The economy is looking pretty scary lately. Stock prices are plunging, unemployment is on the rise, and experts are predicting a recession. If you’re a freelancer, this can be especially scary. After all, when the economy tanks, businesses start cutting back on spending – and that often means less work for freelancers. So what can you do to prepare for the worst and make sure you’re still able to keep food on the table (and a roof over your head)? Here are a few tips:
Build up your savings
Ideally, you should have at least 3-6 months of living expenses saved up so that you can weather any storms that come your way. If you don’t have much in the way of savings right now, start small by setting aside $50 from each freelance paycheck into a separate savings account. Then, when times are tough, you can dip into that account to help cover your costs.
Diversify your income sources
Don’t rely on just one or two clients to provide all of your income. Spread your work around to as many different clients as possible. That way, if one of them decides to cut back on their spending, you won’t be left high and dry.
This one might sound cheesy, but it’s important! A positive attitude will help you stay motivated and focused on finding new clients, even when times are tough. So keep your chin up, and remember that this too shall pass.
Join a community
The Doughnut community is ideal for uncertain times. Come and join us in the live chat rooms to discuss your concerns. Many of us are in the same boat as you, and we’re happy to help you through these tough times.
🍩 Just the Sprinkles
No one likes thinking about worst-case scenarios – but when it comes to freelancing, it’s always better to be prepared. By following these tips and building up your savings, diversifying your income sources, and staying positive, you’ll be in good shape to weather any economic storms that come your way.
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