Everything is risky, but you can minimize your risk.
I've been a consultant since 1995, and I've never not worked during that time, although the amount of income was fairly variable from month to month. Being paid directly meant I had more cash around to float things in lean months, but eventually I worked out a way to setup steady income from long-term maintenance contracts and other long term customers, and you're basically golden at that point.
You also need to be on the constant lookout for new customers to hedge against weak customers or market fluctuations.