Dealing With Feast and Famine Cycles as a Service Provider

For any seasoned freelancer or service provider, the feast and famine cycle should be no stranger to you.

But if this term is pretty new to you…  then sit tight, as I will explain what exactly it means, how it affects service providers, and what to do to stay afloat when the feast cycles are gone.

First off, what are feast cycles?

These are periods when you experience high patronage from new and returning clients. Depending on your niche, this period may be influenced by the different seasons of the year and its accompanying weather conditions, market forces of demand and supply, or even holiday seasons (just the same way fireworks sell around the Yuletide).

In these periods, it is not uncommon for service providers to be overbooked… in fact, some even have to turn down seemingly “tasty offers” because their hands–or plates– are full.

This is also the time the cash register is loudest, with enough $$$ coming into the business account.

While I would like to talk at length about dealing with feast cycles… I think it is best to leave it for another blog post. Today, we will concentrate on the famine cycles and what to do to keep your business afloat in this season.

1. Keep costs at a minimum: Are there certain tasks you can handle in-house? If there are, take care of them, are there services you or your team subscribes to often but rarely make use of? then let them go. While this is not a magic pill or silver bullet to the challenge famine cycles pose, keeping your books in the green is the first step to survival, and minimizing indiscriminate wastage of resources is a good first step.
2. Diversify where you can: Do you have any complementary skills or services you can offer alongside the ones you are currently known for? If you do, you can present these offers to your clientele. This way, you not only stay above water but also keep your brand top of mind with your audience’s memory. This means that when the next feast cycle comes, they’ll remember your address.
3. Maintain communication with your clientele: I know this may seem challenging… especially when you consider that famine cycles are a “low” season for business and you do not want to look like the guy badgering. But think about it, if you are not in front of your clientele throughout the famine season… then there’s no assurances they will remember where to find you when the next feast season rolls by. So you need to send regular, well-tailored content to them. This content can be in the form of email newsletters (for the tech-savvy ones), or intermittent social media updates, keeping your brand fresh in the minds of your audience.
4. Advertise smartly: While seasons of low patronage are just what they are, it is still possible to create connections and even find clients in this period. However, you have to be smart and strategic with your ads, ensuring your offer provides value to your audience, and that you are also targeting the right section of your audience.

So there you have it… those are my tips for keeping your business above water during the famine cycle.

In a future post, I will show you how to manage feast cycles… ensuring famine cycles don’t take you by surprise when they come.