Freelancing Will Make You Recession-Proof

Freelancing is a great way to be your own boss while working on projects that interest you. But it’s also a key to remaining recession-proof in today’s increasingly volatile economy. 

The reason for this is simple, really: when you’re a freelancer, you’re the only one who can affect your success or failure. You can’t lay blame if things go wrong; the onus is entirely on you to keep yourself afloat and out of trouble. 

I’m not going to sugarcoat it: being an effective freelancer requires some hard work and dedication, but you’ll reap the benefits of such efforts as long as you follow these guidelines:

Takeaways
1. Freelancing offers resilience during economic downturns.
2. Diversifying your freelance skills can boost stability.
3. Building a strong portfolio attracts recession-proof clients.
4. Time management is crucial for success in freelancing.
5. Embrace freelancing as a valuable career option.

Be Passionate About What You Do

If you’re going to be successful as a freelancer, you need to love what you do. You need to be passionate about it. 

You’ll also need motivation and drive, but without the passion that comes from being able to fully immerse yourself in a topic or industry, those other things will never come together.

You don’t have to have a lifelong dream of working independently there are plenty of happy people who work at companies they like and make money doing what they love on weekends or evenings when they come home from their day jobs. 

But if this is going to be your career full-time, then it’s vital that what you’re doing is something that brings out your best self: intellectually curious about the world around you; excited by new technology; 

Focused on creating things rather than just consuming them; highly creative; hardworking and organized enough that everything gets done on time even though there might not always be enough hours in the day (or week). 

If there’s something else more important than making money for most days of every week then this isn’t an option for you you’ll burn out before long!

Avoid the pitfalls that keep freelancers broke and learn how to thrive in the gig economy. Our guide on 10 Freelancing Mistakes That Are Keeping You Broke offers valuable insights and practical tips to boost your freelancing success.

Grow Your Network

Grow your network. One of the most important things you can do while freelancing is to grow your network. 

A good way to do this is to join networking groups and local community groups, which will help put you in touch with potential clients or collaborators, as well as give you a chance to meet new people who may become valuable contacts later on down the line. 

The more people know about what it is that you do, and how great at it you are (which is one of the reasons why we recommend starting an online portfolio), the better chance there will be of landing an awesome new gig with a client who loves what they see!

Diversify Your Skillset

Diversification is a great way to ensure that you always have some kind of work. Even if one type of writing or editing job dries up, another will always be open. To diversify your skillset:

Learn new skills. If you’re only a writer or editor, learn how to do something else as well, such as design and layout, data entry/pasting into spreadsheets and databases, web design/coding, and website management (including site hosting). 

Sales copywriting (including selling on eBay) or even marketing strategy creation. Or try learning different applications for the ones you already know for instance, if you know how to write novels in Scrivener but haven’t tried it yet with Google Docs Pro (which is free). 

Give it a shot! You may find that GDocsP rocks at what you need it for or maybe not; either way there’s no harm done by trying something new!

Pursue multiple avenues within one skill set (e.g., “I want to be an editor”). After all, editing isn’t just about books anymore: these days there are so many formats out there from which an editor might make money including podcasts like the Talking Heads Radio show where I’ve been invited back several times. 

Since my first episode aired last year because listeners still want more from me whenever I bring up topics related to freelancing or starting your business venture during my interviews with other guests who are experts on those subjects!

The future of work is evolving rapidly, and freelancers can seize incredible opportunities in this dynamic landscape. Discover how to stay ahead and secure your place in the changing job market with our article on How the Future of Work Is Changing and How to Get a Piece of It.

Don’t Be Afraid To Diversify Your Clients

It’s important to diversify your portfolio. You should have some clients who are large and well-known, but you also need to keep in mind that there may be times when your largest client decides not to work with you anymore. 

If this happens, it’s good to have other clients who are willing to pick up the slack.

To help ensure that you don’t get too dependent on one client, try signing up for different freelancer websites (like Freelancer) or even hiring yourself out as a consultant for other companies (if they’re willing). 

Not only will this help prevent any single client from holding all of the power over you, but it’ll give you access to new opportunities as well. 

Many freelancers find their best offers come from people they haven’t worked with before just thinking about how easy it would be if someone contacted certain companies directly!

If possible, try looking into local groups based on interests in which there aren’t many people with knowledge about similar things. 

These might include specific industries such as manufacturing machines used by farmers during harvest season; medical supply warehouses; pharmaceutical research facilities; etcetera…

Ensure That You’re Capable Of Working Remotely Or From Home

If you’re thinking of becoming a freelance writer, it’s important to be clear about what kind of work you can do. Being able to work remotely or from home is an absolute must-have for this type of career.

You’ll need to make sure that your living space is quiet, that you have access to good internet connectivity (and not just WiFi), and that your working environment is conducive to getting things done.

The other thing that’s important here: having a good working routine in place. This means setting aside time every day for tasks related only to your job. 

For example, researching topics and sending emails during specific hours each day will help ensure that nothing gets left behind at the last minute when deadlines approach.

Finally, as far as skills go…well…this isn’t something I would normally say out loud but…I think we all know what “good working ethic” really means here!

Crafting a compelling and modern portfolio is essential for freelancers to stand out and attract clients. Explore our detailed guide on Creating a Modern Portfolio Has Never Been Easier to learn the best practices and tips for showcasing your skills effectively.

Be Diligent With Your Finances And Tax Records

Keep accurate records of your earnings, expenses, and taxes.

Keep records for at least seven years. The IRS requires that you keep your tax records available for inspection during that period. 

After seven years, you can destroy the documentation if you no longer need it to support a particular item on your return or statement; however, this does not mean that you can stop keeping track of what goes into and out of your business bank account(s). 

If a dispute arises later on down the line over something as simple as how much money was paid out in bonuses or when they were paid to employees by other employers (i.e., companies who contract with freelancers), having detailed information about these transactions will make it easier for everyone involved if things get messy later on!

Also keep detailed records because sometimes these documents may be valuable evidence in legal situations dealing with employment discrimination cases or harassment claims made against one employer by another employee who has been fired after complaining about work conditions (or even worse: harassed themselves).

Be Prepared For Your Income To Fluctuate Throughout The Year

Freelancing can be a great way to supplement your income, but it comes with a few challenges. One of the most important things to keep in mind is that your income will fluctuate throughout the year. 

Unless you can charge clients by the hour or have a set project with set hours, you’re going to have months when your paychecks are higher than average and other months where they’re lower. 

To manage this effectively, freelancers must recognize how much they are earning each month so they can plan accordingly and budget accordingly.

It helps if freelancers try their best not to get into debt over Christmas (or any other holiday) so that they don’t need extra money during lean times; 

However, if something unexpected happens and finances become tight once again before payday rolls around then there are some things freelancers can do:

Work on more contracts or find more freelance clients (this works best when demand for work is high).

Choose A Sustainable Cohort To Work With Or With Whom To Collaborate, Rather Than Compete

With the right cohort, you’ll increase your chances of success. That’s because, in addition to your efforts, you’ll get help from other people who are working on similar projects.

In addition to avoiding competition with others in your field, you can also choose cohorts that share a certain interest or skill set. 

It could be something as simple as liking the same movies or TV shows; it could mean being similarly serious about a hobby like knitting; it could even mean being interested in the same kind of music.

In any case, all members of a cohort must have an aligned interest and respect one another’s work ethic so they will be able to collaborate effectively without feeling jealous over whose project is getting more attention from clients than anyone else’s (or whatever other petty emotions might arise).

Time is a freelancer’s most valuable resource, and mastering time management is the key to maximizing productivity. Discover essential time management strategies in our article on Time Management Tips for Freelancers to achieve work-life balance and excel in your freelancing career.

Work Up On A Niche And Specialize In It

You should also specialize in a niche.

In other words, you should make yourself an expert in a specific field of work. For example, if you’re already a writer and enjoy writing about travel, then why not focus exclusively on travel writing? That way all your skills are pointed at one specific area of expertise.

If you’re unsure where to start with this idea of specialization, think about what kind of work you’d like to do most often and which types of clients would be best suited for it. 

A good rule of thumb is that if there’s a demand for something and especially if there’s money to be made from fulfilling that demand then chances are someone else has figured out how to do it well enough that they could teach others how they do it themselves (or help them get started).

Keep Up A Profile, Portfolio, Or Site That Showcases Your Skillset And Expertise

By keeping your portfolio up-to-date, you can show prospective clients that you are a professional and ready to work. Having an easily accessible, searchable portfolio will also make it easy to find people who can help advertise your skillset. 

Some freelancers create websites or blog where they showcase their best work and provide contact information. 

If you don’t want to go through all the trouble of creating a website yourself, there is plenty of free software available online (for example, WordPress) that allows anyone with minimal tech skills to set up their site in no time at all.

Advertise Yourself As A Freelancer If You’re Not Already Doing So

Let’s start with the easiest of all: use social media. Advertise yourself as a freelancer if you’re not already doing so. 

You can use Twitter and LinkedIn to let people know that you are available for work. Use Facebook to promote your business and show off what it is you do, and how awesome it is that you do it!

Advertise on job boards like [the one I used](https://www.upwork.com/) when I was looking for gigs before starting my own website development business in 2017 (which has been my main source of income since). 

It can be helpful to create an account on sites like these where people looking for work go to find potential candidates (and vice versa). 

This is especially true if the clients are not aware of your skillset or experience yet; by advertising yourself as such. 

They’ll be able to find out more about what exactly it is that makes up who you are professionally so they can decide whether or not they want/need/should hire someone like themselves!

If none of those options seem feasible because there’s no way around them being prohibitively expensive (it’s worth noting here: there’s never been a better time than now during this recession). 

Consider creating your website supporting whatever service offering(s) of yours might be most appealing at this moment in time.”

Regularly Network At Industry Events Such As Conferences And Workshops (Online Or In Person)

Networking is a great way to build your business. If you’re looking for new clients or seeking out opportunities that will help build your client base in the future, networking is the most cost-effective way of doing so.

Networking can also be an excellent way to learn new skills and gain access to valuable information about the industry. 

For example, if someone at a conference reveals that they’re using a particular piece of software or technology that could serve as an effective tool for freelancers like yourself, don’t hesitate to ask them about it! 

You may wind up discovering something that makes your work easier and more efficient (and therefore more profitable).

Finally, networking can lead directly into new business partnerships—which means more income potential down the road!

Manage Your Time Well By Using Project Management Software If You Can Afford It Or Google Calendar If You Can’t Including Scheduling In Time For Rest And Relaxation!

Plan your time. You have to be able to prioritize what needs to get done, rather than wasting time on things that don’t matter as much.

Schedule time for rest every day! If you’re freelancing full-time, this is especially important because it’s so easy to burn out if you don’t take care of yourself.

Schedule in time for planning and strategizing this isn’t just about writing lists; it’s about making sure your goals are clear and achievable, which requires thinking them through properly first.

Schedule in time for learning just like studying at school, keeping up with new technologies or business practices will help you be more productive over the long run (and more employable).

Network with other freelancers (or people who can recommend jobs) online using social media platforms like LinkedIn or Twitter; 

Join groups where you can share knowledge and advice as well as ask questions when needed; 

Attend local meetups related specifically towards freelancers​or remote workers who might also be interested in working together/​with similar clients/projects​etc., etc., etc…the list goes on! 

The point is: There are plenty of ways we can stay connected without having direct contact all day long or even every week.”

Upwork, one of the leading freelancing platforms, can be a game-changer for your career. Don’t fear Upwork’s policies; instead, gain confidence with our insights on Why You Shouldn’t Be Afraid of Upwork’s Permanent Ban, and unlock the full potential of this platform for freelancers.

Conclusion

Not only is freelancing one of the most exciting and flexible career choices out there, but it’s also an increasingly popular choice for the modern economy. 

Freelancers are more likely to be satisfied with their jobs than traditional workers, and they report higher levels of freedom and financial stability. 

The best part about going freelance is you can always find work in any field or industry, as long as you know what skills make you valuable as a freelancer!

Further Reading

Freelancing in a Recession: Why It’s a Good Thing: Discover why freelancing can be advantageous during economic downturns and how to make the most of the opportunities.

Recession-Proof Freelancer eBook: Get practical advice and strategies to recession-proof your freelancing career in this comprehensive eBook.

Freelancing Through a Crisis: How to Stay Recession-Proof: Learn valuable insights on maintaining a recession-proof freelancing business and thriving during challenging times.

Frequently Asked Questions

How Can I Make Money Freelancing?

There are a lot of ways to make money freelancing, including writing, designing, and coding. You can also make money by doing things like teaching classes or working as an independent contractor for companies. 

The best way to find out what kind of work you are interested in is to try it out! If you’re not sure where to start, we recommend joining a site like Upwork or Fiverr, where you can find jobs posted by people looking for help with their projects.

What Do I Need Before Starting My Own Business?

You’ll need some basic tools to get started (like a laptop or desktop computer), but more importantly, you’ll need passion and perseverance! 

It’s also important to remember that your career as a freelancer isn’t always going to be easy – it takes time and effort before you start seeing results. But if this sounds like something you want to try out, then go for it!

What Does It Mean To Be Recession-Proof?

It means that you don’t have to worry about a layoff because you’ll always have work no matter what the economy is doing. That’s the beauty of freelancing!

Is Freelancing Only For Creative Types?

No! While it might seem like a good fit for artists and writers, freelancing can be done in any industry even if you’re not in sales or marketing! Even if you’re an accountant or engineer, there’s probably some way you could use your skills and make money doing it on the side.

What If I Don’t Have Any Experience?

That’s fine! The beauty of freelancing is that you can start small and build up from there. If you want to try out some new skills but aren’t sure where to start, look into online courses or 

YouTube tutorials. You can also reach out to other people who are doing what you want to do and ask them about their experiences they might even be willing to help teach you some things!