Working at home as a freelancer has its perks. Beyond the lax dress code you can save money on commuting, dry cleaning, lunches, etc. If you’ve found a great work at home gig, it can feel like you’ve hit the jackpot. If you’re a freelancer, you really don’t have just one boss and it can be liberating to be self-employed. A lot of freelancers find one big client to help pay the bulk of their expenses and extra clients are ‘gravy’ clients.
But is it save to work for one source?
If you’re a freelancer, you might consider diversifying your streams of income so you’re paid from more than one source. Or, do your best to get a contract. Freelance writers, freelance photographers, freelance web designers that get the bulk of their work from one client are in danger of being unemployed if they don’t have any type of work guarantee. Today could be payday and tomorrow could be the bread line if you’re not careful.
If freelancing and you have no guarantees of specific quantities of work from a big client, you need to diversify your income so that if there’s no chance of a contract and notice of any volume changes, you’ll be safe.
What if the big client eats up all your time?
If they keep you so busy you don’t have time for anyone else, do your best to put a buffer amount in savings and keep the pavement pounded regularly to watch for other jobs just in case.
Some clients don’t ever give you a contract and the work never runs out but if you’re not watchful, the rug could be quickly pulled out from under you and you could find yourself in trouble.
Budgeting, savings, a contingency plan and keeping up to date on available work at home jobs in your niche will all be helpful.