FEAST OR FAMINE: THE FREELANCER'S NIGHTMARE

What does "feast or famine" mean?

The saying "feast or famine" is used to describe the situation in which there are periods of time when there is abundance of food and others in which there is scarcity. This expression originated in the Middle Ages, when periods of famine were common. Today, the saying is used to talk about any situation where there is a big difference between periods of abundance and periods of scarcity, that is, times when we have a lot and times when we have nothing.

“Feast and famine” in the freelance environment

In the freelance environment, we refer to periods of feast or famine to describe those cycles in which the work overwhelms us to then pass to the most absolute drought.

This has happened to all freelancers at some point. You manage to close a contract with one of your potential clients and start working immediately. For one or several months you are working for that important client to whom you are billing all your work. Things look good. You are working on an interesting project, you are billing your services and you are concentrating entirely on this client. You have all your expenses covered and take profit of all your time. You have entered the “Feast” stage.

During the feast stage, all your efforts are focused on the active task, on that particular customer. You leave aside some strategies that you used to carry out to increase your visibility and attract more clients, because you are afraid of not being able to serve them and leave a bad impression. In general, you lower your visibility activity. From the outside, it looks like you've disappeared.

When that project is done, you have no other work in the pipeline and you don't know what to do with your time. In addition, you panic with financial worries. Imagine the situation: you came from a very positive phase, in which you had no more worries than those of the project itself. You did not have to worry about getting more clients, imminent expenses, etc. Now you have entered the “Famine” stage.

In famine we go from being immersed in our professional activity to being with almost nothing to do. At this time, the normal thing is to return to those marketing strategies that we were carrying out before the previous client. Before, from the outside, it seemed that your brand was missing. Now there is a disproportionate increase in activity.

This cycle is repeated many times in our freelance businesses, especially those focused on services and especially during the first months or even years of business, because there are many difficulties that freelancers need to face, especially when it comes to obtaining a consistent workflow.

Although freelancing can be very rewarding, it can also be very stressful. Freelancers often have to deal with the “ feast or famine ” cycle, which means they can have weeks of being overloaded with work and weeks where they don't get any assignments.

How to fight periods of “feast and famine”

To many entrepreneurs, it may seem like it is always feast periods, when everything is going well and business is booming. But there are also periods of famine, when everything seems to be going wrong and business is slow. Fighting these cycles of feast or famine can be difficult, but it is important to remember that they are common. There are a few things you can do to ease the stress of these cycles, like putting away some savings or creating a marketing plan. But ultimately, the best way to combat cycles of feast and famine is to accept that they are part of the journey.

After several years in the market, many professionals have already experienced a season or two where work is scarce and turnover is minimal. It can be very frustrating for anyone who experiences it. If we detect that our business is going through this cycle periodically, there is no reason to be alarmed. You already know what you have to do to solve the situation, because you've done it before. Be constant in what you do, improve continuously and think of methods to automate those actions that you perform regularly.

There are a few relatively simple steps you can take to ensure you spend the majority of your time in the feast cycle. While these tricks won't completely eliminate the slow months, they can certainly help make your downtime a little less hungry.

Tips for avoiding the cycle of feast and famine

The cycle of feast and famine is the sword of Damocles that hangs over the heads of many freelancers. However, that doesn't mean that freelancing isn't a wonderful way to earn an income.

If you want to refresh the advantages of independent work, read this other blog entry:

Freelancer. Pros and Cons

It is an unfortunate truth that many freelancers never escape the cycle of feast and famine. A marketing and self-promotion binge leads to overwhelming workloads and marathons of sleep deprivation to meet deadlines, followed by a spell without work.

Of course, when you find yourself out of a job, you start binge marketing and offers again and the cycle repeats itself.

The following steps will help you escape the trap of feast and famine. If you just became a freelancer, you can use them to try to avoid getting into the cycle.

Never stop looking for work. This is the number one mistake freelancers make, especially newbies. While you may not be available to work on a new client right away, it's worth looking into jobs that might be a good fit. If you find any that looks promising, go ahead and apply for the job.

In the presentation, be sure to state when you think you'll be able to start working on the client's project and how long you think it will take to complete.

While many clients look for freelancers who are available to take on projects immediately, in many cases projects are delayed and take time to decide. Also, if your profile is a good fit for their project and you present yourself well, they may be willing to wait for you, rather than risk another less qualified freelancer who can start right away.

Even if they don't accept you, chances are they'll consider you for future projects. Many clients, especially large companies, will need the same type of work over and over again. Even if they only contact you when their regular freelancer is on vacation, it's still another source of income.

Find new markets for your talent. This should be part of your regular job search. In addition to looking for new clients, you should also look for new platforms to market your skills, on as many freelancing sites as possible.

If you are not yet using social media as a freelancer, you should start now. You'd be surprised how many people you already know might be looking for someone with your skills. Or, that they know someone in need and will recommend you. We'll delve into social media in a moment. But whether it's a local job board, a freelancing website, or leaving your card with local business owners, you should always look for new places to find customers. The more potential clients you have, the more job opportunities you will have.

Increase your prices progressively. As many freelancers quickly discover, your starting salary is often less than fantastic. This is especially true if you're moving into a new field where you don't have much experience. This is totally normal, but don't settle for the rates you're currently charging. As you gain experience freelancing , you should look to specialize in a niche in your industry. This will help you focus your talents and efforts on improving one thing instead of many.

Once you've specialized in your given field, it's time to start raising your prices. Just like you would in a more traditional work environment, ask for more money once you've proven you're worth it. This can be tricky because it's up to you to decide when to apply the increase. Remember that you should not break the current agreements you have.

As a freelancer, you have the ability to demand the money you think you're worth when you start working with a new client; this will be the most opportune moment to start raising your rates little by little. This may be imperative to break out of the cycle of feast and famine. More money earned means more money in the bank and less time to worry about when you hit a lean moment.

Get long-term contracts. This is the advice that can help you the most to completely get out of the cyclical wheel of feast or famine. If you get long-term contracts, you will guarantee yourself a source of income even when other jobs slow down.

Long-term contracts can range from a few months to indefinitely, depending on your field of expertise. The indefinite one is the preferred long-term contract because it offers a guarantee of constant income. However, it can be difficult to adjust your rates, especially if you are just starting out, but they are very helpful in staying afloat.

It's always an advantage to have a long-term contract you're working on that has a definite end date. This will mean that you will have more time to think about the future and plan a contract with another client, a moment that you can use to adjust your rates.

Integrating long-term contracts in the freelance workload is a must and can help incorporate regular income into your short-term goals. An advantage for you, in any case.

Keep working during project lean periods. When you're not overwhelmed by upcoming deadlines, it's easy to kick back and take a breather. That's fine and can even be beneficial for a couple of days. But you have to resist the temptation to do nothing but kick back and promote yourself while looking for a new job. Take the opportunity to manage overdue documents, file your paperwork, catch up on accounting and reorganize your desk.

Slow periods are also a great time to work on side projects, explore new sources of income, learn new skills, and earn new certifications. You may not need to add anything to your skill set to land new jobs, but you can always make it more attractive to clients.

Plus, you never know when a new opportunity might arise to improve your income or develop a stronger passion with a new skill. Since you have the opportunity to work for yourself, you also have the freedom to let your professional life evolve along with your personal life.

Dedicate part of your time to marketing. Instead of marketing only when you need new clients (that is, during lean times), try to incorporate marketing into your regular work routine.

Many freelancers like to set aside one day of their work week to dedicate entirely to this task. Alternatively, if a full day of marketing work sounds intimidating, you can start with a couple of hours each day to work on increasing your visibility.

There are many ways to promote yourself and you should try to use multiple marketing platforms. Each platform has different strengths and weaknesses, as well as a different audience.

Write a blog. Even if you are not a professional writer, a blog is a good way to promote what you know how to do. Whether you are a coding specialist, graphic designer, or freelance accountant, taking some time to talk about what you do online is a great way to convince clients that you know your business.

Depending on your specialty, your blog can be instructional or it can act more like a digital portfolio of your work. Although your blog is more of a portfolio, you should also maintain a catalog of content on each of the online platforms you use.

It's also a good idea to spend some time posting regularly on your blog. Posting regularly will help drive traffic, which could turn your blog into an independent source of income.

Regular posts will also help convince your clients that you are a committed and reliable freelancer.

Use social media. Many freelancers only maintain an online presence on freelance job platforms and professional networking sites, such as Linkedin. While Linkedin is undoubtedly a powerful tool in the freelancing world, Twitter, Facebook, and even Instagram shouldn't be overlooked. I can give you a couple of reasons. Increasingly, large clients use other digital platforms, apart from professional ones, to find contractors and freelancers. This is still a small percentage of overall scouting, but you never know when an offer might come your way. More importantly, maintaining a professional social media presence will help your friends, acquaintances, and past clients remember your skill set. You'd be surprised how quickly people can forget they know someone who designs websites, writes online course materials, or codes. Social networks are a way to remind your network of contacts what you do. That way, when job opportunities come their way, they'll be more likely to send them to you.

You can also use professional social media pages as a portfolio of complementary content. Some clients will feel more confident about their choice if they can test different contexts before hiring a particular freelancer.

Social media is also a great place to post customer reviews and reactions. Reviews of your work help prospective clients see that the work you produce is what they are looking for.

Remember your previous clients. It seems obvious, but it's incredibly easy to miss.

Recognize your customers. You've built a working relationship with them, especially if you've taken on long-term projects. It is worth contacting at the end of a project to thank them for the opportunity to work together. Saying thank you is not only a great way to make your clients happy with your work and interaction, but it's also an opportunity to remind them that you might be available for future work. While some clients will feel comfortable reaching out to freelancers they've previously hired, others need a little nudge. Reminding them that you are available to collaborate on future projects is simple and can earn you future income. By keeping an open line with previous customers, you'll have a better chance of avoiding a repetition of the feast and famine cycle.

Network with other freelancers. This is another tool that is often overlooked. Networking, not only with potential clients, but also with other freelancers, can help you keep working.

Certainly, you should meet other freelancers who do the same type of work as you, but it is also a good idea to meet freelancers with other specialties, particularly those that complement yours. If you are a graphic designer, for example, it would be a good idea to meet freelancers who specialize in website development and maintenance. Knowing your fellow freelancers gives you access to immediate advice and support, on the one hand. That can help you get higher quality work when you find yourself in a difficult situation. Do you have a client who doesn't provide you with clear project goals and you can't seem to get any further? Talking to other freelancers who have been through a similar situation can help you figure out how to meet and exceed your client's expectations. The same principle works in reverse. If your client is overseeing every last detail of the project and trying to steer you in a direction that you think will be less successful, your fellow freelancers can give you ideas on how to please your client and keep the project on a successful trajectory. Networking is also a good way to get jobs. Freelancers like to recommend other colleagues if they are asked about a job they cannot do. A colleague may recommend you to his client because his schedule is too full to take on an additional project. Or, a freelancer from a different field might recommend you if they're offered a job that's outside their specialty.

You should try to return the favor, of course. Other fellow freelancers are more likely to think of you if they know you will also send them work when the opportunity arises. Networking must work both ways.

Keep your portfolio updated. Updating your portfolio can seem like a tedious task, especially if you produce a lot of content on a regular basis, but it's incredibly important to keep your catalog of work up to date.

Not only should you have a portfolio, but it should represent the best of your work. As you gain new skills and refine existing ones, include new content that showcases those skills.

You should also avoid simply adding new files and never delete old content. After all, the content you were producing a year ago may not look anything like the content you're publishing today. Don't risk customers seeing an outdated version of what you know how to do. Schedule time to regularly update and improve your portfolio.

DO NOT be afraid to outsource your work. We have already talked about how important it is to meet other freelancers . This is another reason to network with fellow freelancers and meet freelancers in a variety of specialties.

Sometimes you may find a client who needs a lot of work with a short deadline. Or they have a big project with many separate parts and the customer wants one person to manage it all for the sake of consistency. In these situations, you can outsource parts of the project to other freelancers who have the required specialties. Of course, you should inform your client that you plan to outsource parts of the work to other freelancers , while you oversee the project as a whole, and ensure their content standards are met. In part, this is just for the sake of transparency. You don't want your clients to think you've done the work of half a dozen people by yourself. This communication also allows clients to say no or offer you a longer deadline so that you can complete the work yourself. That way, you don't have to outsource at all.

Some clients will also be interested in meeting the other freelancers you trust to get the job done. Providing those references, when you take on big projects, is a great way to show appreciation for other members of the freelancing community. In general, outsourcing your work can reduce the time you spend on projects while allowing you to take on a larger workload. More work, more clients, more success, less feast or famine cycle.

FORECAST for famine. If you successfully implement these tips, you should be able to build your business in a stable way. However, even after you have put the feast or famine cycles behind you, you will likely encounter still the occasional slow period. The first thing to remember when work slows down is this: do not panic.

Virtually all freelancers have one or several slow months a year. Even the most experienced freelancers have been through many difficult times. Many spend years repeating the feast or famine cycle before they can build a consistent business plan that works for them. It is important to remember that you are not the only person to whom this happens. It is a usual part of this business, and like all streaks, it will pass. But, before you find yourself in a famine or even a slight slowdown, you need to plan for it.

There are two ways to do it:

The first is to set aside a portion of your current budget to create an emergency fund.

You should try, as a minimum, to have a reserve that covers a couple of months of rent, bills and other fixed expenses. Be sure to include some leisure money in this fund. Slow months are very stressful and you will want to do something to take your mind off work.

The other alternative is to increase your current workload or your current rates and put the extra income in the emergency fund. It's a good idea to schedule your time so that you don't have to work every day of the week to afford your current lifestyle. Try to reduce the work time needed to cover expenses to three or four days a week. That doesn't mean you should change your work schedule, just keep working the same hours. But, that extra income will help in the slow periods. It can also be used to supplement your retirement fund, go on vacation or pay for your children's higher education. The less time you have to spend making the money you need and the more time you have to spend making the money you want, the better. Knowing you have those surpluses will help make slow periods easier, which in turn will break the cycle of feast and famine.

Final thoughts

No matter where you are in your freelancing career, or how many times you've worked your way through the cycle of feast and famine, you can make freelancing a stable career with a sufficient regular income.

How you do it is entirely up to you.

These tips are a guide, but don't be afraid to get sidetracked if you think of something that might work better for you. Implement the parts that make sense, get rid of the ones that don't, and keep working until you achieve your goals.