6 questions to ask in a recession
Ep 78: Freelancing in a recession
In a gloomy economic outlook, what’s a freelancer to do?
That’s the question I set out to answer on today’s episode of 15 Minute Freelancer.
(Note: I’m not a financial advisor and I don’t play one on a podcast. Speak to your accountant before emptying your Starling account and tucking it under your mattress.)
As statisticians like to say, all models are bad, but some are useful.
You don’t really know how a recession will affect your individual business, so while it doesn’t pay to panic, inaction isn’t ideal either.
On today’s episode, I share six questions I’m considering right now, to help me decide what to do (if anything). Questions like:
How is the downturn affecting my market?
Should I think about changing my services or prices?
How can I bring in more work if I need to?
How can I make my business as resilient as possible?
What advantages do freelancers have in an economic downturn?
Maybe they’ll be useful for you too?
Listen here »
Keep calm and freelance on
I was curious to find out what others were thinking, so I asked my friends on Twitter and LinkedIn. Here’s what they said:
Most, like Angela, Graeme and Lizzie, are staying calm and carrying on:
Some are planning to use any quiet time to slow down and work on their businesses, embracing the fact that you don’t need a profit PB every year.
Several are diversifying their income with digital products and other revenue streams:
Others are looking for more stable opportunities, such as longer-term projects and retainers:
And some are taking their own novel approach…
A couple of folk have also written about this recently, sharing their approaches in more detail:
former 15 Minute Freelancer guest Matt Saunders details his unconventional approach (which I agree with 💯)
Gillian Jones wrote this article on avoiding the panic (which also lists some handy further resources).
You’ll also find some nuggets of financial wisdom in this thread, from #ContentClubUK a few weeks ago:
So if you’re feeling a little apprehensive about what might be on the horizon, know that you’re not alone. I hope you find this latest solo episode useful, and that it sparks some ideas to consider yourself.
🧠 Insight: Lately, I’ve been pondering the idea of making decisions that future you would be grateful for. Applies to everything, really, doesn’t it? Show a little kindness to Future You by doing the hard work today to set them (you) up for success.
➡️ 15 Minute Action: It’s the last day of the month, so that seems like a good time for a financial health-check. Set aside 15 minutes to look over your current income, cashflow and expenses. Chase the overdue invoices. Check that you’ve put money aside for taxes, savings and investments. Review your financial goals. Set a reminder to do this again next quarter (or at whatever frequency you prefer).
For more tips, head back to episode 21 to hear accountant Martin Brooks’ advice on how to get your freelance finances in order.
Ok, that’s all for this week. Let me know if you find this episode helpful.
Louise xx
P.S. Want to feature in my upcoming Ask Me Anything episode? Record your question here: memo.fm/15/ and you could be featured on the episode :)