How To Stay Up When the Economy Is Down

“… the Chinese word for “crisis” is “danger plus opportunity.”

Washington Post, June, 17, 1940

Read the headlines or watch the news on any given day, and chances are, you’ll hear about more layoffs, bailouts, bankruptcies, company closings, and credit crunches than ever before. With a steady diet of this news, it can be difficult to keep your attitude from sinking as low as the latest stock market plunge.

As I mentioned in my first post, it is a very interesting time to be a freelancer.

But I also think it’s a time of great opportunity—if you adopt the right attitude and take the right action. I’ll address the attitude part of the equation today. Going forward with other posts, though, I’ll tackle the action steps that will help keep your business on track regardless of what the stock market decides to do on any given day.

It’s also worth remembering this: many successful businesses—including Microsoft, Hewlitt-Packard, and Walt Disney Co.—were actually launched during recessions. And if it’s any comfort, I also happen to know quite a few freelancers (myself included) who are busier than they’ve ever been—despite the doom-and-gloom headlines these days.

So turn off the steady stream of bad news for a moment, and tune into these facts. As a freelancer, you:

• Have communication skills that will always be in demand. Companies, organizations, and media outlets are always going to need people who know how to communicate clearly and effectively. And in this economy, good writers and editors are needed more than ever. Many companies have had to lay off full-time employees, but the need for well-written articles, marketing materials, training manuals, and other communications is still there.

• Have the freedom to work for more than one organization. Unlike a full-time employee at XYZ corporation, you have the ability and the freedom to work for more than one client. Ideally, you are already focusing on diversifying the number of clients you work with–even in good economic times. And compared to those who rely on only one employer for a paycheck, you have a distinct advantage because you already know how to create multiple streams of income for yourself.

• Are already in gig/job scouting mode. Most successful freelancers I know are constantly on the lookout for new clients, markets, and publications to help keep money flowing in the right direction. And in order to attract new clients, most successful freelancers have up-to-date résumés and work samples on their Web sites or online profile pages. If you know how to tap the potential of social networking sites like LinkedIn, Facebook, and Twitter, you also have an advantage.

• Are more nimble than big business. As a freelancer, you are able to shift the direction of your business much more quickly than a larger company. Unlike those who work for larger organizations, you don’t have to consult with anyone when the market is telling you to expand in another direction. All you have to do is decide where you want to focus your energies next and start moving in that direction.

• Have a lot of courage. This business takes a lot of moxy, guts, a healthy appetite for risk, and an entrepreneurial spirit. If you’re already freelancing, pat yourself on the back—you already possess these traits.

So the next time you feel a twinge of fear, keep these things in mind. As a freelancer, you really do have a lot in your corner. And with the right tools, actions, and information, I am confident that you will succeed.

Oh, and if I left anything off this list that you’d like to add, please drop me a line—I’d love to hear from you!
-Jenny