sample text
Tanking economy. Up-and-down stock market. High and growing unemployment. The end of the world as we know it. Etc, etc, etc. How’s all this affecting your commercial writing business? Perhaps less than you might imagine…
Okay, rest assured, I’m not here to say that all the economic turmoil is just a mirage. It’s not. But I am here to say that you’re in control of how you view it, and in turn, the extent to which you allow it to affect you.
I thought about offering a collection of tips on dealing with your commercial freelancing clients in tough times, but others, like Mike Stelzner are doing a good job of that. Instead, let’s talk about our thinking….
When you watch the news (Mistake #1), do you go into a sort of trance-like state, mumbling to yourself along the lines of,
Ohthislooksbadallmyclientsaregoingtostopreturningmycallscutbackorgooutofbusinessaltogetherwhichmeanslessworkforme
IshouldlookatgettingajobwhoamIkiddingtheyrelayingoffrightnownothiringmaybeajobworkingatthemallduringtheholidayswaita
minutethatwon’tworkeitherbecausenoonewillbebuyinganythingIknowIsurewontnextstopstreetcornerwithasignwillwriteforfood
whatwasithinkinggettingintothisstupidbusiness… STOP!!
Okay, that’s called flabby thinking. Understandable, perhaps, but still flabby. Let’s toughen it up a bit. No mind-control hocus-pocus here. Just a few facts. During tough times, will businesses stop marketing, stop communicating with employees (internal communications), stop trying to reach new customers (ads, direct mail case studies), stop building web sites or updating existing ones, and all crawl into holes and wait and hope for things to get better? The very idea is ludicrous. And incidentally, I’m busier than I’ve been in a long time…
Will some businesses cut back on outside resources and perhaps bring projects in-house? Yes. But many can’t because they don’t have the in-house resources to do them.
And if there will be some cutting back, does that mean that bigger companies who’ve been using pricey ad agencies, design/PR firms and marketing companies might be cutting back on them? Yes. At which point, might the idea of hiring a far more economical, but-just-as-if-not-more effective freelance writer/designer team sound much more attractive? You bet it will.
And how much effect does the economy truly have on ONE person’s quest for financial self-sufficiency and freelance success? Given that that ONE person needs to garner only a tiny sliver of the entire universe of possible lucrative commercial writing work out there? Not much.
And don’t forget: there will be a certain chunk of your competition who will buy all the gloom and doom, will blink and run, opting for something they perceive will be more secure, and will leave you with less competition.
Feeling better yet?
If you’ve been around the block a few times, what are your thoughts?
What other tough-thinking strategies can you suggest?
What are you seeing from your clients?
What do you see as the keys to getting through tough times?
Shoot. Crap-ola. Aaargh. Happens to the best commercial freelancers several times in their careers, but that doesn’t make it any easier to swallow. I finished up a marketing brochure for a commercial writing client a few months back. Everyone loved it. We all looked it over probably 10 times each. How we all missed it is beyond me. Went to print – 5,000 copies. Finally got a few samples in the mail a few weeks back. Turned out nice. Then, uh-oh. Oh, man. Don’t tell me. There it was. Not as glaring as a misspelled word, thank heavens, but rather, unnecessary punctuation. Very unnecessary. Not one of those, “it-can-go-either-way-depending-on-which style-guide-you’re-consulting” kind of punctuation mistake. No, this was pretty clear cut. Though, in truth (he said, rationalizing), it seemed more prominent since I knew what I was looking at. If someone wasn’t looking for it (by definition, the overwhelming percentage of readers), they might or might not notice it.
Of course, first stop was my last file sent to them to see if the error was in there or was added after my hands were washed of it. There it was, in all its cringe-inducing glory. Ouch.
And they printed a 5,000 of them, because they got a good price. I’d emailed the graphic designer before I know how many they’d printed, to say, “Hey, hate to tell you, but I found this error that was MY fault, so in case they’re going to back to print at some time soon, you can fix it.” Course, at the rate they’ll likely go through them, I’ll be collecting Social Security before they run out… Sheesh. I didn’t feel good about it, but he and I decided on a vow of silence. You know, let sleeping dogs lie. But, I’m sure I’ll still lose a few winks over it.
Did I do the right thing?
Have you ever been in a similar situation? How did it unfold and how was it resolved?
Are you satisfied with your handling of the situation?
If you’ve never been in such a situation (you will, eventually…), how would you handle it if you were?
The economy is teetering. Huge financial institutions are crashing and burning. The government, afraid of the ripple effects of their demise, is debating a huge bailout. Unemployment is at its highest level in years. A lot of people struggling out there. And, through all this, happily, I’m busier than ever and enormously grateful I’m a freelancer. My feeling of “job security” is mighty high right about now. Why? Because I have income coming from many, many directions.
Good financial planners live by the mantra of “diversification.” Spread out your money across a broad array of investment vehicles, and you spread out your risk. Same with your work life. Put all your eggs in one work basket (i.e., a full-time job), and if tough times hit, you could lose all the eggs. Hence, the innate logic of the freelance model with its “multiple-clients” feature (and, yes, I know, freelancing is neither feasible nor a psychological fit for everyone, but I’m just sayin’…)
Those with income from a variety of avenues will simply weather economic storms better than most. Right now, I’ve got about 10 commercial writing clients I’m working with. Some big. Some small. But between all of them, they’ve kept me hopping. Love the variety. And I love even more the fact that each client doesn’t have to provide me a bunch of work for me to eat well. Add to that income from my book-related ventures – much of it of the blessed passive variety – and offshoot businesses: coaching, speaking, seminars, articles, etc., and life is good.
Yes, this has been a 15-year process – though the book side of things only the last eight – but it all starts somewhere. And I’m here to tell you: Life can be pretty cool, varied, interesting and lucrative when you’ve got lots of pots boiling on your professional stove.
Not surprisingly, it usually starts with having some specialized expertise or knowledge that’s valuable enough to enough other people to make it worth “monetizing” into books, ebooks, coaching, speaking, seminars, etc. Or simply a skill/talent that can command a healthy price on the market.
If you have multiple stream of writing-related income, what are they and how did they come about?
And if so, any suggestions/cautions/gushing reports to those considering it?
If you aren’t diversified as yet, but are pondering it, what possibilities have you considered?