Prepare for feast and famine
Almost every SEO freelancer has experienced feast or famine. One month, you might land multiple high-paying projects; the next, work could dry up completely
This unpredictability can be frustrating and, at times, terrifying if you’re used to a steady paycheck.
Don’t panic.
Instead of spending freely in good months, set aside income for the slow ones. Remember that inconsistency is part of the process and you’ll build a steady pipeline of clients as you earn credibility.
Save six months of income to get you through (if you can)
I really wish I could tell you I had saved six months’ worth of expenses before going full-time, as it would have given me breathing room while I built a client base. I wasn’t afforded this luxury, but I highly recommend this to anyone who wants to freelance full-time.
One of the biggest traps new freelancers fall into is the race to the bottom, accepting any client at any rate just to keep money coming in.
When you’re desperate, you make bad decisions. Savings allow you to be selective, choosing projects and clients that align with your long-term goals instead of scrambling for short-term survival.
The mindset shift is the toughest battle you’ll face
Freelancing requires mental resilience. The toughest part of this journey is handling rejection, uncertainty, and comparison.
- Prepare for rejection: Not every client pitch will land, and not every lead will say yes. A “no” today doesn’t mean failure, it just means it wasn’t the right fit.
- Stop comparing your journey to others: Some freelancers scale to six figures in a year; others take five. Your growth is your own, and success isn’t always linear.
- Find a mentor or accountability partner: Having someone to turn to, whether it’s for business advice or just motivation, makes a huge difference. Surround yourself with people who understand the journey and can help you stay on track.
- Learn to say no: Not every client is a good fit. Turning down work that doesn’t align with your expertise removes you from the scarcity mindset and allows you to scale faster.
Map out a financial plan
Beyond savings, you need a financial roadmap to guide you. Without one, you risk undercharging, overspending, or struggling to make ends meet.
Start by calculating your bare minimum income. This is the amount you need to cover rent/mortgage, groceries, insurance, taxes, and other non-negotiable expenses. Then, factor in additional costs like software, internet, and business expenses.
Next, determine how many clients (or projects) you need per month to replace your salary, this is the profit you’d get after expenses.
If you’re in the US or another country without universal healthcare, research your options early and factor that in. Monitor income, expenses, and profitability using accounting software like QuickBooks or a simple spreadsheet.
Luke Carthy does a great job of breaking it down in this MozPod episode.
