4 Ways Freelancers Can Prepare for a Recession

Is the thought of a recession sending you into freelance panic mode? Recessions create a slowdown in spending, which could cause a slowdown in your revenue. Clients might contact you less often, or you might lose some clients altogether. (Yikes!)

So, my fellow freelancers, how are you preparing for the recession? Do you expect to see a slowdown in work? What are you doing to maintain clients and revenue?

Here is what 4 thought-leaders had to say. (Shout-out to Terkel for rounding these up for me.)

Renewing Contacts

I expect that a difficult time is coming, and as someone without a permanent contract, I need to think about my backup in advance. A tactic I've embraced is to renew old client contacts and establish a sincere relationship with them aimed at a contract opportunity. I already have several contracts assured for the future, and I'm still writing to more people.

Natalia Brzezinska, Marketing & Outreach Manager, PhotoAiD

Cutting Down on Costs

Companies may do some cost-cutting measures and have lesser work requirements. That’s why savings are essential to staying afloat. Finding ways to manage your expenses is a good way to prepare for the recession. Try to be as open-minded as possible and learn how to be nimble to the many changes.

Michelle Siy, Content Writer, Oliver Wicks

Venturing into More Freelancing Jobs

The thing about freelancing is that it is wide-ranging. There are so many types of freelancing jobs out there, and just to be safe, the best option is to venture into more freelancing jobs and fields than one usually does.
For instance, as a freelance writer who mainly majors in writing articles, I have now ventured into proofreading and editing, blog writing, and even script writing. This puts me at a greater advantage and position to get more jobs. 

When you widen your scope of work, you increase your possibilities for a job. You are exposed to more opportunities than you were before.

I feel like the slowdown in work has already started. I am doing much less work than I would typically do within one day. There's really nothing that you can actively do to maintain a client who already decided to leave. 

Lydia Mwangi, Content Writer, Barbell Jobs

Diversify Your Work

As a freelancer, I have been preparing for the recession by diversifying my portfolio and looking for more diverse clients. I am also working on improving my skills and expanding my reach in order to be more attractive to potential clients.

I do not expect a slowdown in work at all. In fact, I believe that there will be an increase in demand for freelancers because they are cheaper than hiring full-time employees and can be hired on an as-needed basis.

To maintain clients and revenue, I plan to continue doing what I love: writing engaging content that helps companies grow their businesses.

Amer Hasovic, Content Writer, Love & Lavender

Freelancers — what are you doing to prepare for a recession? Drop your comments below.

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