Unlike regular careers, freelance writers cannot afford to work for merely one client/company. What if your company goes under? What if your project's funding dries up? What if there is a reorganization and you get downsized? While 'regular' jobs offer a modicum of safety, freelance writing is very fluid. You never know when a gig will get pulled out from under you. Keeping more than one client is absolutely essential.
When I started freelancing, it was for a single client. I was doing lots of work and making great money. Everything was kosher. I didn't know to look for another client even though business was good, so I just let it go. Big mistake. About six months after I started working, the company introduced a new deal. It seemed ok at the time, but it quickly became apparent that this new deal reflected changes in the company's leadership, changes in funding and most importantly, meant a lot less money for me. I tried in vain to hold onto my previous wage, but it just didn't happen.
I was faced with the harsh reality that sticking with only one client is a very bad idea. I struggled to find other gigs and got pretty desperate. I found another gig a couple months later but, much to my chagrin, funding for the project dried up and I was out another client. Finding new clients since then has proven to be more of the same: difficult. I've picked up a few new clients but I have yet to recover my previous salary, even with three regular clients.
While it may not always be true, I have certainly found that the only circumstance under which you can have too many clients is if you can't keep up with the workload. Until you reach that point, you can never have too many clients.
I know it's easy to rest on your laurels, especially if it's your first gig as a freelancer. But don't do it. It's a trap that is all too easy to fall into and very difficult to pull out of.
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