+ years of freelancing I’ve had my fair share of good and bad months, but once I started to realize the causes of these revenue swings, fixing them at the source became much easier.
Here’s three possible reasons you’re experiencing this revenue roller coaster and what to do instead.
Your Sales + Marketing Aren’t Consistent
Freelancers who market themselves consistently, even while busy with project work, are able to sign new clients and projects weeks in advance. This brings stability to their schedule and their bank accounts.
You’re Not Clear How Long Projects Take
Financially stable freelancers know exactly how many hours a project takes and are honest as to the work required. When you aren’t, undercharging for your work becomes far more common.
You Charge in Lump Sums
Recurring revenue is your lifeblood. If you’re charging for projects in lump sums (50% /50%) you’re leaving yourself open to financial volatility. Breaking it into smaller, more frequent amounts or monthly amounts for the duration can solve this.
Fixing Your Finances Puts More Freedom Into Freelancing
By implementing these tips you’ll be well on your way to getting off that revenue roller coaster – which leads to more of the time and creative freedom you’re craving.