GUIDE • 3 mins

Guide to Freelancing During a Recession

Sara Bright

When we hear the word recession, most people resort to panic mode. And while it is true that a declining economy is never good, it may not be the worst thing for some workers, specifically freelancers. In fact, a freelancing job is often more appealing during a time of recession. A recession may just open opportunities for freelancers, and businesses may be more likely to hire freelancers; keep reading to find out why, as well as to learn ways to improve your success as a freelancer during a recession.

So why would companies be looking for freelancers during a recession? 

Firstly, freelance services benefit businesses. During a recession, a company will most likely place the most importance on sustaining its business. That means that businesses will look to see how their business can benefit most while staying cost-effective. In order to successfully freelance during a recession, clearly express how your services benefit the business in any way; the company will want to get you on board if it means they will stay strong and combat the recession. 

Secondly, freelancers require fewer employee benefits, which is an added bonus for a company looking for workers at a lower cost when the economy is unstable. Contact companies to see if they need help, and propose to them the benefits of hiring a freelancer! If they are smart, they’ll know that your services will help them during this tough time. 

There are also many benefits to freelancing during a recession that you should consider. Here’s how you can take advantage of them: 

Embrace the beauty of income diversification. When a recession hits, the possibility of being laid off becomes very real; this may cause extreme financial stress for many people. However, as a freelancer, you can work on multiple projects at once. Engaging in freelance work during a recession is a way to avoid putting all your eggs in one basket. There will be less of a worry about losing your whole income. Freelance work will keep you on your feet and allow the money to flow in despite the poor economic conditions. When there is no longer the guarantee of a stable income, it is nice to have multiple ways to earn extra money. In a time of financial crisis, income diversification is something you should be looking for, and freelancing is a way to achieve this. 

Grow your skill set by becoming a freelancer. You could be doing multiple projects throughout the year that require different capabilities that you will pick up along the job. In general, you can never have too many tools under your belt. The job opportunities can range from a freelancing social media manager to a marketing freelancer, as well as a freelance photographer or a freelance tutor. The opportunities are endless, and freelancing will make you an overall more competent worker with a stronger resume displaying your abundance of skills. If you want to broaden your areas of expertise, you may want to look into freelancing, and a recession may just be your opportunity to do so.     

It is likely that people will panic when there is talk of an upcoming recession, and of course, there are reasons to worry. However, the best course of action is to prepare a plan beforehand. If you aren’t currently doing freelance work, consider picking it up when the economy is suffering. It may just be what you need to get you, and any lucky business, back to stable ground. It also frees up a lot of time in your daily schedule; the flexibility to create your own hours creates many opportunities to pick up new hobbies, or allows for more time spent with loved ones, during a time when there is much uncertainty. Our future is digital, and freelance work will allow you to take part in this new trend that will likely never end. 

Bask in the numerous possibilities that freelancing provides you; freedom, new opportunities, growth as a professional, and money in your pocket. And don’t forget about the impact you will be making on these struggling businesses that need your help and service to survive a recession. 

If the economy starts to decline, don’t spiral with it. Explore your options as a freelance worker; you never know what opportunities lie ahead and what impact you can make!