How to Survive a Recession as a Freelancer

Clients come and clients go but you still need to pay the rent. Finding clients is a big concern to the freelancer and that simple fact of life can turn into a major anxiety attack during an economic downturn. Here's a system to minimize the angst and keep your landlord off your back.

Instructions

Difficulty: Moderately Challenging

1. Recessions affect different companies and different industries in a variety of ways. Keep close tabs on what is happening to your clients' prospects as well as those of the customers they serve. This information will help you make decisions.
2. Give your existing clients a big hug by going the extra mile for them on a regular basis. For instance, a freelance writer who completes a corporate press release might take a few minutes to create a question-and-answer document and send it in with a note saying, "No extra charge, of course. Just thought it might help you."
3. If your bread-and-butter clients drop hints about budget problems, indicate you might be able to help by "adjusting" your rates. Calculate your profits to see how much you can afford to trim.
4. Check out postings at online job boards, not for you, but to find potential new clients. The pitch is simple: you know your stuff, working with you can hold down head-count and it gives the company more flexibility during difficult economic times.

Tips & Warnings

• Shoring up your position with existing clients has long-term benefits, too.
• The key goal is maintaining a positive cash flow, even if it means you must switch to domestic sparkling wine from champagne for a while.
• If you agree to cut your rates, be sure it is for a specific period of time, say the next fiscal quarter. Otherwise you'll be stuck at that level forever.

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