There are many reasons to become a freelancer; be your own boss, greater flexibility, work on what you really want, etc., and many people who freelance never regret the decision they’ve made.
However, every single business out there goes through a slow period, and people who are self employed aren’t exempt from this rule. And because you’re the one in charge, it’s all up to you what happens next, and that can be both an exciting and a scary thing to have to face.
So, when it comes to a slow period in your freelancing business, what can you do? You still need to turn a profit, but opportunities are slim – if you find yourself in this situation, here are some ideas to keep in mind.
Sell a New Product
You can’t quite get enough clients together right now, or even your regular retainer client has nothing for you at the moment, and you’re left with some free time, low profits, and the same bills to keep paying. And that’s why it’s a good idea to come up with a new product or service.
Branch out a little here. Put together an ebook you can sell, or a course you could teach, that people can sign up to at any time. These are both forms of passive income, so once you put the effort in, you won’t have to put any more in down the line, which still leaves you free to do your regular work once it picks back up again.
Make Some Noise
Take the COVID-19 pandemic as an example here, and take a leaf out of Michael Lerner’s book: if you’re running a freelancing business that requires a lot of face to face, physical contact/presence, write about how it’s becoming difficult, and begin to collect a community of freelancers just like you together.
Even just two heads are better than one, and in making some noise about your business, you’ve got a chance to make something new of the situation. You’ve got a chance to create a group that offers a new service, or come up with some new funding, or even just find out you’re not alone during your slow period.
Research Some New Clients
You’ve got more time than ever before on your hands, and that can make chasing down client leads a lot easier than ever before! After all, this should be a big part of your job already, and knowing where your next project is going to come from is a key skill in being a freelancer.
Look into your niche. Look into the companies or websites you want to work for, and find out what they’re looking for from the freelance world. Put together a new letter of enquiry, with all your new experience, and don’t be afraid to reach out.
Your freelance business may start to slow down. You’ll need some ideas for times like that, to keep your company going when the going gets tough.
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