The Ups and Downs of Freelancing: How to Surf the Business Waves

Today we’re talking about the ups and downs of freelancing—or, more specifically, navigating your business's busy and slow seasons. It’s a terrifying aspect of freelancing, but learning when and how to ride the waves of the freelancing business can help you surf these choppy (and sometimes scary) waters. 

When you’re self-employed, fluctuations in business can affect your revenue and cast doubt on your ability. With that said, we’ll start by talking about the scary fluctuations in business and then look at how to protect yourself, embrace, and use these fluctuations to benefit your freelancing business.

But first, why do these ups and downs of freelancing exist in the first place? Is something wrong with your business?

The Truth About Fluctuating Income and Clients 

No. The ups and downs of freelancing are 100% natural, and every freelancer experiences these waves.

Even though the slow seasons can mean slower business, fewer clients, and less revenue, the highs can bring you to heights you’ve never been before.

There are tons of factors that can influence the highs and lows of your business. Here are just a few:

• Season (Spring, Summer, Fall, Winter)

• Business Quarter (Q1, Q2, Q3, and Q4)

• Niche/Industry (Beauty, Real Estate, Finance, Tech, etc.)

• Location (Country, Continent, etc.)

• Market Trends (Economic climate, fashion trends, etc.)

Here’s an example of these factors in my business: I’ve noticed that e-commerce stores have been my #1 client from September to December. But by January, their budgets are spent, and creators and bloggers take the #1 spot because they’re motivated to reach their New Year’s resolutions.

Humans are unpredictable. What tomorrow holds is anyone’s best guess. But remembering how different factors can affect your business can help you prepare for the unpredictability of freelancing.

What to do During Busy Freelancing Seasons

1. Pay Attention

Plan your year. Over time, as you experience the ups and downs of freelancing, you’ll begin to see patterns. By paying attention to the highs and lows, you’ll know what to expect and can use those patterns to plan ahead.

For example, if you’re in the photography niche, you can expect that wedding season will be extra busy.

2. Raise Your Prices

Even though it can feel great to be busy, getting overwhelmed and burnt out can do more harm than good. You should never be so busy that delivery times start to fall behind or the quality of your work begins to suffer.

If you’re receiving more orders than you can handle, it’s time to raise your rates. If you aren’t entirely comfortable with that, you can also experiment with extending your delivery times.

I’ve done both, and they help lower the amount of incoming work without lowering revenue.

3. Work on Your Craft

Yes, even when you’re slammed, it’s a great time to work on efficiency and maintain (or improve) your quality.

For example, maybe your clients are all asking the same question. Including that in your onboarding process or gig details can save you from having to answer those questions in your DMs.

By delivering high-quality work on time, you’ll also set a great first impression for new clients. And if you’d like to take it a step further, offer some discounts for clients who return during your next slow season.

What to do during low points

1. Don’t Lower Your Rates

It’s easy to panic at the lack of orders coming in and immediately lower your prices. Don’t do that! 

Having one client at your current rate is the same as having two clients at half the rate. The only difference is, with higher rates, you have less work—and for the same revenue.

Changing your rates with every fluctuation in business can also confuse clients and give the impression that you’re unpredictable. If you’re really struggling, try offering discounts instead.

This is especially great for bringing in new clients and rewarding returning clients. New clients will start a relationship with you, understanding that your rates will return to normal after the promo expires. And returning clients will feel rewarded for their loyalty.

2. Lower Your Delivery Time

If you’re at a low point and don’t want to offer discounts, consider offering a faster turnaround. Usually, clients have to pay a premium for expedited orders. But if your service already provides a 24-hour turnaround, they may be more inclined to choose you over a competitor.

If you start to get too busy again, readjust your delivery time for what’s comfortable for you.

3. Market Yourself

It’s hard to post on LinkedIn, Twitter, Instagram, and Facebook when you’re working 12-hour days just to turn over client work. So this is the perfect moment to spend extra time building an online presence and generating leads for your business.

4. Offer More Services

The slow season is a great time to experiment with services that complement your current services.

For example, if you’re a blog writer, consider offering a content calendar or SEO research. You can add these to existing services as an add-on or stand-alone service.

Offering more services may bring in more clients. Or, it can give existing clients more value while generating more revenue for your business.

5. Relax

Finally, if you overworked yourself and need a break, take one. Rest and relaxation are essential, so if you can afford to take time off, consider giving your mind a break.

Final Thoughts

Freelancing, much like life, comes with its share of peaks and valleys. While fluctuations in business can be challenging, they're an inevitable part of the freelancing journey. Understanding and adapting to these seasonal shifts can be a powerful asset.  

When times are busy, make the most of them—identify trends, adjust pricing, and refine your skills. In slower periods, don't rush to slash your prices; instead, focus on faster delivery, amplifying your online presence, expanding your services, and getting some well-deserved rest

Ultimately, the cyclical nature of freelancing offers a balance of opportunities for growth, development, and rejuvenation. Embrace the rhythm, and you'll find yourself not just surviving but thriving.