How to adapt during an economic downturn

Ferret in the Snow

We live in interesting times. The worldwide financial downturns have led to a great deal of uncertainty for small business owners and independent contractors (freelancers), including designers. On the plus side, small operators are in a better position than their larger counterparts to adapt to changes in business conditions, even drastic ones.

In recent months there has been a wealth of advice and discussion on how to weather the economic storms, chiefly by working smarter and keeping abreast of new opportunities which may emerge as businesses tighten their belts and seek to outsource work instead of hiring new staff. Reassurances like this are very encouraging, and I am now adding my ideas on what to consider in adapting your business to the current climate.

Seek clients locally

If you have been marketing your services online, there’s a good chance you have considered (or may already be engaged in) doing business with clients in other countries. Depending on where you live, you may now be experiencing a major shift in the amount of money you can expect for your services, because of currency fluctuations. Step up your marketing to prospective clients at home, and you can eliminate this concern.

Be a safe bet

Another advantage to marketing your services locally is that you may find prospective clients consider you less of a risk because you are based close by. Make sure you live up to this by being reliable and producing your best work.

Passive income

Have you got a product, or an idea for a product, which you can sell via your website? If you are concerned that falling currency values could mean getting less money for the hours you put in, then maybe you should consider setting up a passive income stream.

What are you considering doing differently to see through troubled financial times?

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