Even the most experienced and accomplished freelance writers know the difficulties associated with adding to their list of clients. It can be daunting and feel fruitless. That being said, there is considerable risk that comes with relying on one client as a source of writing income, with a single point of failure leaving you with no writing opportunities or pay coming in.
Let’s take a closer look at the risks, as well as the strategies you can use to mitigate the risk and continue down the path toward a successful writing career.
Writer risks
Loss of income
No matter the state of the economy, a sudden loss of income can immediately throw one into a state of panic. Any writer who has found themselves in a similar situation can attest to the lingering trauma that comes with it.
The loss of income can result from budget cuts, declining sales, or a change in direction by the client with regard to where their written content is sourced. Any of those scenarios can leave a freelance writer with no money coming in. Depending on how much money you have saved, a sudden loss of income can lead to much higher levels of stress for you and any independents you support.
Skill deterioration
Reliance on one freelance client also carries the risk of deteriorating or stagnating skills. It is natural to develop a false sense of security, resulting in less effort put toward marketing oneself and updating LinkedIn or a writing portfolio. Writing the same types of content can also result in habits that may not work well with other writing opportunities.
Low leverage
When a writer’s sole client becomes aware of that writer’s dependence on their work, the freelance writer loses all leverage. Negotiations can quickly become one-sided, leading to lower pay, tighter deadlines, and less friendly project terms.
Tax issues
Freelance writers can also encounter possible tax issues depending on where they live and file their income taxes. The scrutiny comes from misclassification depending on if you file as an independent business or a misclassified employee. These issues carry the possibility of fines and other legal penalties that are better off being avoided.
Ways to mitigate the risk
Build a pitching pipeline
Though it may require more effort, freelance writers can mitigate the risk of relying on one freelance client by creating a consistent pitching pipeline. The process begins with identifying potential clients whose needed content aligns with your knowledge and past writing experience.
From there, get into a routine of pitching article or blog content ideas to these potential clients. All it takes is one pitch to catch a client’s attention to add more work and security to your freelance career.
Pair those pitching efforts with a networking plan to build relationships within the freelance writing industry. These connections may help you discover new, well-paying opportunities in the future, like working as a writer at Words of Worth, where writers tackle between 10 and 80 pieces per month with helpful resources to guide the writing process.
Aim for diversification
Freelance writers who diversify their income are more likely to build a sustainable and low-stress career. While relying upon one client for all of your writing income is obviously not ideal, it’s helpful to have a number to aim for. It’s a good rule of thumb to build a list of clients where no single client represents more than 40 percent of your monthly income.
By diversifying your client base, you can ensure that plenty of writing income continues pouring in each month even if a client chooses to go in a different direction or encounters financial issues. The more you can spread out your monthly writing income across multiple clients, the more balanced your portfolio will be, leading to a longer and more lucrative career path.
With these mitigation tips, freelance writers of all experience levels can begin reducing stress and increasing sustainability.