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Should you give up freelancing due to recession fears?

Joining the freelancing bandwagon is becoming more and more popular. It’s no wonder, considering all of its amazing benefits! Not only can you take control of your career by setting your own schedule – both where AND when – but you may even end up with some extra cash in your pocket to boot (say goodbye forever to those dreaded cubicle walls). And let’s not forget parents who want flexibility; a freelance setup could be just what they need for that perfect work-life balance while saving money on childcare too.

Sure, taking the leap into self-employment can be an exciting prospect. But with economists predicting a potential recession looming in 2023, you may also have some reservations about jumping ship from your nine to five job just yet. So how do you make the tough call? Well don’t throw away your freelance dreams – but factor in those economic concerns before making any decisions too quickly.

Be prepared for the worst

Making the transition to freelancing isn’t something you should take lightly – it’s a big move with lots of potential outcomes. So if your goal is freelance success, having some form of plan in place before taking the leap can help put things into motion. Get yourself established by lining up clients ahead of time and make sure there’s enough money cushioning your landing so that an economic downturn doesn’t crush those dreams.

Freelancers, ever heard of the phrase ‘build a nest egg’? If not – consider this your wake-up call! In an economic downturn clients may be quick to pull their contracts and suddenly that steady income could become non-existent. Don’t let yourself get caught short.

Going freelance is a brave step — and in uncertain times, having the financial security to cover a full year of living costs means you can face any situation with confidence. But if your savings won’t stretch quite that far, it might be wise to build up more reserves before taking the plunge.

Proceed carefully

Although the jury’s still out on whether or not 2023 will bring a recession, it pays to be prepared for whatever comes our way – and if you plan on going freelance in this unpredictable economy, that means having some solid financial cushioning. Bottom line? Don’t let an economic downturn derail your big dreams.

Get planning now to make sure you don’t give up on that dream of being your own boss! Start saving for the future so if freelance life doesn’t work out in three years’ time, when 2023 rolls around you’ll be able to weather any storm.

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