Recession And The Freelance Writer

For months now, all the talk has been of recession. Everyone’s wondering how it will affect their business and freelance writers are not exempt. Some clients might have to cut back on the amount of work they outsource because their business is in bad shape. (I haven’t had any business from the financial sector this month.) However, others may take the chance to avoid paying tax and benefits for in-house writers and outsource more of their work. There’s a 50–50 chance that this equation might go your way.

Keeping A Balance

I haven’t seen any slowdown in the amount of work I’m getting. For the most part, my clients are pretty solid and there’s been no indication of any plans to cut back. I’ve also managed to get a couple of new contracts. However, I am not taking this for granted. Especially at this time, it’s important to keep chasing work so that you have plenty in hand if a major source of income suddenly goes belly-up.

A 25% Pay Cut

Where I have seen an effect is in the exchange rate. Many of us work for clients in different countries and may be paid in different currencies. If you do, you might find that recession and devaluation have taken a toll on your earnings. A job that I get paid for in British pounds was worth 25% less at the end of the month than at the start of the month because of sterling’s fall in value. Luckily for me, I have clients in different countries, so that’s only a part of my writing income.

Protecting Your Writing Business

So how do you protect yourself against this kind of event? For me, it’s a question of paying more attention to managing my writing business. I can’t do anything about the economy, but I can make sure that I keep my personal economy ticking over. That means spending more time on self-promotion, seeking to get work from a diverse portfolio of clients, invoicing promptly and chasing late payment even more promptly.

How is your writing business faring at the moment? I’d love to hear your strategies for maintaining a steady income during an economic downturn.

(Photo: Dani Simmonds)