Next Steps: Losing a Lucrative Gig

Most freelancers know that the role of any contractor comes with ebbs and flows. Things will go from super-busy to super-blah in a matter of days…or hours. But what happens when one of your well-paying jobs dries up? When you have been let go regardless of the reason, it can be difficult to cope with—especially if it was a steady, lucrative gig.

These jobs can be hard to let go of because of the security they provide, not necessarily because you love the work. Many readers know I am a huge advocate of having at least one steady job to help make freelancing easier. I recently had one of these goldmines turn into an abandoned quarry, and it was hard to make sense of things after the blast. But I noticed it was easier to calm myself down and focus, probably because I’ve been here before. Here are a few things that I kept in mind to help me cope with losing a lucrative gig—I hope they can work for you if you’re in a similar situation.

Panic, throw things and blow off steam

It’s easy for a seasoned freelancer to tell a newbie not to freak out in this situation. In my case, I had already anticipated this gig drying up and knew that when it did, it was not my fault. Still, my first instinct was to be upset and wonder what the heck I would do to “make up” for that income loss. Because when it’s a lucrative gig, the loss can be substantial. It is different than losing a smaller gig, or even one that you really enjoy. When there’s a good lump of steady money involved, it’s likely that the loss will hit you hard.

My first instinct was to be upset and wonder what the heck I would do to “make up” for that income loss.

For me, the good news is that just a few moments after I got the news, I started to think of all the good that would come to my career without having to focus on this job.

I’m not going to tell anyone not to panic in this type of situation. But I think as you go along and experience the ups and downs that come with freelancing, you’ll spend less time in crisis mode and more time planning your next step. So take time to be upset and to grieve a loss if you need to; in the future, hopefully after panic mode you will more quickly go into a more positive state of mind.

Find the positives

I am a positive thinker for the most part, so after my upset I quickly shifted back into “clarity” mode. This may not be as easy for others, especially if the gig is your main source of income. But I do know that negativity is the norm for many people—so if you sit in the negative emotions too long, nothing good can come of it. Instead, you have to find the positive things because they won’t just come knocking on your door. (Fortunately, in time, another wonderful gig can come your way. Likely, you’ll have to work for it, though.)

You have to find the positive things because they won’t just come knocking on your door.

Just a day before the news hit, I had been thinking about how to further my career and had been trying to assess exactly what I wanted out of it. I find that by specifying what you want and speaking it aloud or writing it down, these things tend to manifest. So I had come up with three intentions: To do more magazine article writing, to get more interesting and higher-paying copywriting gigs, and to get cracking on my third book.

A few minutes after I heard the “bad news,” I thought that maybe this was the universe’s way of closing one door and opening the other. I am a big believer in that. Still, it was bad news so I had to purposefully think of the good things that could come from this. I recognized that by not committing my time to that somewhat-unsatisfying gig, I could focus my efforts on the types of projects I really want to get involved in. In the past, whenever I lost a good gig I simply replaced it. This was great for my finances but never really allowed me to consciously map out my career.

I could focus my efforts on the types of projects I really want to get involved in.

So I vowed to also not just replace the gig with another one—but manifest those intentions I’d been thinking about earlier. Once the possibilities flooded in, it made it easier to cope with losing that job.

I was also happy that I was making a more conscious choice in my career. Usually I’m too swamped to think about what it is that I really want out of my career.

Be practical

It is easy to say that I’m going to focus more on magazines, my next book and more large-scale copywriting projects. But when you lose a lucrative gig, you have to be practical. In many cases, you’ll need to replace that income. Many of the things we want to do (and have been meaning to do) don’t outright earn us money. That doesn’t mean you shouldn’t go for it—just remember that you also may need to start job-hunting and marketing yourself right away.

If you are very dependent on the income you lost, don’t wait too long to start looking for a replacement gig. You can still devote time to the other things you want to do, or other clients you want to approach. Just be financially practical. Most of the gigs I have “lost” haven’t been huge sources of income. This one wasn’t my only source of income (never put all your eggs in one basket!) but it was a nice chunk of change.

You can still devote time to the other things you want to do, or other clients you want to approach.

In my case, I have another client that wants to give me more regular work, so that will help make up for some of the lost cash. But I am not going to jump into another gig just to make that amount of money—I’m using the news as a wake-up call to start focusing on the kind of work I like, which will make me more money in the long run.

I think each freelancer knows how to balance that practicality with the awe of finally having time to do all those career things they wanted to. So if you’ve lost a good gig, make time for your loftier goals but try to replace the income with a new gig, too.

Get the goods

Since my job is dissolving and I have not been fired, I’m going to strike while the iron is hot and get everything I need out of this client. For me, that means secure a testimonial and also close communications on an open note. I will be sending my supervisors a note asking for their recommendation and also inviting them to stay in touch with me should future opportunities arise. This helps make sure you don’t burn bridges and also keeps the fire alive should more work come in the future.

One last thing: Losing a gig you like, or one that earns you a competitive wage on a steady basis, is never easy. Most freelancers will deal with this at least once during their careers—some will deal with it dozens of times over because, well, that’s the nature of the business. The best you can do is vent about the loss, gather up your strength and move positively on to the next chapter of your life.