Do you have all of your eggs in one basket?
August 9, 2007 by Deb
Filed under Freelance Writing
Do you have all of your eggs in one basket? I used to. Several years ago I worked primarily for one website. When it shut down, I thought I was screwed. Where else would I find such quick and easy work that paid right away? Fortunately, it didn’t take long to find other work and unemployment isn’t a concern at the moment.
Since so many of us write for the web, I wonder…what happens if the website no longer needs content or what if it can’t afford to pay writers anymore? While we all hope it doesn’t happen to us, it has happened before, plenty of times. Themestream, Write for Cash, the Vines and several others all shut down in the past leaving writers to wonder what to do next. What would happen if Constant Content, Associate Content, LoveToKnow or even About.com ceased to exist. What would you do? Ditto to those who freelance regularly for one particular publication or media group.
There are ways to avoid this, of course. After my main source of income closed its doors several years ago, I vowed to always have several clients at once. Mind you, sometimes this puts me in a logistical quandary, but I haven’t had a “dry spell” in three years. I also think it’s a good idea to regularly patrol the job boards just to see what’s out there. Many times I have no intention of taking on more work, then I see something for which I’d be perfect. I’d rather have too much work then find out one day I have nothing.
Do you have all of your eggs in one basket? What will you do if the bottom of the basket falls out?
I agree with you. I don’t have all my eggs in one basket. But juggling the several different baskets I have going on can be a nightmare. In fact, I was thinking about posting on WAHM or AW looking for some organizational tips.
Been there, done that, the pot still calling the kettle black. Just my way of saying I know better, but still fall into this trap every so often. So I’m commenting as much to my self as to your readers.
Best thing about freelancing is that clients can’t fire all of you. If you have 5, each can fire 20 percent (if you have same work from all). After seeing a lot of people get laid off, including myself, in the last 20 years (a pr writer I know has been through five employers in that amount of time, with plenty of time on unemployment in between), freelancing offers diversification of income sources that a job doesn’t.
But regular clients are very worthwhile because one can better forecast income. The problem is when there are too few of these, so the loss of one becomes a huge issue.
So even when things are going well, continue marketing (note to self: continue marketing) so that you have leads to pursue if a client falls off.
As Deb mentions, sometimes they pull things in house, sometimes they go under (just happened to a client) or become deadbeats, or the person you have the relationship with leaves and new person (typically an editor in my case) has his own group of freelancers he or she likes and/or there’s a personality/philosophy/business clash between you and the new person.
From an entrepreneurship program I’m involved with: Typically one is best with at least 10 clients and no more than 20 percent of business with any one. More diversification is even better.
Unfortunately, it can be very easy to let one excellent-paying client move far up on that percentage of work scale, but then you’re in big trouble if they cut back/go under. Seems to happen to me every couple of years, even though I know better.
It happened to me earlier this year. I’ve been working to get a larger number of clients. I don’t know about other writers, but the marketing part of freelancing isn’t my favorite. It becomes too easy for me to get comfortable with one company or person and stop looking.
Unfortunately, when I get a contract that takes 40 hours of my week, I have no choice but to say “no” to other clients who come back for more. Nature of the beast, I guess, and I don’t want to put in 60-hour weeks.
I think it’s very important to diversify. I studied finance and accounting long ago, and one of the key principles of investing is diversification. You just don’t risk everything on one throw of the dice.
Even if you’re writing primarily for the Web, or if you have a great gig with a couple of newspapers, it’s important to keep your options open. Don’t shelve those print mag skills. Don’t burn bridges if you can help it.
I’m convinced that most freelancers are very willing to diversify. Sometimes it’s hard to find time to check all the job opportunities, but I’ve not yet found a writer who’s said, “Well, forget it, I’ll never write for [insert medium] again.”
I certainly didn’t think a year ago that most of my 2007 work would be Web writing, but it is. I’m still seeking out ongoing print gigs, though; my personal goal is steady monthly workflow (and income)from several different sources, so that I can easily balance my work and homeschooling schedules.
Interesting article. My personal page, which will eventually branch into a site, is a directed platform and practically a play pretty. It is also a ventilation valve for my academic discipline. I have realized recently that my living and working experience is extensive and, even though politics is my passion, my value is in my individual latitude and ability. Journalists are walking fountains of trivia and each trivial nugget is a potential article. Diversify your nuggets. I read your posts regularly. I can’t do it today, but I will buy you a cup of coffee ASAP. Thanks for the tips.
Since I publish under a half a dozen names in both fiction and non-fiction, as well as performing the business writing tasks, no, I don’t keep all the eggs in one basket. To me, that’s one of the joys of being a freelancer — being able to work on a wide variety of pieces across the board.
It’s less about fear of the site closing than wanting to experience everything possible –and writing is the way for me to explore and learn about anything that catches my interest — and getting paid for it.
Ahhh, this post is so timely… I recently acquired a new client and began providing weekly articles for her ezine per our agreement only to have her run out of money unexpectedly (she did pay me for my services). So we are on hold for a couple of months. A good reminder for me to always have a couple of other aces in the hole!
My eggs are in three baskets right now. I also have a half-dozen individual eggs without baskets. I’d like to find at least two more baskets to make me more comfortable, but right now, my eggs are fine.
Ow. This metaphor is making my head hurt.
Like John, I have a couple of major baskets, a few minor baskets and some loose eggs. Good advice, Deb.
Like most of you, I always have a variety of different clients. I have a bunch who only contact me for work occasionally, and then I have those who give me assignments on a regular basis. I have less new clients than I used to.
The problem I run into is when (like now) I take on a big project, only to find out that the clients wants it done yesterday and has unreasonable expectations about monopolizing my time. I usually try to put them in their place ASAP, and I’ve actually turned one client away because he could never seem to get his head around the fact that I didn’t just work for him.
BTW, I found the Write for Cash reference interesting — that was actually my very first freelancing gig!
I have a few baskets. One of those baskets might actually be unravelling, so it’s a good job I have the others. Still, I never want to lose ANY baskets! I’m always on the lookout for new jobs; I’m doing what I can to expand my clientelle.
I don’t want any long term clients right now because I don’t want to be too committed. I want my schedule to be completely flexible. So I have lots of little jobs or clients that I can contact and say I have time to take some work, have you got any?
Some day I hope to have regular clients, but not just one.
This was a great and timely article. So I decided to expand myself a bit. One of the hard things about writing is that there are bound to be rejections, and lots of them. The more opportunities we seek the more opportunities we can maintain. No one wants an empty basket!
I am new to freelance writing, but I do have 1 full client and some 1 gig clients. I think I am doing okay for just starting out, but I am trying to add more baskets. I LOVE baskets!
I’m glad to say that I don’t have all of my eggs in one basket. I work for several different people, so if one gig falls through (as has already happened to me in my short three months freelancing), then I have more baskets to fall back on!
I sort of have all my eggs in one basket, though I am attempting to diversify.
By “sort of”, I mean that I usually have only one paying client at once, but I do have a few people that I work for; they just happen to have assignments different months.
God always does provide what I need when I need it, though.
I have eggs in too many baskets, i think. Sometimes I can’t even remember for whom I’m currently writing for. LOL.
hi,really nice article and really on time as i am jobless now a days.I was working with somebody ,but now that work is finished and i have nothing in hand right now.I think you should have different opportunities in hand if want to b at safer side.
Yes, all in one basket so to speak. I would like to have a couple different eggs, in a variety of baskets, with different colors. Red for the “hot” jobs, blue for the constant jobs, oh…errr…sorry about that. Going on off colors.
Well, I have MOST of my eggs in one basket. I’m new to all of this and I have a hard time finding new gigs and clients. I’m working on some new places for finding work. (Suggestions are welcome!)
Someone mentioned having a hard time organizing their clients and projects. This site helps and is free: http://www.sidejobtrack.com