How Freelance Writers Can Survive the Upcoming Recession
Right now, a lot of people are afraid.
Maybe even you.
They look at the news and at past economic cycles and say, “See, a recession will happen any day now. What will happen to my job/business/livelihood when it does?”
I get it. I do. For many people (including me,) the last recession was devastating. Sure, many folks are doing 1,000 times better now than they were before 2007, but that fear, uncertainty and doubt remain.
It’s like we’re suffering from an economic-based PTSD. Sure, the worst probably won’t happen. But that doesn’t help us when we wake up at 3 a.m. worrying about stuff.
I learned a lot from the last recession and from talking to other business owners who survived (and yes — even thrived.)
Here are some things to think about:
– A recession does NOT mean you’ll automatically go out of business.
It’s easy to think that a recession = we all lose money. In fact, many businesses did well during those dark recession years. And yes, even freelance writers.
It’s important to get your mindset straight NOW, before the other financial shoe drops. If you go into a downtime thinking you’re going to flounder — guess what’s going to happen?
There is always opportunity. You just may need to think outside of the box to find it.
I know business owners who made a bunch of money during the recession and weren’t worried about cash flow at all. (Shocker, I know!) Just because the news is telling you, “Everything is horrible everywhere,” it doesn’t mean it has to be true for you.
– Working in-house won’t necessarily protect you.
Sad, but true. There was a time in 2008 when every. single. one. of my client contacts was fired in the same week. None of them saw it coming. This doesn’t mean your employment is hanging by a thread, but it does mean you’ll want to come up with a plan B — just in case.
Heck, according to this salary survey by Carol Tice, part-time freelancing is the norm. Maybe now is the time to test the waters and to build your writing business.
– Being “too busy to market yourself” will bite you in the butt.
I hear you. You’re already working long days, and you’re constantly busy. Sure, you mean to update your LinkedIn profile and to contact possible prospects, but who has the time?
Instead of waiting for work to come to you, get out there and hustle. Maybe that means connecting with a few LinkedIn contacts every week. Or going to a networking event. Or creating some video tips. Anything you can do to connect with future clients is a good thing, especially if your current reliable client pipeline dries up.
– Examine new markets, new skill sets, and new ways to stay competitive.
It’s time to be more than a one-trick pony. Think about new services you can offer your clients (or even your employer.) Stretching your wings, offering different things, and billing yourself as an SEO content marketing consultant makes you more marketable and gives you profitable options.
This is also the time to take a hard look at your target audience and to ask, “Is it worth it?” If you’re constantly underpaid, find a client (or industry) that WILL pay your rates. If you love your niche, think of ways you could expand it.
– Save money whenever and however you can.
Even a small nest egg will give you a huge sense of control. I use Digit.co to transfer small amounts of money out of my checking account into savings — and it’s been amazing. The amounts are so small that I don’t notice, and I now have a nice chunk of “just in case” cash.
Some people save X percent of every contract as “just in case” cash. Others transfer money into savings every week or month. Find what works for you and do it — even if you’re only saving $10 a week.
– Can’t save money because things are too tight? Raise your rates.
Freelance writing does not mean “working for less than minimum wage.” Yet, so many writers undervalue themselves because they think they aren’t worth more than $10 a post. You can make at least $50 an hour — and more than $100 per hour — just by positioning yourself and knowing your value. Especially since there ARE writers making good money.
This is ALL about mindset and marketing. You CAN make more money doing exactly what you’re doing now.
Want more inspiration? Check out this survey of top-earners (scroll to the bottom of the page to see it.)
– You’ve got to spend money to make money.
Do you need a business coach to help improve your productivity and to change your mindset — but, you keep saying, “It’s too expensive”? Have you wanted to attend a conference that’s chock-full of prospects, but you’re afraid to spend the money?
Get over it.
NOW is the time to get your mind and finances right for what we all know is coming. Sure, it’s scary to spend money when (1) you’re unsure of the ROI, and (2) you’re already feeling vulnerable. I’ve been there. At the same time, not spending $1,000 now could actually COST you money later.
– Build a supportive business community and share your story.
When the last recession landed, I felt like I was the only one who was hit so darn hard. I felt horrible about myself (and my business,) and I was afraid to tell my friends how things were really going.
Then, I attended a conference along with some long-time SEO friends. We collectively let down our guard and shared how much things sucked. One friend lost a million dollar contract. Another was thinking about taking a job at his local newspaper. One friend had to lay off his staff and was still dealing with the guilt. This happened to some of the top names in SEO — not just the stragglers.
That dinner years ago was the most cleansing, therapeutic thing that could have happened for me. It normalized my situation, gave me hope, and made me realize I wasn’t alone.
Create your own community of business/writer friends who “get it.” Think of them like your own personal mastermind group who keeps you happy, sane and focused. You may want to go it alone — heck, that’s typically how I roll, too. But, having folks around you will make things so much easier.
You can enter the upcoming recession feeling confident, secure and prepared. Or, you can fail to plan — and let the financial news (and reality) hit you like a truck. Again.
You have a choice.
I know what I’m going to do. How about you?
What do you think?
Did Carol’s salary survey results surprise you? Are you ready to take the plunge and to start your own freelance copywriting business? Do you walk around saying, “I ain’t afraid of no recession”? (If so, I applaud you!) Leave a comment and let me know!
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