As a freelancer how do you deal with the lack of job security

How do you deal with the lack of freelance job security?

Show notes

You actually have more job security than an 8-5 job. You can work anywhere, at any time with any amount of clients.

• Be proactive with prospecting
• Work hard on client retention
• Work on my skillsets, make sure I have a diverse array of skillsets
• Focus on always growing my network
• Prepare for dry spells but also work at minimizing them
• Push your limits, never be happy to where you’re at

Raw Transcript

Get ready for freelancing strategies, hacks and tactics to help you skyrocket your success brought to you by Freelancer masterclass calm. You’re listening to freelancing school with your instructor Mike Volkin

uni hope you’re having a great day. It’s another episode of Freelancer school. I am your host, Mike Volkin, lead instructor of Freelancer masterclass calm. Today we’re going to be talking about how you as a freelancer deal with the lack of job security. This is a big one. And this is the reason why a lot of freelancers aren’t full time. A vast majority are part time they in fact a very common name for freelancers, someone who likes to quote unquote, side hustle. Let’s try to change that. Okay, we want more freelancers full time because it is the best job in the world. If you have job security now I’ll tell you though, before I start answering the question of how a freelancer deals with job security, I would like to just say for the record, that actually you have more job security as a freelancer, then you do at an eight to five job What do investors always talk about? They always talk about diversity, right the importance of diversifying your portfolio Well, the reason why they do that is for security because when if you have one single stock and that stock, takes a tumble and goes down to nothing or next to nothing, then you are left with nothing, that stock Same thing with a salary job, you know, you go to one job every day. And then if you lose that job, guess what? You’re unemployed until you can hopefully find another job. But with freelancing, the very definition of a freelancer is being able to serve as many clients at once. You don’t have to worry about losing one particular job because you have several ongoing at once you are more diverse. So you actually in that case, have more job security. An eight to five job. You can work anywhere. You can work at any time. And you can work with any amount of clients that by definition is diversity. So you can actually have more job security being a freelancer. With that said though, let’s go ahead and answer the question that was posed for today’s podcast as a freelancer, how do you deal with the lack of job security? Knowing that you really don’t have job security as a freelancer? Let’s go ahead and answer it anyway. If you want to be more secure as a freelancer, what you should do is be proactive with prospecting, too many freelancers just stop prospecting when they have enough clients, but you should always save an hour to have every day at a minimum, to prospect for new clients to cover those dry spells that you will inevitably have as a freelancer. And you should also work hard on client retention, you know, it’s 19 times harder to find a new client than to keep an existing one. And those are That is stats that have been done based on various studies 19 times more difficult. So when you talk about the importance of client retention, it should be of paramount importance for you to do so. So in order to keep clients longer you should one vet them better so that you know they’re a great fit and number to service them the best that you can have good tools have put in place to be efficient and proactive with their needs. And with servicing them. So work hard and client retention. We have a couple classes at Freelancer masterclass about client retention and how to keep clients up to five times longer. We’ve had students say, Mike my my average client before I went to Freelancer masterclass was two months and now it’s 10. So, keeping those stats in your business is important so you can see those improvements. Another tip for how to do a job security as a freelancer or the lack thereof is to work on your skill sets. Make sure you have a diverse array of skill sets. So if you want job security and you can only work for on SEO for Example, then maybe look into some other aspects of marketing that you’re interested in. So instead of just being able to serve as one client for one particular job, you can service that client for an array of different jobs, thus being able to keep clients longer, thus having more job security. Okay. Let’s do another one. Another tip, focus on always growing your network, you know, job security, and freelancing is all about your network. Who do you know how many people can you get to talk to every week or every day or every month however you want to measure it? Growing your network is a primary importance to you if you’re a freelancer, because your network those people who know you or have heard of you or your brand, whatever your your company name is, those are the people that are most likely to hire you rather than someone cold that has never heard of you before. So if you want to make a goal to friend a few people every week or every day on LinkedIn, always be growing your network. So every time you post to LinkedIn, you might be reaching out, that post might be reaching out to say 500 people as opposed to five people.

And always what you want to do is prepare for dry spells as a freelancer, but you always want to work at minimizing them. So that’s another tip to, you know, deal with the lack of job security is to minimize dry spells. It seems that every year at a certain time of the year and maybe even a certain season, people will contact me and say, I’m dry with work. Do you have any referrals? For me that kind of thing? really depends on what industry they’re in as a freelancer depends on what time of the year the work might be slow. But if you know when those dry spells are coming, then you should load up beforehand with potential clients. So think of it like a squirrel trying to get acorns, they know The Winter’s coming, they load up with acorns. And and now they’re they’re free to eat as much as they want because they have a stockpile of acorns, right. Same thing. Same thing with freelancers. If you know you have a dry spell coming, you can actually see it with the winding down a various work with clients, or, you know, there are certain seasons coming up. I have a particular Freelancer that’s very successful, but he 90% of his work is in the fourth quarter because he works on e commerce promotions. And you know, ecommerce promotions are huge in the fourth quarter, that’s when most e commerce sales are made. But other than that, he’s really just prospecting for work and trying to get the biggest and best clients during those other three quarters. But 90% of his income comes from that fourth quarter. So he is just ready when that fourth quarter comes with clients. These are you know, to go back to our earlier analogy, he’s already got all those acorns as a squirrel. Okay, so prepare for dry spells, by minimizing them. And then another tip, the last tip I’ll give you today for dealing with a lack of job security as a freelancer is to push your limits you know, never be happy where you’re at. I have freelancers all the time saying Mike, what can I do to make 100,000 and then when they make 100,000 they’re like, Okay, well, I made hundred thousand, you know, thanks a lot. It’s like Why aren’t you freaking out and asked me what you can do to make a quarter million a year. And then once you’re at a quarter million, what about a third of a million like, keep pushing your limits, and it might not just be about revenue, it could be about the number of clients you can handle. Given the efficiency, Mike, I want to see how many clients I can handle in an eight hour day, I rarely I think I’ve gotten that maybe twice in my 15 plus years of freelancing, everybody always seems to talk about revenue. But really, efficiency is just as important as a metric you should be measuring as well. push your limits, never be happy where you’re at where you’re at. So even though it might appear that freelancers have a lack of job security, they actually have more, but there’s a way to minimize any effects of any lack of job security by using the tips that I just taught you today. Okay, good luck.

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