Hello Harsh - I am 35 years old, senior business analyst and currently freelancing for the past 3 years (Upwork). In the past I have worked with Accenture and Deloitte. It's being good so far - I get to work with multiple clients, facing real time challenges. Biggest thing is the pay is good, I earned upto 50L last year. I could have never achieved this pay grade working with an MNC at the same position. However, the question I always ask myself is, is this sustainable? What if I suddenly stop receiving clients or what if recession strikes? I always have a sense of insecurity. The second part to the question is - what shall I pursue from here on to make sure I nullify this insecurity. I don't want to go back to the corporate job as I hate the whole setup. Please guide.
Ans: It's great to hear that you are enjoying freelancing and have been successful in earning a good income from it. However, it is natural to have concerns about the sustainability of your business and the potential impact of a recession. Here are some suggestions for addressing these concerns and planning for the future:
Diversify your client base: If you rely heavily on one or two clients for your income, it may be worth diversifying your client base to reduce your dependence on any single client. You can try reaching out to new clients, building your personal brand, and expanding your services to attract more business.
Build a network: Networking can be a powerful tool for freelancers. Attend industry events, join online communities, and connect with other freelancers in your field. These connections can provide you with potential clients, referrals, and valuable insights into industry trends.
Maintain a healthy financial buffer: It's always a good idea to have a financial buffer in case of unexpected events. Try to save some of your income each month and create an emergency fund that can cover at least six months of your living expenses.
Invest in your skills: As a business analyst, it's important to stay up-to-date with the latest tools, techniques, and trends in your field. Consider investing in training, courses, or certifications to enhance your skills and stay relevant.
Explore passive income streams: Consider exploring passive income streams such as creating an online course or writing a book. This can provide an additional source of income and help you diversify your business.
Remember, freelancing can be a great option, but it also requires a significant amount of self-motivation, discipline, and planning. By taking steps to diversify your client base, build a network, maintain financial stability, invest in your skills, and explore passive income streams, you can minimize the risk of insecurity and build a sustainable freelance business.
