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Break the Cycle of “Feast or Famine” Now!

Break the Cycle of “Feast or Famine” Now!

For many freelancers, the “feast or famine” cycle is a common one. For a while, you get a big job that takes up all your time. When the job is finished, however, you are back to where you started, searching for new work with zero income. Getting out of this cycle is one of the biggest challenges for freelance workers. For people who love working on their own however, the freedom of schedule, and the ability to build their own businesses, makes freelance work still an attractive alternative.

If you approach freelance work with the right attitude, you can avoid many of the problems associated with freelance work and maintain a healthy work/income balance that will keep you going throughout the year. As a freelancer, time is money, so it is important to manage your time and finances effectively to maximize your income. Follow these tips to avoid the feast or famine cycle in your own freelance endeavors.

I. Networking

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For many freelancers, networking is the part of the job they hate the most, but proper networking is what can save you from times of famine. Always keep in touch with past clients and attend as many networking events for your field as possible. Connect with anyone and everyone that you meet and spread the word about your freelance business. This will help people think of you when they need a service, and will lessen  the effort that  you need to put into cold calling by having potential clients approach you first.

II. Cold Calling

Cold calling is a part of any freelance business, whether you actually do it on the phone or not. Freelancers have to contact companies and actively try to find work. Many freelancers only look for new work when their current job has ended, but a focused search for new work even when fully employed will help prevent gaps between jobs. You can always hire a helper to take over some of your extra work if you get too much at once, but if you go without work for several weeks or months, that is potential income that you will never recover.

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III. Search for big clients

Bigger clients are typically willing to pay more. The bigger the client, the larger the project usually is and the higher the salary. Often, one job from a large client can pay the same as multiple jobs from smaller clients. Manage your time wisely and search for clients that will pay you the most for your efforts. Big clients like to see professional portfolios and past work, so make sure you have an impressive portfolio and resume that helps you stand out from other freelancers.

IV. Manage finances

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Financial management is one of the hardest parts of freelance work. Not only do you have to pay a high tax rate for working as a freelancer, but managing invoices and payments can also take up a large part of your time. Many freelancers hire a separate financial advisor to handle all of the invoices, billing, and accounting for the business. This helps you maximize your time by spending it on income-producing work, rather than the side of work that will not bring in any more money. You should be very careful about taking out any loan because your irregular income patterns make it really hard to plan long-term; a short-term payday loan is much more suited to your lifestyle.

V. When you get in a bind

If you follow the above steps, you will eliminate much of the dead time that many freelance workers see from time to time. However, even with outstanding effort, it is possible that you may experience a gap in income-producing work. When this happens, you don’t have to give up. There are many options that can help you sustain yourself during periods of low-income. Set aside some money from each check while you bring in money to help cover the expenses between jobs. If you fall far behind, a short-term loan is a great way to help sustain your business until you find paying work again.

All of these tips can help prevent the feast or famine lifestyle of the typical freelancer. Not only will you have a steadier income throughout the year, but you will also appear more professional to potential clients, which could lead to additional work. Follow these tips and you will stay on the path of steady work while increasing your income.

Featured photo credit: This time, we go on the count of one via Shutterstock

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Simon Andras

Simon is an entrepreneur who blogs about lifestyle.

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Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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