One of the greatest feelings in the world is landing a major client. A big client can feel like an increase in stability, as you have a cornerstone for your freelance income.
However, it’s important to be careful about how much you rely on a single client. While freelancing can be a good source of income, it’s not always the most stable. You could lose a client overnight — and then be in trouble.
Our helpful rule of thumb is to build a stable of clients so that no one client represents more than 20% of your income. If you find yourself doing a lot of work for one client, consider scaling back a bit with that client as you add a new prospect or two.
You can also diversify your income by monetizing a website, launching a course, writing books, or finding other ways to generate revenue. If the pandemic taught us anything, it’s that freedom and flexibility are paramount — and that you shouldn’t become overly reliant on a single source of income.