Building financial stability beyond one client.
Freelancers without financial reserves accept poor client terms because they cannot afford to say no. Goal: Save 3 to 6 months of expenses in a dedicated savings account (Maya, Seabank, or GoTyme). Having this reserve shifts your position from reactive to selective.
The Rule of One: Never let one client be more than 50% of your income. If your main client fires you tomorrow, do you go to zero? That is a crisis. Diversify to at least 2-3 active income sources.
One-off projects (logos, websites) create unpredictable income cycles. Always try to upsell a Monthly Retainer (maintenance, reporting, management) to build consistent monthly cashflow.
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