Running any type of business, big or small, is getting difficult during the crisis. If like many freelancers, you’re worried about your income, there are a few things you can do to try and protect yourself. While none of these will be fool-proof they should help you regain some stability during this difficult time.
Don’t stop marketing
There’s a chance you will lose clients if you haven’t already, which makes marketing still important. While some companies will have less need for a freelancer, others will be keen to hire remote, temporary workers to help out with their business – making freelancers the obvious choice.
You may want to renew your pitches and offer help to local businesses with things like marketing, content writing, graphic design or consultations. Some people are even offering deals or lower fees to try and attract new businesses.
Avoid hard-hit industries
Some industries will be harder hit than others. For example, those in travel, tourism or events will be finding this time particularly difficult. Those companies are much less likely to be hiring freelancers right now so it might be worth setting your focus elsewhere.
However, when this is all over, they may need help from freelancers again, so make sure you time it right!
Approach businesses with increased demand
On the other end of the spectrum, there are some companies and industries out there who are seeing surges in demand for their products or services. Business lenders, remote working software companies and medical companies are seeing a lot of business during this time and could definitely use the extra help.
If you don’t already approach these industries, it could be time to change your approach for the time being.
Learn a new skill
If you’re finding your usual services aren’t in demand right now, it could be worth spending some time retraining and learning new skills to improve your service offerings. This is particularly important if you’re finding work quiet and have extra time.
If you’re healthy enough to work, you really need to keep it that way to save yourself from losing your income. Make sure you’re following official guidance to avoid going outside wherever possible, wash your hands often (and your phone) and avoid touching your face.
If you become ill, it’ll be much harder to keep your freelance business ticking over, so if nothing else, this is your number one priority.
Use this crisis as your financial wake-up call
If you haven’t already got an emergency fund, you may be seeing this virus as a wake-up call. Work stability is pretty much non-existent in freelancing and it really pays to have a financial backup for when times are tough.
This crisis is the rainy day that a lot of freelancers have been prepared for but if you haven’t, it’s important to start saving for an emergency fund whenever you can in the future.
What are you doing to keep your freelance business running during the COVID-19 crisis? Let us know in the comments.