Although much of the world is currently going through a period of economic and political uncertainty, people who work for themselves aren’t nearly as worried about their options. In fact, historically, freelancers have always done well in times of economic uncertainty because they can use their agility to create more opportunities for themselves.
Personally, I am overwhelmingly relieved to be working for myself while the political climate is this unstable. Although I mainly run the VA Handbook now, this opinion would not change in the slightest were I still working 100% as a Virtual Assistant.
Why freelancers thrive in unstable economic climates
- Companies and small business owners still have money to spend – they’re just more careful where they spend it.
- Companies and business owners still need work doing (they may even be looking to find more work themselves) so they are far more likely to reduce their employees and outsource work to contractors instead.
- Employees are costly. Their company has to pay into their pension and provide sick, holiday and maternity pay. They also have to find them a desk and provide equipment. None of that applies to freelancers.
- My best friend has been made redundant five times so far and had her pay frozen for seven years. Employees are made redundant and at the mercy of their bosses… freelancers are not.
- Freelancers are agile. They can turn direction on a dime and can act when employees only have the option to react.
- Freelancers can charge in any currency and work anywhere in the world. If you solve problems for your clients and they consider you a valuable resource, you will always have work.
- Poor exchange rates in one country will make some business owners in another even more likely to outsource.
When doors close, windows always open.
So my advice to you is, if you’re considering setting up your own Virtual Assistant business and becoming a freelancer then don’t put your decision on hold. Now is the time to chase that dream more than ever so can give yourself more choices later.
And if you’re already a Virtual Assistant then now is a great time to see how you can add more value to your clients, to learn how to market yourself better so you know how to get new clients, and to learn valuable new skills that will expand your options even further and bring in more opportunities.
There has never been a better time to work for yourself, but you will always do better (at any time, in any place) if you future-proof your business and actively commit to investing in your future success.