The Daily Procrastinator

The turmoil in financial markets has left everyone panicked. It’s hard not to look at your IRA statement without freaking out just a bit. Jobs are less secure and freelance work will likely be harder to come by as we dive deeper into 2009. 

The lessons of the financial crisis parallel the lessons learned in managing my freelance business.

1. Diversify. It’s very easy to rely on one or two major clients as your primary sources of income. But the safest option for you and your business is to work with a diverse group of clients, preferably spanning more than one industry in the event that a particular sector is hit hard. I peek at my active client list shows that I have an equal number of agencies and direct clients across three industries. While I prefer to have the opportunity to work with a client directly and see a project from start to finish, It’s immensely helpful to know that my agency partners are out these hustling for business, alleviating some of my burden of selling.

2. Market yourself. Take advantage of the downtime that you find in this slowing economy and use it to revamp your marketing. Try a new logo. Re-evaluate your positioning. Retool your website. Have networking lunches with colleagues. Get out of the house. The more isolated you are, the more worry you’ll feel.

3. Cut back on the caffeine. It’s not helping your anxiety level.

4. Come up with one big, crazy idea. Maybe it’s an end-of-year mailer to clients and prospective clients, showing them how unique and interesting you really are. Maybe it’s a collaborative project with another freelancer, designed to be a portfolio builder for both of you. Don’t underestimate the value of an eye-catching reminder.

5. Think long-term. Freelance work has its ups and downs. Try to remember that it’s part of the natural cycle of business. Don’t get depressed when things are slow, any more than you should be overconfident when things are hot. Like the stock market, things tend to average out and even improve with time.