Blog The Future of Work

How to Stabilize Your Freelance Income.

Braintrust Technology Foundation
Braintrust Technology Foundation

Contributor to Braintrust, the first decentralized talent network.

Being your own boss, traveling, and being able to manage your time are just some of the many advantages of freelancing. However, having a stable income is often a challenge for many freelancers, we’ve come up with tips to help you better manage that challenge.


Construct a cash flow projection.

Having a visual representation of your expected income, projected income, as well as operating expenses, is the first step to stabilizing your income as a freelancer. A 3-month, 6-month, or a 12-month cash flow projection will give you a quick view into your potential future. It will allow you to analyze your financial habits and make necessary adjustments. 

A cash flow projection might sound somewhat restrictive, however, this step will not only increase your security but also show you what you need to make to live the lifestyle you want.


Actively seek new opportunities.

Active job search is quite obvious advice for freelancers. And yet, it’s often disregarded. Why? The time spent working on assigned projects can be very time-consuming, plus communication with clients, invoicing possible revisions, and other administrative activities. However, it is important to continue to seek new leads and clients as you are working on projects. It is advised to spend 10% - 20% of your time on new client outreach. Sure, you may have regular customers whom you can count on for referrals, but that can vary from month to month. 


Incorporate recurring income into your pricing structure. 

Building a network of contacts as well as acquiring large projects and ongoing work can take some time. Setting up a recurring revenue model as your stream of income can be one of the best things you can do for your freelance business. This will not only help you create a built-in salary but also help your clients budget your services into their own expenses. 

Here are some steps you can take to help you set up a recurring income stream:

  • Establish project milestones and have clients pay you in increments during different stages of project completion. For instance, instead of getting half up front and the rest after, break payments up into chunks (based on project duration) so you get paid more regularly.  
  • Prevent inconsistencies with retainer agreements. If you have clients who reach out to you for small projects regularly, consider putting them on a monthly retainer. This way they can budget your services into their business expenses and you won’t have to remember to bill them for every little thing. This step will reduce the pressure to win new projects all the time, allow you to build genuine relationships with your clients, and customize your services to meet the specific needs of the client. 

Self-employment requires lots of experimenting and searching for the best solutions, but, as a result, this is what eventually will help us get closer to financial stability. 

Subscribe to our newsletter

Hire Top Talent

iOS Developer UI/UX Designer Web Developer Software Developer React Native Developer React JS Developer Ruby on Rails Developer Node JS Developer Android Developer Mobile App Developer Java Developer PHP Developer Laravel Developer .NET Developer Full Stack Developer Python Developer Angular Developer AngularJS Developer Front End Developer Data Scientist App Developer iPhone App Developer Shopify Developer Drupal Developer Unity Developer Vue.js Developer Django Developer JavaScript Developer Backend Developer C++ Developer Web Designer eCommerce Developer SEO Xamarin Developer Magento Developer Blockchain Developer AWS Developer Solana Developer Crypto Developer AI Engineer Graphic Designer WordPress Developer Flutter Developer Dedicated Developer Game Developer Project Manager Salesforce Developer Programmer UI Designer WooCommerce Developer ASP.NET Developer WordPress Designer Freelance Developer Ruby Developer Golang Developer Swift Developer DevOps Engineer Web App Developer HTML5 Developer IoT Developer Kotlin Developer CodeIgniter Developer Brand Designer Product Designer API Developer Mobile App Designer SQL Developer QA Tester Database Developer Product Manager Data Analyst 3D Animator Power BI Developer Webflow Designer HubSpot Developer Data Engineer Technical Writer Chrome Extension Developer Cloud Engineer Network Engineer QA Engineer Video Game Developer Tableau Developer Discord Bot Developer GUI Designer Business Analyst UX Researcher Embedded Software Engineer Roku Developer Rust Developer Docker Developer Apple Developer Program Manager Creative Director IT Project Manager Go Engineer Sys Admin Growth Marketing Manager Growth Product Manager Algorithm Developer User Researcher Agile Product Manager Windows Developer Excel Developer Big Data Architect Scrum Product Manager Kubernetes Expert Usability Testing Expert Security Researcher Ethereum Developer Umbraco Developer Symfony Developer OpenCart Developer VR Developer PrestaShop Developer CSS Developer TypeScript Developer WordPress Theme Developer Shopify Web Designer Volusion Developer HTML Developer Yii Developer Chatbot Developer C Developer AI Artist AI Chatbot Developer AI Chatbot Specialist AI Content Creator AI Content Editor AI Designer AI Developer AI Researcher AI Specialist AI Writer Artificial Intelligence Engineer ChatGPT Specialist DALL-E Artist Data Annotator Data Modeler Deep Learning Engineer Generative AI Engineer Generative AI Specialist Google BERT Specialist GPT-3 Specialist Machine Learning Engineer Microsoft Azure AI Engineer Midjourney Artist ML Engineer Ontologist OpenAI Codex Specialist Prompt Engineer Stable Diffusion Artist 3D Artist 3D Modeler Animator Affiliate Marketing Manager Community Manager Content Marketer Content Strategist Copywriter Demand Generation Manager Digital Storyteller Email Marketer Event Marketing Manager Influencer Marketer Marketing Analyst Marketing Campaign Manager Marketing Researcher Marketing Strategist Performance Marketing Manager Product Marketer Social Media Marketer Art Director Blockchain Architect Blockchain Security Auditor DeFi Engineer Designer Digital Project Manager Engineering Manager Full Stack Engineer Illustrator Marketing Coordinator Motion Graphic Designer Product Marketing Manager Product Owner Software Engineer Solidity Developer Content Designer Technical Project Manager UX Writer Videographer Visual Designer Web3 Developer Website Designer