The Recession-Proof Your Freelance Business Class
How do you build a recession-proof freelance business, able to withstand whatever circumstances you find yourself in? Today we’ll unpack seven strategies to help you prepare for a potential recession and even thrive in the midst of it. Join us as we look to the future with hope, discussing the resilience of the freelance and virtual assistant industries!
[0:00] Introduction to the topic of building a recession-proof freelance business – Craig shares a story that illustrates how freelancing and entrepreneurship often flourish during a recession.
[3:24] How a recession creates a level of anxiety and vulnerability that inspires innovation, creativity, and change
Two Types of People Who Emerge During Economic Recessions
[4:27] Play It Safe Paul – how he embodies the characteristics of being stuck in survival mode.
[5:37] Make It Happen Mary – how she embodies the characteristics we should aspire to as freelancers or virtual assistants.
[6:33] Examples of businesses and professionals who showed innovation as they pivoted during the pandemic – how a recession can also open up opportunities for freelancers and VAs even in the midst of downsizing.
Seven Ways to Recession-Proof Your Freelance Business
[9:19] #1 Increase your savings rate – how to plan ahead for feast and famine moments by shoring up your finances.
[10:42] #2 Manage your business expenses – how to do a subscription audit to reduce and streamline your operating costs.
[11:47] #3 Diversify your service offerings – how to level up your skills in areas where there is great demand.
[13:53] #4 Reconnect with people in your network – how to position yourself for new opportunities with previous clients and other people who may want to work with you.
[14:58] #5 Flex your marketing muscle – examples of how to fire up your marketing activities in innovative ways.
[17:02] #6 Be nimble and adapt on the fly – the importance of being ready to shift and adapt where needed.
[18:05] #7 Learn and grow – the importance of investing in yourself so you can diversify your services and pursue new client opportunities.
[19:52] Summary of the Seven Ways to Recession-Proof Your Freelance Business
[20:46] How to level up your skills at Freelance University – the value of learning how to master, market, and monetize a skill set.
[21:39] How to join Freelance University – the benefits of being part of FreeU.
Resources and Tools Discussed in this Episode:
Support the Freelance Podclass!
– Leave an honest review on iTunes. Your ratings and reviews help our podcast to impact so many other freelancers around the world.
– Subscribe on iTunes if you haven’t already!