COVID-19 continues to have a significant impact on the global economy, and most experts agree that we’re headed for a recession. If we aren’t already in one! But there are ways that freelancers can continue to make money even during a recession or global pandemic.

How can freelancers make money during a recession? You should see if you qualify for any kind of government assistance if you’re struggling. It will keep your financial situation stable while you identify where the demand in the market is and go toward it. Now could also be a great time to start your own business, set up a passive source of income, or invest in your education.

In this article, I’ll go over some ways that freelancers (and entrepreneurs in general) can continue to earn a stable living, even during a recession.

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Running Your Own Business During A Recession

The current global pandemic that we’re facing is putting a lot of financial strain on families around the globe. And unfortunately things may get worse in the coming months before they get better.

But that doesn’t mean that your freelance business needs to grind to a halt in the meantime. There are ways that you can adapt to this new economic landscape to not only survive, but also thrive.

Take Advantage of Government Assistance

It doesn’t matter what country you live in. Most governments are offering some kind of financial assistance for any businesses or individuals who have seen their income drop because of coronavirus.

In Canada where I live, citizens may qualify to receive $500 per week for up to 16 weeks through the Canada Emergency Response Benefit if they’ve had to stop working because of COVID-19. Even if you’re self-employed and aren’t normally eligible for Employment Insurance!

My understanding is that there are similar programs in place in the US and other countries as well.

If you qualify to receive assistance from the government, I’d recommend taking advantage of it! I can understand that some people may feel too proud to ask for help, or may feel ashamed that they need assistance from the government.

Many people who freelance on the side may have also had part-time or full-time jobs and have since been laid off. If you’ve paid into any kind of unemployment program for years, then you’re entitled to get some help now that you need it!

These programs could be the stop-gap that you need to pay your rent and keep food on the table for a couple of months while you figure out the next step for your business.

Struggling because of the coronavirus? Read my article How COVID-19 Has Affected Freelancers and Small Business Owners to see how others are doing.

Go Where The Demand Is

There’s no doubt that a lot of industries have been devastated by the current global pandemic that we find ourselves dealing with.

If you’re a freelancer who mainly deals with restaurants, the travel industry, or other businesses that were deemed “non-essential,” your work may have completely dried up in the past few months.

But I’m a firm believer that whenever one door closes, another door opens. You just have to know where to look.

While lots of businesses are struggling right now, there are some that are thriving too.

Lots of people are getting pets as a result of all the extra time that they’re spending at home. So websites and blogs related to training dogs or cats are probably doing pretty well right now.

The same goes for lots of forms of entertainment and other activities that people can do while they’re stuck inside.

Start Your Own Business

Maybe you’re the expert in a subject that you can teach people about, or help with a current problem that people are facing.

If you’ve always wanted to start a business delivering groceries to people, there’s no better time to start than right now.

With everyone looking for more entertainment, there’s also never been a better time to start a Youtube channel or to start streaming on platforms like Twitch.tv. Yes, there are people making a living by playing video games while people watch during this recession!

You just have to get a bit creative and adapt. That’s something everyone is going to have to do going forward, not just freelancers and entrepreneurs.

Set Up Passive Income

If you’re financially comfortable for the time being and have a lot of extra time to spend, it can be a good time to think about the future and start setting up sources of passive income.

Now that you’re stuck at home all day, it’s the perfect time to take on projects and create new products that you can sell.

Maybe you have a book that you’ve always wanted to self-publish. Now you’ve probably got a lot of spare time. If you devote a couple of hours per day to writing, you can have a book done and for sale on Amazon in a month or two.

It’s also a great time to create an online course. Whether you want to teach people how to play guitar, or how to bake bread. Everybody has a skill that they can teach to the world and monetize.

Invest In Yourself

You could be a college student that finds themselves with classes canceled for the rest of the year, or an employee that has found themselves unfortunately laid off.

Whatever your situation is, you need something to fill your time with. Even if you spend a few hours per day looking for jobs, you’ve likely got a lot of downtime on top of that.

Instead of being unproductive and sitting for hours in front of the television watching Netflix, why not spend that time investing in yourself?

Nowadays with the internet, you can learn almost any new skill that you want to. And most of the information is available for free online through Youtube videos and free websites.

You could have an interest in learning computer programming, photography, freelance writing, video editing, or any number of other skills.

So if you don’t do it now, when will you?

It’s the perfect time to develop yourself as a person, and teach yourself any number of new highly-marketable and valuable skills.

Conclusion

Recessions are tough. Many people have found themselves laid off in the past few months, and you may be stressed about how you’ll make rent or buy groceries.

That’s no different if you’re a freelancer or entrepreneur. In fact, there’s even less of a safety net for self-employed people.

If you’re entitled to government assistance, I highly recommend taking advantage of it during these difficult times while you figure out what you’re going to do next.

No matter who you are, you’ll need to adapt and overcome the situation that we find ourselves in. But with some clever thinking, you can identify opportunities in the market.

Either to find clients that are looking to hire, for ways of starting your own business, or just making the best use of your time to grow your skills.