Building multiple income streams can be your answer to the uncertainty that comes with being self-employed.
I received the news last night that one of my long-term clients is pulling out of our partnership. They’re shifting companies and would no longer need the work I was doing for them.
Was I sad when I heard this news? You bet!
I’ve been working with them for five months, and my growth curve there was astounding. In such a short time, I learned so much, it almost feels like I got a working MBA. I’ll surely miss the enthusiasm of the team and the inspiring work environment.
Aside from that, the money they paid formed one of the three steady pillars of my monthly income. With this gone, things won’t be so steady anymore. Sure, I won’t be left struggling, but it would hit my finances hard.
Freelancing and money: there are no guarantees
That’s the thing about being self-employed: you can NEVER guarantee you’ll earn the same amount every month.
No matter how hard you plan or strategize, something unforeseen would happen and all your plans will come crumbling down.
That’s why having multiple income sources is a vital part of being a self-employed person.
Right now, I have another client and two writing platforms that pay me, so I’ll be able to sustain myself before I find another gig.
I won’t be rushing, though.
As a strong believer in the law of attraction, I know the Universe gave me this bad news because she has something truly amazing for me planned in the future.
If I rush to fill this void with another new client, I might miss out on something that can change my life.
How to handle this unforeseen change
As a freelancer, if you receive news that an income stream you so carefully built is crashing down, it’s easy to lose hope and get desperate. In that blind rush to supplement your monthly income, you might rush into partnerships and projects that don’t give you joy.
This is precisely why I don’t want to feel desperate. I’ve had bad experiences in the past where I said “Yes” to clients just because they paid well without gauging the scope of the project. I’ve regretted terribly after working insane hours on articles that made me want to tear my hair out in frustration.
Bad decisions always have something to teach, and mine taught me this: sometimes, the best thing you can do is WAIT.
And so, that’s what I’ll do.
I’ll keep writing great articles, keep helping new writers as much as I can, and keep believing that the next BIG opportunity is just around the corner.
I’ll keep my options open, but I won’t rush into anything just because I feel insecure or impatient. I’ll also keep that unshakeable faith in the Universe burning strong in my heart.
While it’s always good to plan your life and finances as a freelancer, it’s impossible to predict what turn things might take in the coming months.
That’s precisely why depending on just one income stream isn’t very practical. No matter how much you love the gig or your client, it’s important to keep working on your skills and looking for any other opportunities that come your way.
At the end of the day, being self-employed means you’re your own boss. You’ve got to treat your employees (yourself) well.
What’s your take on having multiple income streams? Let me know in the comments.
If you’re struggling to build them, my FREE 5-day course on how to be a highly paid writer will definitely help you.
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