Why Do I Think Freelancing Is Risky These Days?

Welcome to the World of Freelancing

Hello Ezekiel, every successful business, be it a freelance venture or a full-time job, relies on positioning and specialization. I remember my early days as a generalist copywriter, doing everything under the sun. While this approach kept me afloat for a while, I continually encountered barriers when trying to raise my rates. The reason? The market simply couldn't justify those higher prices for the broad range of services I offered.

Discovering the Right Niche

To overcome these challenges, I began to specialize in smaller segments of the market. By the end of the past year alone, my income had increased by at least five times. This growth happened because clients started finding me on their own, rather than me having to actively seek out clients. This is a testament to the importance of identifying and capitalizing on a niche that resonates with your target audience.

Shielding Against Unreliable Clients

Another crucial lesson I've learned is the importance of being selective about clients. If you ever feel that something is off about a client, don’t hesitate to cut your losses and move on. I've experienced firsthand the pitfalls of working with "shady" clients who can't or won't pay via your preferred method. Early on, I realized it was in my best interest to have multiple payment options available, such as PayPal or wire transfers, to avoid these kinds of issues.

Building a Profile for Success

Your online profile should be crafted with your target audience in mind. Use the keywords they would search for, such as “tech web designer” or “web developer for tech businesses.” This tailored approach makes it easier for potential clients to find you and realize that you are the perfect fit for their needs. Remember, the right audience will be more likely to engage with your services if they see you as a specialist in the area they need.

Managing Risks in Freelancing

Freelancing, while offering great opportunities, also comes with inherent risks. One of the most significant risks is not having regular clients, or worse, fully relying on platform-based work. What if the platform you use to find clients suddenly changes their terms or terminates your account? Having a diverse client base can mitigate this risk. Moreover, freelancers often have the advantage of building a steady clientele over time, which can serve as a buffer against the economic uncertainties of the broader job market.

Strategies for Staying afloat

The real risk lies in the instability of full-time jobs. If the company you work for faces financial hardships or even goes out of business, you could be left without a steady income. Freelancers, on the other hand, have the flexibility to manage multiple clients and project work, making it less risky when one client decides to end their engagement. Always have a solid contract in place that protects both you and your clients, especially when working through platforms that charge commission fees.

Concluding Thoughts

While the path to success in freelancing is challenging, it is entirely achievable. By specializing in a niche, being selective about clients, and approaching your freelancing career strategically, you can navigate the risks and turn your passion into a profitable venture. Remember, time is money, so take the time to set up a solid foundation for your freelance career. It's well worth it!