In the 2000s, there have been several recessions: 2001, 2007–09, and 2020. Depending on your definition and which economists you listen to, it’s possible we’re in one right now or could be heading into one next year. I still feel sick to my stomach when I think back to 2001. I’d been in business for myself for two years, and everything was going great . . . till it wasn’t. Client budgets dried up and my phone stopped ringing. I knew I wasn’t going back to a corporate job, however, so I needed to hustle and figure it out. Here are a few of the ways that I have built my business up so that the ’07–’09 and ’20 recessions had far less impact on my freelance income.
- You have more control than you realize. Even in a weak economy, there are companies that are chugging along or thriving — but it takes extra effort to find them. Here I’ll plug former NAIWE expert Peter Bowerman’s The Well-Fed Writer series, which I used as my playbook in 2001. Using his strategies, I made a few hundred cold calls, secured a bunch of new clients, and got back on track.
- Saving up a go-to-hell fund is an obvious way to protect yourself against economic uncertainty. I love saving any way I can. The easiest is a monthly auto deposit into my brokerage account from my bank account, so I don’t have to think about it. Important to note that saving money isn’t about expecting to use it. It’s so you can make clear decisions and avoid taking lousy projects out of desperation.
- Diversifying your freelance business with a mix of clients, project types, and industries is another key to surviving challenging economic times. My basic rule of thumb is that I try not to have any client be more than 30% of revenues. The phrase anchor client makes me break out in hives! I knew freelancers who made a ton writing about real estate during the housing boom . . . and then got wrecked when everything crashed. This isn’t an argument against specialization, but rather a cautionary note that booms never last.
- It’s also about mindset. Are you in freelancing for the long haul? Are you developing client relationships strong enough that they’ll always find budget for you? Are they giving you high-quality referrals? Over time, your system needs to be resilient.
- There’s no guilt in doing something on the side to generate a bit more income. (For example, I coached rowing for a long time and hope to get back to it.) As long as it’s not taking too much of your time, side income can help take the sting out of downturns.
- It’s a good time to take a cold, hard look at your expenses and pare back where you can. A few months ago, I dumped a variety of subscriptions that no longer delivered return-on-investment, and I changed my Adobe account to a better option. I’m currently considering changing from cable internet to Verizon 5G, which just arrived in my neighborhood. Every bit helps.
- In addition to the potential of recession, inflation is also taking a serious bite out of how far our money goes. I don’t do annual price increases, because my projects and clients are all over the board. But as I negotiate with new prospective clients, I am taking inflation into account.
Economic downturns are inevitable — and the same type of preparation you do for a recession can help eliminate freelancing peaks and valleys.
Jake Poinier made the leap into freelance writing and editing in 1999 after a decade of positions in the publishing industry, giving him key insights from both sides of the desk. As the founder and owner of Boomvang Creative Group, he has worked with a diverse array of Fortune 500 and small businesses, consumer and trade magazines, and independent authors. Jake is committed to helping freelancers improve their businesses and shares his knowledge and experiences frequently as a speaker at industry conferences, through webinars, and on his blog.
Let’s take this question from the 30,000-foot view for now and ask the bigger question, how does anyone sell more of anything? It comes from a conversation expressing a need and finding a solution. Whether your need is to have your battery replaced in your car or the need to buy a gallon of milk, you identify the pain point and offer the solution. Not everyone will have the same need, so not everyone will be interested in your book. The key is knowing your target audience and reaching them on an emotional level.
Suzanne Lynn Cheesman has been in radio for the last 25 years, in New Jersey, South Dakota, Minnesota, Missouri, and Florida as well as having hosted her own nationally syndicated show. She now runs a digital media company that helps authors sell more books and build their brand with video and radio interviews. She currently hosts the Triangle Spotlight radio show on WQBQ 1410-AM, a Central Florida radio station that has a coverage area of half a million people. On this show, you can hear authors from around the country and around the world share their heart behind the writing of their books.
Nicole Evelina is a USA Today bestselling author and biographer who writes historical fiction, non-fiction, and women’s fiction. Her six books have won more than 40 awards, including four Book of the Year designations. Nicole was named Missouri’s Top Independent Author by Library Journal and Biblioboard as the winner of the Missouri Indie Author Project in 2018 and has been awarded the North Street Book Prize and the Sarton Women’s Book Award. One of her novels, Madame Presidentess, was previously optioned for film. She also has four non-fiction books due to be published from 2022–2024.
Laura Pennington Briggs is the founder and CEO of the Freelance Coach. A two-time TEDx speaker on how freelancing is changing the economy and the host of the weekly Advanced Freelancing podcast, Laura has helped over 15,000 freelancers start and scale their business. She’s an expert on systems, project and client management, marketing a solopreneur business, delegating to team members, retainers, and developing multiple income streams for writers of all stripes. Laura is the author of five books, including the Six Figure Freelancer and How to Start Your Own Freelance Writing Business. She’s also the founder of Operation Freelance, a national nonprofit providing free entrepreneurship training to military spouses worldwide.
Yateendra Joshi, has been copyediting scientific and technical documents for more than 30 years and helps researchers and academics get published in high-impact-factor journals. Certified as a master editor by the Board of Editors in the Life Sciences — only 30 editors worldwide have been thus recognized so far — and a former researcher himself, Yateen has taught full-semester courses on technical writing, has conducted more than 30 shorter training programs, and as many webinars from March 2020 to December 2021 on successful submissions to high-impact-factor journals. Yateen is a member of the editorial board of Information Design Journal, was elected for the second term (2021–2023) as a member of the council of the European Association of Science Editors, and is a professional member of the Chartered Institute of Editing and Proofreading. His book, Communicating in Style, was favorably reviewed by a dozen international journals and newsletters, and the late John le Carré called it “A gem. Courteous, unfrightening and essential. A perfect companion to Fowler’s A Dictionary of Modern English Usage for today’s communicators.”
Ruth Thaler-Carter has been a full-time freelance writer, editor, proofreader, and desktop publisher for more than 30 years. She has been published locally, regionally, nationally, and internationally in, and does writing, editing and proofreading for, publications, associations, nonprofits, websites, service firms, and businesses. She sold her first freelance articles when she was still in high school. Often called the Queen of Networking, Ruth is active in about a dozen professional associations, serving as a newsletter editor, webmaster, publication author, speaker/presenter, blogger, program host or planner, and chapter leader. In 2006, Ruth launched the Communication Central “Be a Better Freelancer”® annual conference to help aspiring and established freelancers find greater success and connections with colleagues. Ruth is also owner and editor-in-chief of the An American Editor blog and owner of the A Flair for Writing publishing business. She received the Philip M. Stern Award of Washington (DC) Independent Writers for service to freelancers; the Writers and Books Big Pencil Award for teaching adults and contributions to the literary community; EFfie awards for writing, editing, and newsletters; and the APEX award for feature writing. She was also an IABC/DC Communicator of the Year.
Kristen Fischer is a copywriter and journalist living at the Jersey Shore. She worked as a reporter and copyeditor for Gannett before launching her full-time freelance business in 2005. Her work has been published in Parents, New Jersey Monthly, Prevention, Woman’s Day, SheKnows, and Healthline.
A farmer on a horse looks at the Tungurahua volcano eruption on December 10, 2010, in Banos, Cordillera, central Ecuador. (Photo by Kseniya Ragozina)[/caption]
There is a little-known field on the website of The Associated Press Stylebook that lets users outside AP offer suggestions for updates for the style guide. I’ve dug my way through various layers to find it, and I’ve offered my thoughts on various minor questions of language and usage. The most recent was one of the more inconsequential, I thought, but it was also a relative no-brainer. AP Stylebook took my suggestion, even
This illustrates a strength of the AP Stylebook over other reference sources — it responds quickly when it needs to. It was updated almost immediately after I brought Ecuadorian to the Stylebook editors’ attention. Every spring, the book publishes anew with scores of changes and additions. Between editions, the online version updates as needed. Some recent additions include advice on reggaeton, the musical style, and on the United States–Mexico–Canada Agreement, the successor to the North American Free Trade Agreement (the initialism USMCA is acceptable on first reference with a definition, but spelling it out is preferred).
Mark Allen is an editor, writer, and teacher focused on helping people communicate with clarity and honesty. He has trained hundreds of editors and writers on a variety of topics, including the latest and most important elements in the Associated Press Stylebook and the Chicago Manual of Style. Mark has led conversations about copyediting and writing at conferences and workshops in Detroit, St. Louis, Las Vegas, New Orleans, Philadelphia, Portland, Columbus, Chicago, Pittsburgh, New York City, and York, England. He was the first freelancer elected to the executive board of ACES: The Society for Editing, and Mark currently teaches advanced copyediting for UC San Diego Extension’s copyediting certificate program.
Claudia Suzanne is a consummate ghostwriter/teacher, understanding what authors need in order to successfully complete their book dream, and she has a finely honed talent for communicating what she knows to her students and clients. Popularly dubbed “The Einstein of Ghostwriting,” Claudia has entertained and informed tens of thousands of writers, editors, journalists, and aspiring authors at countless writer and professional meetings, conferences, radio and BlogTalk radio broadcasts, webinars, and podcasts. Claudia was an invited expert on Penguin’s Author Solutions Expert Video series and a featured entrepreneur in Orange County Business Journal and Norwegian Business Daily. Her signature title, This Business of Books: A Complete Overview of the Industry from Concept through Sales, earned her a 2018 Author of Influence Award from Connected Women of Influence.