Have you ever had a time when things are going perfect and suddenly you are hit by a disaster? What are common disasters that can hit you as a freelancer?
Have you ever had a time when things are going perfect and suddenly you are hit by a disaster. Webmasters are often hit my Google algorithm changes like a moster but what about freelancing?
What are Freelancing Disasters?
Elance becoming Upwork is possibly a recent one that has hit many Indian individual freelancers and small businesses but what are some of the common disasters that can hit you as a freelancer?
- Big Client Gone – Suddenly a big client that you are relying on is gone or may be is short on budget and want to cut their rates. You have created an expense account or have taken up a loan relying on the income from this client.
- Hardware Failure – The computer does not start. You consult an engineer to get data backed up from the hard disk and you found that your hard disk has crashed and you cannot recover any of the data from it.
- Internet Failure – Mobile Internet being blocked is quite common in Surat Gujarat in recent incidents of Patidars to prevent unwanted hatred messages being circulated over Whatsapp. WiFi internet works fine but total internet can be blocked as well.
- Major Power failure – A major power failure due to natural calamity like flood or heavy rains cannot be ruled out. No power for few days, weeks.
- Accidents – Anybody can hit an accident. A very close friend or a close relative meeting with a major accident where you may need to be with him / her for quite a few days or even worse that you met with an accident.
How to Survive Freelancing Disasters
Disasters and tragedy can hit anyone anytime and though you cannot prepare for everything but being ready for most of them can always help. Here are few things that you should always consider to survive freelancing disasters.
- Diversified Income Sources – Having more than one source of income can always help you avoid disasters. If you can have passive source of income, even better if not just don’t rely on one single client or one single technology or one source of traffic for your website.
- Emergency Funds – An amount of money you keep ready for any kind of emergency. A small savings of Rs 500 per month kept in a savings account can also be used as an emergency fund or even minimum balance of your bank account can serve the purpose of an emergency fund.
- Liquid Savings – Savings that can help you survive when you have little to no income. Don’t try to invest every penny of your income and try to remain liquid to the extent possible. It not only helps you survive disaster but can help you spot opportunities in them as well.
- Backups – Very few of us have online backups of our day to day tasks and keeping everything backed up can save you from many technical failures and disasters.
- Avoid one point failure – Evaluate for one point failure of any business and try to find a replacement for that one point of failure. As an individual freelancer, you are the most important part of your freelancing business and try to reduce your role in your business as you grow along.
- Positive Attitude – Taking things positively in disasters can help you be a better freelancer at the end of it. It is not the end of the world. Remember Opportunities arise in calamities.
- Alternate work – No this is not about alternate source of income but more of a social service as an alternate work to keep your mind busy instead of thinking too much of what may have already happened.
You cannot completely avoid tragedies and calamities and remain prepared for the worst that can happen.
Further Reading …