Recession-Proof Your Freelance Writing Business
Success Tips for Freelance Writers in a Difficult Economy
Jan 19, 2009
Whether you're relatively new to freelance writing, or a seasoned veteran, the news is both good and bad. Despite the falling value of the dollar, the pound and the Euro, freelancers do have a few advantages over salaried writers:
- As self-employed contractors, they can choose their markets, selecting a variety of jobs in different countries and currencies
- Many companies are choosing to out-source their writing jobs, while cutting back on in-house writers
- Freelance writers have the ability to continue chasing down new markets and new niches
- Rising or falling gas prices have little effect on a freelancer's bottom line, since most work is done with a telephone and the Internet
Keep Income Expectations Reasonable
On the other hand, the bad news is:
- Many companies are cutting their rates for freelancers or holding them steady despite inflation
- The exchange rate fluctuates from day to day, so the job started today may be worth 25% less by the time you are paid
Whether freelance writing is your full-time job or a sideline, you need to pay much more attention to your business in the current economy. How do you stay ahead of the game?
Diversify and Promote to Ensure Steady Work
First of all, you need to diversity. Have clients in different countries and different sectors so that even if one market dries up, you have others to fall back on. If you don't currently write for local markets, look into local businesses and publications. If that's all you have right now, then work on developing global markets.
Next, spend more time on self promotion. If you don't have a Web site already, get one. Write for online markets as well, so that you have readily available clips.
If you primarily write on one or two topics, start brainstorming other niches. While many industries are struggling right now, there are still plenty of opportunities to branch out and find new markets.
Put more time into the financial end of your freelance business. Invoice promptly, send out reminders to late payers, and figure out how you can cut business expenses.
Above all, be flexible. Freelance writing is not for the faint of heart. It requires you, as a writer, to wear many hats: writer, market developer, business manager. It also requires you to think way outside the usual corporate box of doing the same job day after day.
However, it also allows you the freedom to pursue your dreams while bringing in a paycheck, even if these difficult times. It's true that the paychecks may not be as large as you'd like, but you have a lot more control over your finances than someone who's counted on a salary for years.
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