Recession. Inflation. Economic downturn. Market correction. No matter how you slice it, the news sure makes it sound scary out there right now. Except, for us, it’s not nearly as scary as you might think…
Here’s the thing: freelancing in a recession is actually a huge opportunity (and it’s a huge opportunity outside of a recession, but that’s not our focus today!).
I made six figures as a freelancer for the first time in 2008. Yes, right in the middle of the “Great Recession.” I had just made the leap away from my full-time job into full-time freelancing.
Why was that such a prosperous time for me? During that period, many employees were, sadly, put out in the cold. Companies were laying people off all over the country. But here’s the key:
While companies were laying off staff, they were hiring freelancers to help them keep making money and keep their business in the black.
I will never make any income guarantees, because you need to act on the steps in the Freelance Success Framework to make freelancing work for you.
And I’m also not telling you a recession isn’t cause for concern and careful spending.
But what I am telling you is that recessions (and inflation/economic downturns/market corrections) can be huge opportunities for freelancers.
See, when economic problems hit, most people cut their spending and get scared. But that’s most *people*. Companies think very differently.
In challenging economic times, companies get hyper-focused on making sure they survive—meaning, they get hyper-focused on solidifying their business, shoring up their sales, and doing whatever they have to make it through.
And that means two things:
First, they get hyper-focused on activities that benefit the business. As our Freelance Success Framework students know, one of the key messages to convey is exactly how your service benefits a business—how it helps it grow, make more sales, or save money.
Fundamentally, your freelance service—whatever it is—benefits the business in some way. By conveying how, you make yourself indispensable to business.
And, second, businesses are especially likely to hire freelancers during these times. They don’t want to have to deal with the commitment of hiring employees when they don’t know what the economy will do, so they’re THRILLED to bring on freelancers who will have an impact.
And all of this is why freelancers—the smart freelancers, the freelancers who know how to wield a repeatable system for finding clients—should actually be revving up their outreach when recessions or inflation or deflation or any economic crisis occurs.
Now, no, of course, I’m not telling you that everything will be perfectly smooth sailing.
But what I am saying is that, instead of getting nervous and panicking like the average person, you should be taking action.
Whether you’re already a freelancer and going all in on it, or whether you have a full-time job but you want to insulate yourself against financial issues with a “side-hustle” part-time freelance business, the smartest thing to do is to prepare yourself with a plan to take action.
It wasn’t a fluke that I first hit six figures as a freelancer during a recession. I had the skills and the systems to take advantage of what was a stressful situation for so many—but what turned out to be an amazing opportunity for me.
And, yes, it can be for you, too.
Of course, I can’t predict the future. But what I can promise you is that having the tools and the skills and the systems to freelance will help ensure you weather any economic storm and build security now and for the future.
Last Updated on July 1, 2023 by Craig Galo