Whether you’re just starting out or have been in the business for a while, chances are you’re going to have slumps — times when the work just dries up and you’re left with nothing to do but stare at a growing pile of bills.
It’s easy to panic in these situations. Unfortunately, finding a good client is so much harder when there’s that note of desperation in your voice. However, there are some things you can do to ward off the panic …
Avoiding panic — and overcoming slumps — starts with a little prevention. Before you give up the day job, make sure you’re set up for success by taking a few precautions.
Eliminate payment plans
By paying off your credit cards and any other monthly plans, you reduce the amount of money you absolutely must bring in during a given month just to survive. Larger things like car payments and mortgages might still be hanging around, but the fewer bills, the better. If you have to make choices between credit cards, try to pay off the one with the higher monthly payment first.
Know your bottom line
Yes, we all have habits that are hard to break. You need that coffee house coffee. It’s essential that you maintain your subscription to every pay channel your cable provider offers. However, when push comes to shove, how much is really necessary? Getting rid of the pay channels could reduce your expenses by $30-$50 per month and skipping the coffee shop could save as much as $100. If you needed to, what expenses could you cut, even if it’s just short-term? Whatever’s left is your bottom line.
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