How An Anchor Client Changes Freelancing
If you don’t want to ride a financial roller-coaster, get at least one anchor client.
A lot of freelancers start out gigging and some continue operating that way.
A gig is a one-time or sometimes deal. Once it’s done, it’s done, and you have to look for work elsewhere.
Gigging is like sleeping around. You get maximum freedom but minimal stability.
It’s stressful and risky, especially if you have a single-income household or you’re the breadwinner.
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An Anchor Client Answers Top Freelance Concern
In 2019, most freelancers were very-to-somewhat concerned about unpredictable income, according to a report commissioned by Upwork and the Freelancers Union.
One way to assuage those worries is with anchor clients.
Anchor clients are like long-term relationships. Once you connect, they’ll hold you down and you can build.
You’ll get a long-term, steady supply of work, which translates into a reliable stream of income.
And, if you’ve chosen the right anchor clients, you can pay your bills and stack your chips.
But there is a trade-off for that financial stability, which is less flexibility.
When you have anchor clients, you can’t just finish the current job and drop off the grid for a month-long sabbatical. Having anchor clients means people are relying on you.
You get stable income. They get stable services. That’s the deal.
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Long-term Is Not Forever
You may work with an anchor client for several months or several years. Don’t let the money or the length of the relationship obscure reality.
Having an anchor client is a business-to-business relationship, not a marriage. At some point, anchor clients may, and likely will, decide to stop using your services.
That’s why you never want to be dependent on a single anchor client.
You also shouldn’t upgrade your lifestyle in a way that consumes all the income from these clients without allowing you to save anything.
Putting yourself in any type of circumstance where losing an anchor client will break you is putting yourself back in the financial danger zone.
If freelancing is your sole stream of revenue, either get multiple anchor clients or have an anchor client and gigs on the side.