Diversification is Key to Successful Freelancing
By: Jun Wu
Tags: Writing, Self, Leadership, Diversification, Freelancing

Diversification is Key to Successful Freelancing

As a freelancer, it’s tempting to rely on one stream of income. But, it’s a mistake.

@cobblepot unsplash.com

The definition of freelancing does not include working for free, being over-worked, working on projects with no concrete requirements, and working perpetually outside your comfort zone. After becoming a freelancer, and then trying to grow myself into an entrepreneur, I can honestly say that your mindset is the key to growing your business.

In this mindset, you have to put diversification in the center. Diversification is everywhere in running a business: the contracts you sign, the people you hire, the technology you use, and even the connections that you make.

When you pigeon-hole yourself into one income stream, one platform, or one type of work, things inevitably go awry.

For a large part of last year, I tried making a full-time income on Medium. This year, I gave up on this idea. Now, I’m content with my “basic income” from Medium. I still try to grow it with as much time as I can spare. But, I’ve moved on to other projects.

We are in this environment where growth is central to whether or not you can be successful. Every day, in the morning, as I rush through a day’s work, I recognize that my afternoon will be spent planning, plotting, checking over my work and scouting for new clients, new money streams, and new ventures.

This is the rhythm of a freelancer or an entrepreneur. It’s the relentless beat of marching forward despite the downs, the hurdles, and even the mountains.

There’s always more. There are always more people to connect to. There’s always more conversations to be had. There are always more projects to be worked on. There are always more ideas to be generated.

There’s more life to be lived.

This year has already been challenging. But, I’ve just gone through a month of tremendous growth and I’m ecstatic to move onto the next month. Often, it seems my head runs away with me and I feel like I should accomplish more.

But, that’s just my impatience talking.

I’ve grown steadily. I’m climbing bigger mountains, with some rations and supplies now. My footing feels a little surer. I can see the terrain a little clearer now.

Will my landscape change tomorrow? Probably it will.

The thing is that comfort is what holds most entrepreneurs back. That’s the skill that I had to painstakingly learn.

Risk is actually the most valuable skill to have in an entrepreneur's toolbox. Being able to deal with risk, manage risk, and have the mindset around taking healthy risks every day to move forward is not easy.

These days I find myself asking people around me, “Should I…..?” Inevitably, I answer my own question. The minute that I ask this question I know the answer will be, “Yes.”

The art here is to try as many ideas as you can in the shortest span of time to see what works.

Then, you move on.

When you are comfortable, you continue with this cycle again. You try new ideas until some bear fruit.

Then, you move on.

Unlike a researcher, you are not searching for the right answer. You are developing a way of life that is your business.

You simply have to grow organically and see what you end up with.

If you ask me for my vision, I can tell you abstractly. But, ultimately, the organic way that my business runs day-to-day will determine the vision in the end.