How do you build a recession-proof freelance business, able to withstand whatever circumstances you find yourself in? Today we’ll unpack seven strategies to help you prepare for a potential recession and even thrive in the midst of it. Join us as we look to the future with hope, discussing the resilience of the freelance and virtual assistant industries!
Podcast Outline:
[0:00] Introduction to the topic of building a recession-proof freelance business - Craig shares a story that illustrates how freelancing and entrepreneurship often flourish during a recession.
[3:24] How a recession creates a level of anxiety and vulnerability that inspires innovation, creativity, and change
Two Types of People Who Emerge During Economic Recessions
[4:27] Play It Safe Paul - how he embodies the characteristics of being stuck in survival mode.
[5:37] Make It Happen Mary - how she embodies the characteristics we should aspire to as freelancers or virtual assistants.
[6:33] Examples of businesses and professionals who showed innovation as they pivoted during the pandemic - how a recession can also open up opportunities for freelancers and VAs even in the midst of downsizing.
Seven Ways to Recession-Proof Your Freelance Business
[9:19] #1 Increase your savings rate - how to plan ahead for feast and famine moments by shoring up your finances.
[10:42] #2 Manage your business expenses - how to do a subscription audit to reduce and streamline your operating costs.
[11:47] #3 Diversify your service offerings - how to level up your skills in areas where there is great demand.
[13:53] #4 Reconnect with people in your network - how to position yourself for new opportunities with previous clients and other people who may want to work with you.
[14:58] #5 Flex your marketing muscle - examples of how to fire up your marketing activities in innovative ways.
[17:02] #6 Be nimble and adapt on the fly - the importance of being ready to shift and adapt where needed.
[18:05] #7 Learn and grow - the importance of investing in yourself so you can diversify your services and pursue new client opportunities.
[19:52] Summary of the Seven Ways to Recession-Proof Your Freelance Business
[20:46] How to level up your skills at Freelance University - the value of learning how to master, market, and monetize a skill set.
[21:39] How to join Freelance University - the benefits of being part of FreeU.
Resources and tools discussed in this episode:
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