How to prepare yourself best for a downturn in order not being projectless
Prepare yourself for the economic downturn that looms ahead, already making its presence felt in 2023 and likely extending into part of 2024. While the European Commission's forecasts for Europe may not be very bitter as we expected, they are certainly optimistic either. As the aftermath of price surges in the fossil fuel market, supply chain disruptions, and ongoing war continue to reverberate, certain sectors still bear the brunt of this crisis. However, it's important to recognize that this trend extends beyond Europe; the global economy is equally affected.
In such challenging times, numerous companies are tightening their belts, shedding "redundant" personnel from their perspective, and putting previously planned projects on hold. Unsurprisingly, these developments have a significant impact on freelancers, also those in the tech sector.
As a Freelancer, what can you do to manage in this difficult time?
1.Networking first of all! The freelance world is all about networking. Connect with people in your industry, attend events, join online communities, and keep in touch with past clients. When things get lean, this network can help you with referrals and potential projects. Networking is also part of a bigger activity which is keeping up with industry trends, market demands, and new technologies (remember, still nothing is a better source of information than the community of people sharing their knowledge and information they got). Know what's going on in your industry. You can use this information to customise services, take advantage of new opportunities, and predict declines.
2. Present outstanding Image: Maintain an Engaging Portfolio and Website. In the world of freelancing, your portfolio is your business card, your way to attract new clients. Craft a compelling portfolio that highlights your finest work, ensuring it remains up-to-date and meticulously curated. Devote attention to maintaining a professional and easily accessible website. Showcase your expertise prominently and vividly demonstrate the value you bring to potential clients. Amaze them with your portfolio and website!
3. The Power of business bonds. Well-kept existing client relationships are a pillar of sustainable success. Delight your clients by consistently delivering exceptional work, exceeding their expectations, and providing excellent customer service. Emphasise open and transparent communication throughout the project lifecycle. Satisfied clients are not only more likely to return to you for future endeavours, but they also become a marketing tube for your business, because happy clients will refer you to others in their network. Cultivating lasting connections ensures a steady stream of projects and a solid foundation for your freelance business.
4. Diversity means more stability. Relying on a single client or a select few exposes you to significant risks if they reduce their workload or encounter financial hardships. Safeguard your business by actively diversifying your client base. Seek clients from various industries or geographic locations, as this diversification acts as a buffer against potential slowdowns. Remember to think globally, not only locally. If one client experiences a decline, the presence of others can help sustain your business and keep your income flowing consistently.
5. Be versatile like Da Vinci. Expanding your skill set and diversifying your service offerings can significantly make you more attractive on the market. Analyse the demand for complementary services within your industry and identify areas where acquiring new skills would be advantageous. This flexibility allows you to adapt to the ever-changing needs of your clients and attract a wider clientele. Make yourself a versatile professional capable of addressing multiple requirements, you broaden your appeal and increase your chances of securing diverse projects.
Remember, times are a bit tougher now, but no crisis lasts forever. Stay Optimistic!