…put all your eggs in one basket.

I visit several freelance forums. And although I may not comment or offer an opinion, I like to read the posts and learn about the lives of other freelancers and telecommuters. Forums allow us to stay in touch with the outside world, and it’s a place to share complaints, fears, and happy times.

For more than a week, one conversation in a particular thread has centered on a company that recently altered it’s compensation plan. In conjunction with this, there’s less work available to freelancers. Not surprisingly, this sent the regular freelancers into a tailspin. And they’re wondering how they’ll be able to pay their bills - especially since a bulk of their income comes from this one client.

I love regular paying clients as much as the next guy. And I’ll take an ongoing client over a one-time client any day. But if there’s one lesson I’ve learned in the past seven years, it’s “never rely on one client to pay the bills.”

If you telecommute for a company, in which you’re not a freelancer or independent contractor, but rather an employee who works from home - you’re probably okay. But if you’re a freelancer - don’t expect opportunities to last forever.

I sympathize with my fellow freelancers (I’ve been in their situation before). But in the back of mind I’m thinking, “why did you rely on one client to pay the bills.” Perhaps they’re newbies who haven’t learned this cardinal rule; or maybe they thought the rule didn’t apply to them.

We can’t control everything. But we can take steps to ensure a steady flow of cash. My advice: have a backup gig - and a backup for your backup gig.

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