How Recession Proof is Your Copywriting Business?
By Tom Chandler on Mar 5, 2007 in Business of Freelancing
During the dot.com boom, a pair of friends abandoned their corporate cubicles and struck out for greener pastures as freelance copywriters.
For almost a year, they wondered why they waited so long to freelance.
“It’s so easy” one said. “Why didn’t I do this years ago?”
I just smiled.
Then dot.com went dot.bomb. Seemingly overnight, the VC money went away, and the huge backlog of copy-hungry clients vanished.
One of the writers was quickly gone too. He wasn’t recession proof.
The other? I’ll tell you the rest of his story later. But first, why am I even talking about recessions?
Why Worry?
Economists agree on things about as often as hyenas agree on divvying up a carcass, but even Alan Greenspan recently spoke the word “recession” - and pointed it squarely at the end of 2007.
Let’s hope it doesn’t happen.
Right now, most of us are looking at a lot of work. Will it always be that way?
I’m not advocating panic. I’m suggesting a few key markets could tank, and the current demand for writers could fall off.
In a recession, marketing budgets are the first to go.
Eventually markets get better (and budgets rebound), but if you can’t connect your work to a client’s revenue stream, the slow times can last a long, long time indeed.
What to do?
Add value to your words so clients find you indispensable
When marketing budgets are circling the toilet, you’re better off writing revenue-generating direct response projects instead of marginally useful HR newsletter content.
Getting close to the revenue stream is a good tactic - as is offering a steady stream of new ideas to your client. Make yourself indispensable.
What do you do after things have gone south? How do you find new clients?
Be creative
Marketing budgets are tight, so pitch clients on the value of innovative, money-generating tactics - marketing ploys that generate revenues (and success) but don’t cost a lot.
The most secure freelancers are those that pay their own way. Score once or twice for a client in a new and creative way, and you just created that most desirable of freelance currencies: Job Security.
Don’t buy every new gadget that comes along
Copywriting is a low-overhead business - unless you feel the need to load up on the latest gadgets.
Set something aside for the leaner times. And don’t load up with a lot of monthly expenses that bleed you dry when you should be saving.
Build a Marketing Process During the Boom Times
Are you building your long-term viability during the boom times?
Are you specializing in lucrative markets? Generating “thought leadership” in your field? Building a reputation as a crafty marketer?
Are you building a recession-resistant list of anchor clients–organizations who need your help even when times are tough?
Or are you like too many of us–fighting your way from project to project without any thought of the future?
Generate your own income
I help other companies succeed. Yet it’s not hard to find copywriters who are leveraging their talents to generate their own income streams.
Michel Fortin and Brian Clark seem to have a handle on this, so why not rip off their advice - and make a few bucks for yourself?
Will I take my own advice? Perhaps.
My Other Writer Friend?
I promised I’d tell you about the second freelance writer.
He created a print newsletter, and carefully cultivated a list. It wasn’t flashy, but it helped him grow revenues in a year when the rest of us carefully watched our phones for signs of activity.
He only did one of the things I mentioned above. What if you did several?
And what kind of clients do you think are recession proof?
Technorati Tags: writing, copywriting, freelance writer, freelance copywriter, copywriter
Your post really rings true. It’s a common lament of almost every freelancer I know (writers as well as designers and others) that marketing is something we all fail to put enough energy into, believing that it’s an onerous task. But something as simple as the newsletter you mention can yield results far beyond what we might imagine at first. Thanks for the advice, hopefully I’ll heed it myself!
Terrell Johnson | Mar 5, 2007 | Reply
Okay, Tom. I agree with what you’ve said here; it’s sound and pragmatic advice for the seasoned pro. But, what about the newbie? The NYSE and other world markets are unstable, Greenspan points the icy finger of doom — so seriously, what’s a newbie to do? Do we hang-up our lap-tops before they’ve even really warmed up? Or, do we reason that cutting a little fat from the heard is always a good thing and trust that good writing will get us through?
Susan Minarcin | Mar 5, 2007 | Reply
Terrell: I tell my small business clients that marketing is a process, not an event. For some, that means as little as setting aside one hour a week to market (that’s why my Fifteen Minute Friday Pitch Posts).
The real key is to develop a plan and make it a routine. e-Newsletter, blog, sales letters… try ‘em all.
Susan: New writers need to do what the established writers do. It just takes longer. Remember my recent “Tired of low-paid SEO writing…” post?
Even if you’re not writing SEO work, the same principles apply. Get a Web site, decide on the markets/work you want, make a marketing plan, and make it happen.
What kind of writing are you doing? What do you want to do?
Tom Chandler | Mar 5, 2007 | Reply
Right now I’m doing anything I can get my hands on that pays decently. I came out of big publishing (text books) two years ago (disillusioned and kinda beat-up by the corporate experience) and promptly went to work doing things other than writing and editing. Still, I love doing this kind of work and found myself picking up jobs when ever I could. When I finally got serious about doing this full-time, I realized that the text book connections I have aren’t going to keep me alive, and that most of the money seems to be going to those working in copy writing. So, I started cruising sites like this one to learn all that I could. I’ve been picking up a fair amount of work re-writing web copy and have just recently started to target local businesses (as per your posted suggestion) to try and create work instead of just waiting for it to show up. It’s a great strategy – I’m building the web site, trying to figure out what I can blog about — I can feel the momentum building. So, hearing Greenspan’s comments and then watching the world markets go haywire – well, I have to admit, it shakes me up. As it is, people don’t value writing (since, of course, every one can do it!) and recession or not – it’s an up hill climb!
I’d like to work more on developing a niche market for my writing but it’s a technique that I’m not entirely clear on. Do you have any advice you can share on this? What sort of questions do I need to be asking myself to grab a foothold; that kind of thing?
Susan Minarcin | Mar 6, 2007 | Reply
Great post, Tom! In the last 20 years I’ve been out here on my own, my B2B clients, and that would include publishing and association industry clients, have generally been pretty recession proof. But taking the advice of some smart internet marketing folks, there’s a lot to be said for taking your copywriting/marketing smarts and putting it to work for yourself. That’s why, in addition to the my copywriting/marketing consultancy, I also own a popular nice ecommerce site and a small niche publishing company.
Working multiple streams of income keeps my hair from turning white :=)
Roberta Rosenberg, The Copywriting Maven | Mar 6, 2007 | Reply
Thanks Roberta! A lot of my B2B was in high tech, which did take a hit post-dot.bomb.
Susan: Get that Web site done. I wouldn’t overstress about Greenspan’s comments, but use them as motivation to build your business.
It’s hard when you don’t have a track record or portfolio to sling on someone’s desk, but it’s not impossible. You say you’re in contact with local PR firms, design agencies, etc. That’s good.
As for developing a niche, that’s tougher. Still, the question I would ask is what kind of writing do you want to do? What markets do you want to write for?
What companies interest you?
The thinking is this: if you’re going to write, write about things that interest you.
Once you’re clear on your targets, make a plan. Identify the people you should be talking to, and pitch them.
I know it’s difficult for many writers to pitch themselves, but it’s part and parcel of a successful business.
Part of the block is many writers don’t understand the value they offer (or perhaps they don’t offer much value).
Make sure you’re doing more for your clients than filling space, and then make sure everyone knows it.
And Susan, feel free to contact me via this blogs contact form if you have any specific questions.
Good luck!
Tom Chandler | Mar 7, 2007 | Reply
Thanks Tom, I will take you up on that kind offer (contacting you via contact form) and will no doubt be picking your brain again sometime soon!
All the best,
Susan
Susan Minarcin | Mar 8, 2007 | Reply