Is all of your freelance income coming from a single client?

2019-10-12

I had a fellow ‘freelancer’ ask me online what to do now that his one and only client let him go. In all seriousness, this person was more like an employee for the past 4 years with this person but since they were technically a contractor, they called themselves a ‘freelancer’.

This happens a lot actually, for obvious reasons. It benefits the employer mostly but I for one enjoy being a freelance contractor and if you price it right, you can make way more per hour as well. That is neither here nor there of course.

Back to the fellow ‘freelancer’. This guy was obviously distressed! He had made a comfortable living for the past 4 years, was supporting his family and now all of a sudden he was cut loose! He was floundering, looking for a job. Any job. A new client. Whatever he could to replace that income.

It was certainly ‘do or die’ time for him. While the 4 years was great experience, he still had a lot to learn about the freelance game.

I know exactly how it feels because that’s basically how my freelance career started; with just one client. In fact, after I lost my one first client I ended up bouncing from client to client. Working with one for a couple years, then working with another for a year or so. In all these situations I was relying too much on one single source of income.

Every time we parted ways and the project was finished I’d be back to square one looking for another source of income.

The experience impressed upon me two huge points:

(1) You need to make creating assets for yourself a priority vs creating them for others.

(2) It’s best to have multiple clients paying you a little than it is having one client pay a lot.

So let this be a lesson to you before you become too comfortable with one big client that is paying you the bulk of your income.