Navigating the Freelance Rollercoaster: 5 Hacks for Financial Stability in the Arts

If you’re reading this post in real-time, we are at the height of the Holiday Gig Season, which means that if you are a freelancer, you are busy. VERY BUSY. Whether you are a musician racing from a nutcracker pit to a holiday pops show, a dance teacher getting those year-end dance recitals off the ground, a writer finishing up those “Best of” lists, or a graphic designer finishing up your clients’ projects before they head off on their vacation, you’re probably working a ton. You’re tired, sure, but it sure is a lucrative time of year. 

Come January, the accounts will be looking pretty flush with cash, and you’ll be feeling on top of the world. 

 

And then you hit a super slow month. Ugh. 

 

Dealing with the ups and downs of a freelance career in the arts can be tricky. If one isn’t careful, a dry spell can catch you off guard and feel awful. But if done right, you can reap all of the benefits of the freelance life, without the financial stress. 

Freelancing, especially in a creative field, can be an incredibly rewarding and fulfilling way of carving out a career. The variation in your days, weeks, and months brings a constant freshness. Work never gets stale, and there’s always the possibility of an exciting new venture right around the corner. But it can also bring some not-so-thrilling ups and downs. 

• Ups and downs in the amount of work you’re doing
• Ups and downs in the amount of money you’re making
• Ups and downs in your levels of self-confidence. 

 

I get it. I’ve been there. 

 

Those ups feel amazing. You get called to do the tour of your dreams, or you get nominated for a huge award, You win the audition. The fat paycheck shows up in your account. Finally, you think, your hard work has paid off. You’re on a roll now…and you start calculating how much you’ll make per month now at this new rate, and before you know it, it all dries up. 

 

Bring on the downs. The blues. The doldrums. The feelings of confusion, inadequacy, crippling self-doubt. 

 

It’s hard to remember, in those moments, that you’ve been here before. That there’s another upward swing coming your way. In those low moments, it just feels awful and never-ending. So, how does one stand battle against these career swings? I’ve got 5 Helpful Hacks for you right here: 

 

 

1. Remember Adulthood isn’t Linear

I  talk a lot about how as artists, it can be difficult to separate the artistic experiences we had growing up from the professional world, and that’s true here as well. As kids, you took one level, then graduated to the next, more advanced level. Whether it was a dance class, an acting camp, or a Suzuki book. The path was clear, and if you worked hard, it always led upward. 

That’s not the case in the professional world, and it can be more helpful to look at a year or two at a time than this month compared to last. Are you generally doing better work now than you were 2 years ago? Is your network stronger? What evidence can you see that you’re making progress toward your overall goals? Make a list–keep it where you can see it regularly. 

2. Glorify Being Average

The hardest part of the ups and downs is its financial impact on us. You have a couple of flush months, so you get used to having and spending more money. Then you keep up those habits even if you have a less-than-stellar month, because that was just a fluke, right? Next thing you know, you can’t make your next credit card payment.  The key is to average it all out, budget according to your minimum viable income (the bare minimum you need to keep the lights on each month), and have a plan for anything extra that comes along. More on this below…

 

 

3. Plan Quarterly

I plan things about a year in advance (thus my year on the wall setup) but I do a deep dive at the beginning of each quarter, to really asses where I am, how things are going, and what needs to happen. If you were to look at the next 3 months, what would you see? Is there a month in there where you always have extra work? (Like December or June?) or is there a sparse month in there? Will you make enough over those three months to cover your bills? Who can you contact now to generate a bit more income in the next 12 weeks? Is there an opportunity to give a talk, masterclass, or art show? Will you need to pay taxes? Any big birthdays or holidays that require spending money on gifts? 

 

4. Have a “Back Pocket Plan” 

As a kid, I was often caught off-guard when family friends came over to the house and inevitably asked me to play something for them. It seems I was always in the middle of learning a new piece–which wasn’t fit for public consumption yet, and/or it had been so long since I played the last piece, that I didn’t dare pull that out either. Eventually, I learned to always have a couple of pieces “in my back pocket” I’d keep them in my practice rotation, and then always had something ready to play at a moment’s notice. It came in handy on many occasions. 

Likewise, you can have a “back pocket” income booster for those lean months. Host a special performance class for your students, have a recital program ready to do anywhere, or write an ebook on an area of your expertise that you can sell for $20 a pop. Heck, even putting a room up on Airbnb or offering to do some extra work at a local non-profit can bring in enough extra cash to cover the lull. Always have a clear answer to the question: “If I needed to come up with $5000 quickly to cover an emergency, what would I do?” 

 

 

5. Be Proactive in Making the Next Months Better

Slower periods are inevitable in ANY professional life. Now that you’ve gotten the financial side of those times covered, Take full advantage of the extra time and space to plan ahead. Think of this as an incubation period for your next big moment. 

Here’s how: Think about where you are now in your career, and then think about what the next step up looks like for you. Write down the following: 

• What do you need to know that you don’t know right now? 
• Who do you need to know that you don’t know now? 
• How do you need to show up at that next level? 

Example: You want to start judging competitions: Maybe you need to know how to judge competitions. Maybe you need to know the artistic directors of some big competitions, and maybe you need to start carrying yourself like you’re confident in your abilities to judge competitions. Give yourself the next month to start putting those answers in place. Research, Learn. Network, and do a bit of Self-Reflection.

In the ever-changing landscape of freelance work, where success is often measured in peaks and valleys, it’s crucial to equip yourself with strategies that transform the downs into opportunities for growth. Remember, the journey is not linear, and each ebb and flow contributes to your overall progress. By knowing your average monthly revenue, focusing on a quarter at a time, having a back-pocket income plan, and proactively preparing for the future during slower periods, you can not only survive but thrive in the dynamic world of freelancing. Embrace the challenges, celebrate the victories, and let every twist and turn sculpt a financially resilient and artistically fulfilling freelance career.

Cheers, 

Kate

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