There are some statistics coming out now that are not a good sign for freelancers – PRWeek’s study found that half of freelancers are considering throwing in the towel as they’ve lost 60% of their income. (Source: https://www.prweek.com/article/1679652/coronavirus-impact-half-freelancers-consider-quitting-lost-least-60-per-cent-income)
On the other end of the spectrum, Fortune writes that, “Remote work could become the norm – Upwork and the Freelancer’s Union believe that the majority of the U.S. workforce will be freelance as soon as 2027. As the new work-from-home reality of corona virus leaves its mark, we could find that number growing even more quickly.” (Source: https://fortune.com/2020/04/15/freelancers-coronavirus-stimulus-package-freelance-work-covid-19-impact-predictions/ )
From my perspective, as owner of two complimentary yet completely different business models, it’s been … an interesting challenge. My speaker company, Free Speaker Bureau, has taken a pretty devastating hit from the pandemic – events are canceled or delayed, there is still so much uncertainty about where things will stand months from now that everything is pretty much on hold currently. At this point it’s a negative balance on the books and if this was my sole source of income, I’d be in trouble.
My virtual assistant company, Create 2 Sell, on the other hand has seen both a decline and an upsurge. Some of my clients have put everything on hold as they’re not making income right now. Others have increased workload because they see this as an opportunity to expand, rework, or tweak their business brand and offerings. New client consult requests have doubled in the last 3 weeks.
Over the past 14 years that I’ve managed Create 2 Sell, I’ve learned the hard way to never put all my eggs in one basket, to bank on one client as my main source of income. People get sick, they decide they want to do something else, they move, they lose interest in their company or make some bad financial decisions and have to close – and there goes your revenue as well.
I consider myself very lucky that I was able to learn from these lessons and continue to do what I love, which is help other entrepreneurs develop and run profitable businesses by letting my company focus on the small picture, administrative tasks that have to be done while allowing the client to spend their focus on the big picture, using their time to make sales, speak at events, land consulting contracts, write books, whatever it is that they love to do and that makes them profitable.
How has COVID-19 affected your business? What changes have you had to make to not only survive but thrive during this pandemic? I’d love to hear your stories and perspectives – freelancers, by nature, are a hardy bunch and I believe we’ll come through this stronger and end up seeing more people join our ranks!
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