Yesterday, I wrote about a freelancer’s relationship with the recession, saying that the economic hardships faced by other companies could prove to be valuable opportunities for freelance writers. As these companies lay off some of their full-time employees, they may outsource to freelancers on an as-needed basis. This can represent significant savings on their part, because they don’t have to maintain the required office equipment, pay into a retirement fund, or deal with increasingly complex human resources issues.
While the rest of the world struggles to get back on its feet, the ups and downs of revenue are an expected way of life for freelance writers. One month, you may land an enormous project that has you working into the wee hours of the night. That month, you’ll probably earn more money than usual. Other months, you may find that viable projects are a little harder to find and your bottom line reflects this lack of work. Naturally, the current recession falls into the latter category for many of us, especially if you cannot capitalize on the above-described scenario of increased outsourcing.
So, what can you do when business is slow? I have noticed that my freelance writing business has slowed somewhat and I’m left with a little more time on my hands. What can I (and you) do to fill this time in a productive way?
1. Income Tax Season Is Here
It’s a time of year that isn’t fun for anyone involved, but it’s something that has to be done. If you’re not actively working on a lot of freelance projects, you be a little more proactive and get an early start on your income tax return. Some may say that this isn’t an “early” start at all and you should be doing it sooner rather than later anyhow. You may not have all of your receipts and forms in order, but you can start with what you do have.
2. Get Some Reading Done
As a freelance writer, it’s important to consider the work of other writers. After all, you are what you read. During this time, you may focus on your business and look for books that can help you earn more money, expand your portfolio, or seek out other opportunities. How can you be more effective and efficient as a freelancer? On the flip side, you can also take this time to read for pleasure too. There’s nothing wrong with indulging in some escapist fiction.
3. Address Your Side Pet Projects
When you are bombarded with projects from your freelance clients, you may find that your pet projects are perpetually placed on the backburner. Maybe you were hoping to launch a new blog or publish your own e-book. With a down period in your business, you now have a little more time available to you and this can be used to work on those pursuits.
4. Actively Seek New Opportunities
Aside from the early part of my freelance writing career, I have been fortunate enough to have clients come to me. Word of mouth has been good to me, but times are tough, it may become necessary to actively seek new opportunities again. I don’t believe in sacrificing my integrity in this search, so it is important to remain calm and assertive with prospective clients. Don’t take on something that you don’t want to do just because you want the money.
5. Finally Get Some Rest and Relaxation
Believe it or not, there is life outside of work. If your freelance business has been reasonably successful in recent years and you managed your funds accordingly, you should be able to ride out of this slow period. You can have hope for a brighter day, so long as you have a plan in place when the economic wave rises up again. In the meantime, take a little time for yourself, your friends, and your family. If you’ve worked hard thus far, you deserve a break.
When work is slow I always seem to find more tasks I can do to occupy the slow time though. Usually work related if not related to the industry in which I am employed!
Wow, that’s a heck of a to-do list. I know I have several projects on the back-burner and books I’d like to read. For better or worse, I’m not a freelancer though so thus far I haven’t had any extra time to pursue these activities.
I hope the recession doesn’t cause your business to slow too much and cause you to have to find a real job! Best of luck!
My second job laid me off. I’m actively searching for some clients for my consulting business. It’s a struggle.
Good luck, Ray. How long were you at your second job?
A year as an outside tech consultant. My full time job is as a Technology Support Professional (IT support)for a school district.
That’s a good job. You must get a couple months off with pay for the summer?
I don’t have the same schedule as the teachers.
I work 12 months, they work 10. The advantages of it are I get 8.25 hours of accrued vacation per month that I can take at any time, plus the same sick and personal time as the teachers.
Not bad. It’s better than using your expertise to work in a call centre and deal with all the newbie questions.
I used to be in a profession that had very seasonal business (photography) in my area. This time of year (when business would be slowest) would be when those that could, simply shut down and went on vacation till later in spring when business would pick up.
Maybe we should all just take a vacation till the recession is over? 🙂
I agree on the fact that the recession is a sea full of possibilities for the freelancer. Employing people on an ad hoc basis, and paying for services rendered and projects completed on a item by item basis makes a lot more sense than paying for somebody to sit in an office and do as little as possible in order to get the salary cheque at month end. A poor recipe for good performance if I’ve ever seen one.
When business is slow I usually write some blog posts for future use, or take on new projects on the side to occupy my time. But sometimes I can get so involved in these side projects that when when business picks back up, I’m too busy with other things.