Freelancing comes with incredible freedom, but it also brings financial instability, inconsistent clients, and uncertainty. Many freelancers struggle with planning for taxes, handling unpredictable income, and finding steady work.
In this episode, we speak with Norman Schütt, a freelance senior developer with over 6 years of freelancing experience who is sure that codebase should be an asset - not a loan, and shares regular actionable tips and exclusive insights on how to make development more efficient and sustainable 🤩
From this episode, you'll learn:
✅ Why financial planning is critical for freelancers (and how to do it).
✅ How to prepare for the uncertainty of losing clients.
✅ Why positioning yourself as more than an "extra resource" is essential.
✅ The biggest mistake new freelancers make when starting out.
✅ Practical tips for staying financially stable while freelancing.
Watch now and take control of your freelance journey! 🚀
🎧 Or listen to it here on Spotify
Freelance financial planning: why it’s so important
One of the biggest challenges in freelancing is knowing how to manage your money. Unlike a traditional job, where income is stable, freelancers deal with irregular payments, taxes, and financial uncertainty.
🔹 You need a system—without tracking income and expenses, you risk overspending or running out of money.
🔹 Taxes can surprise you—if you don’t plan ahead, you might owe more than expected at the end of the year.
🔹 Income fluctuates—some months are great, others are slow. Planning for dry months is key.
💡 Freelancing is unpredictable—you need to treat your finances like a business to survive.
How to plan your finances when you don’t know what’s next
The uncertainty of freelancing makes budgeting difficult. Our guest shared his simple yet effective approach to financial planning for freelancers:
✔️ Use a spreadsheet to track finances—list all upcoming payments, expenses, and taxes in one place.
✔️ Forecast future income—look at past months to predict how much you’ll make in the future.
✔️ Save for slow months—set aside money when income is high to cover the months when work is slow.
💡 Is this money really mine, or do I need to save it for taxes and future expenses?
Client uncertainty: how to secure more work
Wouldn’t it be great if clients just messaged you saying, "Hey, we’d love to hire you!"? Unfortunately, that’s not how freelancing works—especially today.
What’s changed?
✔️ In 2019, freelancers got multiple client inquiries per week.
✔️ Now, competition is higher, and freelancers need to actively market themselves.
✔️ Those who stand out and position themselves well attract better opportunities.
💡 Just being a senior developer isn’t enough anymore—you need to offer something unique to the market.
Why freelancers need more than just technical skills
Many freelancers treat freelancing like a job—but it’s really a business.
✔️ Freelancers need to be marketers—you have to promote yourself and your skills.
✔️ Freelancers need to be salespeople—you must sell your services and handle negotiations.
✔️ Freelancers need to create value—clients don’t just want a worker; they want someone who solves their problems.
💡 Freelancers who don’t position themselves strategically get treated like external resources, not trusted partners.
The frustration of slow client onboarding & bureaucracy
One of the biggest complaints from freelancers is how long it takes to actually start working on a project. Clients often urgently need help, but then…
❌ The process drags on for weeks due to paperwork.
❌ Companies treat freelancers like numbers, not professionals.
❌ There’s no sense of urgency from the client’s side.
💡 Freelancers are expected to jump in and ‘save the day,’ but then they’re left waiting for weeks.
How to overcome freelance loneliness
Freelancing can feel isolating, especially when working remotely. Our guest shared that one of the best ways to combat loneliness is building connections through LinkedIn.
✔️ Engage with other freelancers—networking online helps you feel part of a community.
✔️ Create content—sharing experiences attracts like-minded professionals.
✔️ Join freelance groups—find Slack, Discord, or LinkedIn groups to connect with peers.
💡 You’re not alone—there’s a whole freelance community out there. You just have to connect with it.
Top 3 lessons for new freelancers
If you’re thinking of freelancing, here’s what you should know before you start:
1️⃣ Freelancing is a business, not just a job
- You need to plan your finances, market yourself, and handle contracts.
- Don’t think of freelancing as 'just getting paid to do what you love'—it’s a business that requires effort.
2️⃣ Define your value proposition
- What makes you different from employees?
- How do you solve problems better than the competition?
- Stand out by offering something unique to clients.
3️⃣ Learn to handle anxiety & uncertainty
- Freelancing is unpredictable, and you need mental resilience.
- Save money during good months to survive the slow months.
- "rust in your skills and know that work will come if you position yourself well.
💡 If you don’t treat freelancing like a business, you’ll always struggle with financial uncertainty.
If you were starting today, what would you do differently?
Our guest reflected on his own freelance journey and shared the biggest mistake he made:
✔️ He treated freelancing like a small job, not a business.
✔️ He didn’t plan ahead for market changes and client uncertainty.
✔️ Now, he’s rebranding himself and repositioning his services to be more valuable.
💡 You don’t just start freelancing once—you constantly evolve and improve your approach.
TL;DR
Freelancing is challenging, but you can thrive with proper financial planning, a strong personal brand, and a smart client strategy.
✔️ Track your income & plan for taxes.
✔️ Market yourself and build your personal brand.
✔️ Prepare for uncertainty and adapt when the market changes.
✔️ Build a network to avoid professional loneliness.
💡 Freelancers who treat their work like a business succeed—those who don’t, struggle.
Quotes
1️⃣ "Freelancing isn’t just about doing the work—it’s about running a business. The sooner you realize that, the better your chances of success."
2️⃣ "If you don’t actively market yourself, you’re just another skilled worker in a sea of freelancers. Positioning yourself is what makes you stand out."
3️⃣ "The hardest part of freelancing isn’t finding clients—it’s managing uncertainty. You have to build trust in yourself and your ability to adapt."
4️⃣ "Freelancers aren’t just ‘external resources’—we’re business owners. Companies need to stop treating us like numbers and start valuing what we bring to the table."
5️⃣ "The biggest mistake I made? Thinking freelancing was just a job with more freedom. It’s actually entrepreneurship, and you need to approach it that way."
