What do you do if your income as a self-employed researcher is inconsistent?

To tackle inconsistent income as a self-employed researcher: budget meticulously, build an emergency fund, diversify income sources, save windfalls, manage cash flow, network actively, seek retainer contracts, consider part-time work, and seek financial advice if needed. These strategies offer stability amidst fluctuating earnings.

When I began my art consulting firm, which relied on Research and Development (R&D), I made sure I had a plan in place that outlined projected monthly expenses and initially ran on zero profit/income in the initial stages. It was about focusing on and growing one's market niche and investing in skills development and staying current on technology. These moves were crucial in my journey. I planned on diversifying growth opportunities and recalibrating my budget and business plan. I grew an emergency fund and reinvested the profits in my business. My salary was enough to cover my living expenses. As the company grew, I hired employees. This strategy empowered me to weather the ups and downs of income and achieved financial stability.

As a self-employed researcher, I've found these for managing inconsistent income: 1. Create a detailed budget → Project monthly expenses → Initially run at zero profit to invest in skills and growth 2. Income averaging → Calculate average monthly income based on previous year → Set aside surplus in high months to cover leaner periods 3. Diversify opportunities → Explore multiple revenue streams to mitigate risk 4. Build an emergency fund → Save a portion of profits for unexpected dips in income 5. Live below your means → Keep salary modest to cover living expenses → Reinvest remaining profits back into the business By meticulously planning and adapting, you can achieve stable finances as your research business grows.

In my experience, always having something consistent to fall back on takes away all the stress of having to be a success right now, allowing me precious time to grow my business. Knowing I have all my bases covered allows me the freedom of pushing my boundaries without fear of financial failure. I can always pull back my hours in one area and add hours where I need them in another area. Flexibility has been my friend and has enabled me to make decisions I wouldn’t have made without knowing I had all my bases covered. This has worked for me, because I love the time I spend at my “second” career. In my life, everything meshes together. Each career complements the other - overlapping in ways beyond my imagination.