Freelancing in a recession

I've had one agency that I regularly freelance for that has tried to negotiate the rate down - in the end we met half way. I wouldn't always agree to this but they have been a regular client, are very reliable payers and I knew that it was being done for genuine reasons of necessity rather than them taking advantage of the economic situation. They are also comparatively local to me so, even at a lower rate, are preferable to some agencies further away where my travel time and transport costs are higher.

I've tightened up my procedures for getting paperwork in place in order to try and protect myself as much as possible against clients not paying. I've not tried to diversify but I've tried to expand my client base in order to not be so reliant on just a few companies. I've probably kept a closer eye on expenditure than I might have done in more certain economic times and have reviewed any areas I can cut back on if possible. I've kept in touch with clients and suppliers and have resisted the temptation to follow the pattern of so many clients and delay payments to them - being known for regularly paying on time means you'll receive much more understanding if and when you genuinely need to pay a little late.

Actually I've seen the downturn as an opportunity - as clients look to save costs a freelancer or small business can be a more cost-effective supplier for them. Also, in some cases I've gained freelance work as a result of agencies deferring recruiting permanent staff whilst they see how things work out. Any increased 'free' time has also given me opportunity to review my own procedures and marketing, to start looking for new clients and to educate myself in some of the areas I need to improve on. Basically I aim to to try and get myself in the best position I possibly can be for when the economy starts growing again.

Dave

Hi Dave,

All those sound like good ideas. I am definitely planning to use any downtime to do training and up my marketing game.

Sarah

Best advise I can offer is not to get 'gloomy'........there are certain sectors that are hit worse than others......housing, finance & automotive all look bad right now, so focus on clients that operate in sectors that are still bouyant.

If theres's -say- a 5% contraction in the economy, that still leaves 95% up for grabs......clients still need copy, websites & bespoke design/images.

Unless you've been living in a cave you'll know that there's a LOT of cash being pumped into the economy RIGHT NOW......that money is going to be spent somehow.........why not on your particular client offer. :cool2

IMHO, things are no different from six months ago.......clients are still there, work still needs doing, the game hasn't changed that much [unless your main/only clients were all living in sin with their flexible friends].

I've had only a handfull of weekends 'off' since the economy supposedly 'tanked' last autumn.........hard to imagine a busier time..........go figure!

Freelancers can propser in a recession

In my field (editing) many are saying that freelancers benefit from the recession, as publishers still have books to publish (some work on a long timescale of planned titles) but are laying off staff, so needing to outsource the work. I've certainly not seen much (if any) of a decline in such work.

Work from private individuals has, however, become more scarce, except for non-native students, who often have funds for this.