Freelancers often deal with what some call the feast or famine cycle.

Either things are really good and your so busy that you feel like you never leave your office, or it’s so slow that you would take almost any kind of work.

Sound familiar?

It’s time to end the feast or famine cycle. It’s time to stabilize your income so you can continuously grow your freelance business.

It’s time that you diversify your income.

“2. Diversify

You want to diversify your clients, revenue, income streams, and marketing.

If all of your business comes from one type of work, one type of client, and through one type of marketing, you’re taking a big risk.

If one client disappears, one social media platform changes its algorithms, or one source of income dries up, you’re starting from scratch every time.

Consider how diversifying your payment methods can make things easier for you in the long-run. For example, I have some clients that pay me a monthly retainer, others pay a project fee, some pay hourly, and some pay based on a revenue share of product sales. There is also affiliate income, joint ventures, and product sales.

Participate in Gumroad’s Small Product Lab if you need an extra kick in the pants.

It helped me finally launch my ebook, Think Like a Digital Strategist (in 10 days!!), which won an honourable mention. Even a handful of Digital Strategy School students who hadn’t previously thought they had anything to offer were able to launch their first digital products this way! (helloooo, extra cash!)”

Check out the rest of the post at Freelancers Union.