Many businesses around the world have suddenly either ceased or shifted to work from home setups to continue their operations. Many office-based workers were laid off from their jobs or were forced to work from home. Freelancers are also affected as many of their projects were cancelled as various businesses cut down their expenses by ceasing their operations.
There are still companies that continue to operate during the coronavirus outbreak, and the competition to get any remote job offers will be fiercer than ever as prices go down to help manage the current crisis. Freelancers will have a hard time coping with these times, which is why they must know how they can weather these times to survive.
Adjust Spending Habits
One of the essential things that everyone affected by the crisis must do is evaluate their finances so they can remain financially secure. Those lucky enough to have worked on multiple projects in the past might have emergency funds should they remain jobless or at least have a hard time getting projects for an extended amount of time. The ideal amount of income to serve as an emergency fund is around 3-6 months’ worth of income.
Regardless of how much money freelancers still have on hand or in their bank accounts, they will need to adjust their expenses so they can cut back on their costs. Eking out is a must to ensure that people can last for as long as possible with little to no sources of income.
When possible, freelancers should look for ways to increase their savings. Being able to get additional work doesn’t give anyone the freedom to spend carelessly. Any income gained in these times must be allotted to one’s savings to ensure that they won’t run out of money during the outbreak.
Adjust your skillset
There will be an even tighter competition on available freelance jobs during the COVID-19 outbreak, as both veteran freelancers and those forced into the industry due to circumstances compete to get a job. Several freelancers have lost several thousand worths of projects as their clients opted to cut their expenditures and postpone their advertising projects.
There will be a change in demand for freelancers as several skillsets will see more use than the others. The companies that will continue their operations will likely have little need for advertising projects and will instead require assistance with back-office work and other projects to keep their businesses afloat.
Freelancers will likely be employed as executive virtual assistants, social media managers, writers, and others that a business might need. Those who need to get a gig will need the skills that are in demand so they can make a profit.
Freelance writers can offer their services to their regular client base to write blog articles or newsletters regarding COVID-19 developments to reassure their customers.
Plan, Train, and Prepare for the Future
COVID-19 has led to a downturn in various industries, and this can be worrisome for many people who have suddenly tried their hand in the freelancing industry. Veteran freelancers who have weathered downturns before aren’t too nervous with the downturn resulting from the coronavirus outbreak.
There are different opinions regarding the state of freelancing in the business world as freelancers see the downturn lead to an increase of demand for remote workers or for remote work to skyrocket only once the virus is under control.
Freelancers can weather the current downturn by creating their action plans to prepare themselves when everything’s gone back to normal. Remote workers can offer online courses or publish action plans to help other freelancers. Working on these will also keep a freelancer from getting rusty.
The sudden downturn is also a perfect time to take on online training courses and learn new skills. Freelancers who are looking for additional clients during the outbreak will need to learn new skills right now.
Connect within your network — and outside of it
The freelance world is volatile by nature, which is why freelancers must establish a network of professional support to aid them in hard times. Having a network can help remote workers stay employed as they go back to their past clients or are referred to new ones who might need a freelancer to work on something.
Freelancers can also get connected with companies to become virtual assistants so that they won’t have a hard time looking for clients on their own. Having the backing of a company will ensure that a freelancer can have an easier time weathering downturns.