Why you should consider setting up a freelancing profile before the recession arrives

Nearly 70% of Americans believe a recession is on the way. Between gas and grocery store pricing surges, and big-name companies like Shopify and Peloton laying off staff, Americans (and those overseas) are worried they are not financially prepared for a full-blown recession, or worse, depression.

Yet, there’s one group of people who have historically fared well during periods of economic uncertainty. In fact, recessions have been touted as ‘huge opportunities’ for those working as full-time freelancers today.

Why?

As companies work to cut costs, lay off staff, and avoid bankruptcy, they shift their budgets from paying the benefits of their employees, to hiring one-off freelancers on a per-project basis. Since freelancers are independent contractors, the companies do not have to pay for their retirement, health insurance, and other benefits. Companies can work with the freelancers per-project, making it a much more agile use of their money as they navigate the economic unknown.

The freelancer benefits as well – more big-name clients are willing to pay for their rates. Plus, market shifts (like we saw with the pandemic) send even more businesses online into the digital realm, which increases demand for services like graphics and design, website development, and copywriting.

Recessions Fuel Freelancing Businesses

Some articles have detailed accounts from freelancers who found that their businesses picked up during the 2008 Great Recession, as well as the 2020 COVID-19 pandemic (I can vouch as someone whose freelance writing business doubled in revenue from March 2020 until November 2020). During periods of recession, companies become even more focused on activities that benefit the business and its cash flow. Freelancers directly impact the services that a company provides, which is why they become a paramount concern despite market collapses.

Before any economic meltdowns arrive, it’s a critical time to get online and set up your freelancing services. If you’re worried that you lack the experience to do so, know that every freelancer started at square one. Offering services for free, just in the beginning, can be a great way to fine-tune your business while getting to know more about yourself and what you want to sell.

Get On Freelancing Platforms Now (They Are Free to Join)

As you rev up your outreach, consider getting on big name freelancing marketplaces like Fiverr and Upwork. There are millions of buyers that use these sites every day to access quality, efficient freelancing services. I personally went on Fiverr in 2015, going from making $36,000 my first-year copywriting, to $273,000 by my third year as a Fiverr PRO Seller. I never in a million years imagined that kind of money resided in the world of freelancing, but I am here to tell you that almost eight-years into the game, there has always been a steady stream of clients.

Those who set up on Upwork or Fiverr right now are going to have a competitive advantage over those who wait a year or two, or until they are fired from their corporate jobs. These corporate CEOs do not care about you or your family – even if they lie and say they do.

Take matters into your own hands as a freelancer. Having financial autonomy will put you in the best possible situation heading into a recession.

To get started on Upwork, click here.

To get started on Fiverr, click here.