If you’re a freelancer or small business owner, you’ll be well-versed in ups and downs. Some months, you feel like you’re nailing it and firing on all cylinders with clients and customers coming out your ears. Others, your business, your inbox and your bank accounts feel like a barren wasteland with one lonely invoice payment blowing through like tumbleweed.
But while ebbs and flows are all part of business, some changes in demand can signal that it’s time to pay attention. Linger too long in an ebb, and a once-thriving stream of work can dry up alarmingly quickly. The rise of AI and new technologies means digital workers need to remain more agile than ever, and that’s especially true for freelancers, side hustlers and the self-employed. While some changes will be embraced, others might prompt a change in direction.
As a small business owner in the digital content and media space, I’ve made it my mission to remain as agile as possible and adapt my business to suit the changing world and my own changing priorities. Here are four things I’m doing to remain agile in the face of uncertainty:
I like to think of my business like a collection of levers I can pull to generate income, and it’s why I’ve continued with varying parts of my freelance skillset instead of going all-in on one. While there’s definitely merit in focusing on doing one thing really well, it can actually work against you if that one thing gets replaced or is no longer valued. Instead, I like to consider how many levers I can pull if I need to bring in revenue. I don’t necessarily pull them all at the same time, but having earning opportunities in your back pocket can help you move through difficult periods
As AI gains traction, many business owners are left wondering whether it will replace their work or amplify it. Remaining agile in your freelance business means staying on top of tech shifts and optimising efficiency, while still retaining the value of your human skills. Consider how your product or service relates to artificial intelligence, and focus on using it to make you better at what you do, not worse.
Generative AI is reducing the value of ideas. However, this makes out-of-the-box thinking more valuable than ever. Creativity doesn’t need to be erased by AI. Stay agile by honing in on your unique perspective, expertise and experience, and use that to think in a way that AI can’t. Human connection, insight and chemistry will be worth even more as AI gets more and more popular.
Whether your own personal situation is changing, for example, starting a family, or the demands of your industry are evolving, being proactive is key. Don’t wait around for things to dwindle. This will add extra pressure and strain your cash flow, which kills the joy of running a business. Instead, look ahead and come up with solutions before you need them. What type of work would fit in with childcare? What type of unique skills do you have, or could you learn? What can’t tech replace? Being in business means creating your own opportunities. Use that to your advantage and create options for yourself that keep you ahead of the curve.
Being on top of your personal finances sets you up for success in your freelance or self-employed business finances, too. A tool like PocketSmith can help you stay on top of your money and ahead of opportunity. Check out our money methodologies hub and take the quiz to see which suits your personality best.
Emma Edwards is a finance copywriter and blogger, on a mission to humanize the financial services industry by creating meaningful content that’s accessible and empowering. You’ll find her penning money tips at her blog, The Broke Generation, sharing financial insights on Instagram, or injecting life into content for her business clients.
