When the economy is booming, there are a ton of job opportunities. Businesses find the hiring process to be too slow. Entrepreneurs have a lot of energy and imagination. New mobile applications are released daily. Small businesses profit from the profitability and loyalty of their customers.
When the economy is unstable, the environment changes significantly. As fear sets in, the hiring process slows down. Searching for independent or freelance work during a recession may seem counterproductive. I’m here to show you why the opposite is true.
Freelancing during a downturn can be a wise choice. Whether you freelance in addition to a full-time job or work as an independent contractor full-time, the flexible lifestyle of independent work can be a way to recession-proof your income. Continue reading to find out more about the benefits of freelancing during a recession.
Freelancers are frequently more sought-after by employers during a recession. A sole proprietor or independent contractor does not require the extensive benefits package of a full-time employee, such as health insurance, a 401(k), or paid time off.
A freelancer is also willing to work more flexibly or as needed. Instead of needing a 40-hour work week paycheck, a consultant will frequently work a flexible 10-15 hours per week while still providing what an enterprise needs to keep the lights on, fill gaps, and create forward momentum.
A job termination can be a distressing event. Displaced workers who were accustomed to working full-time for an employer have their entire way of life destroyed in one fell swoop.
Hearing that a project or contract is coming to an end may be part of a freelancer’s daily routine. Various projects are simultaneously managed by independent contractors. This shields them from the shock and negative financial effects of losing all of their income.
Having a second source of income on the side is becoming increasingly popular, despite the fact that the term «side hustle» is relatively new to this decade.
Diversifying one’s sources of income is especially important during economic downturns. Employees feel more secure knowing they have a variety of other ways to make money when they feel their once-stable corporate income is now uncertain.
Rapidity of skills
Diversification is crucial for freelancers for reasons other than income. The secret weapon of every consultant and independent contractor is amassing a diverse range of experiences and abilities.
Over the course of a year, working on several projects per month gives you an undeniably impressive resume. Freelancers naturally build a strong portfolio with each new project, and they also acquire agility that can’t be learned any other way.
Even when they frequently change roles within a company, employees continue to operate within a single corporate culture, which naturally reduces the amount of experience that can be gained.
The vast majority of business variations, including various personality types and corporate cultures, are dealt with by consultants, in contrast.
Most importantly, independent contractors can choose to work on cutting-edge projects if they so choose. When new market niches in fintech, IoT, and app development emerge, savvy freelancers can target those booming industries to stay relevant.
An Ecological Portfolio
A freelancer regularly updates their portfolio and skill set, as was already mentioned. Every time a project is finished, a consultant has a new opportunity to win over a client. The results of numerous engagements can also be seen.
Real-world examples, such as a fresh email campaign with convincing statistics or a case study of a successful project launch, show employers that a freelancer has a successful track record.
In challenging economic times, everything is examined more closely. A current portfolio and a strong collection of recommendations can help a consultant stand out from the competition.
Finding Cheaper Childcare
Along with earning money, freelancing can also enable you to save money. When an employee is required to work from nine to five, full-time child care is necessary for parents of young children, but the cost of daycare can be prohibitive.
Due to the flexibility of independent consulting, many parents prefer part-time childcare to full-time. When a freelancer is able to create a flexible workweek, they can select more affordably priced child care, saving money in the process. A full-time job frequently gets in the way of parents’ wishes to spend more time with their children, which is another common complaint among parents.
Children and a full-time freelance lifestyle can be difficult to manage at the same time, but many people do. By working nights and weekends and being adept at multitasking, consultants can manage both children and freelancing.
When the economy is stable, it is easy to feel secure about your income and way of life. However, many people start to lose faith in stability when the economy starts to sputter. One of the best ways to reclaim control and confidence is to pursue freelance work. Beyond just making more money, working independently has many advantages.
Acting is the best way to start a freelance career. Think about the routine tasks you perform at work that you find to be easy. What will people invariably ask you to do? These are signs of your most in-demand freelance abilities.