By The COVID-19 pandemic has significantly impacted the livelihoods of freelancers, contractors, and self-employed individuals across various sectors. As clients tighten their budgets and projects are put on hold or canceled, many freelancers find themselves grappling with financial uncertainty. Business Insider spoke with six seasoned freelancers to understand the extent of the impact on their finances and how they are adapting to seek out new projects and sources of income.
Nicholas Swatz, Freelance Cinematographer and Photographer
Nicholas Swatz, a queer filmmaker and editor based in Chicago, saw his income vanish as projects totaling around $30,000 were canceled through September. Faced with financial strain, Swatz is exploring various avenues for additional income, from online surveys to discounted editing services. He relies on his Patreon account to cover essential expenses like food, emphasizing the urgency of securing future gigs to recover from the setback.
Kristina Abdelaziz, Freelance Creative Director and Designer
Kristina Abdelaziz recently secured a major client in the travel industry, only for the partnership to dissolve due to the pandemic, resulting in a potential loss of over $65,000. Despite setbacks, Abdelaziz is adapting her business model by targeting nonprofits and digitizing local businesses. She plans to establish a recession-proof business model by diversifying her client base and outsourcing projects to other creatives, emphasizing resilience and innovation in the face of adversity.
Ronnie Kassiff, Inbound Marketing Consultant
Ronnie Kassiff experienced a mixed financial impact, losing $2,000 in monthly revenue from a client while gaining $3,000 from other projects. As businesses ramp up marketing efforts amid the crisis, Kassiff sees opportunities for growth and innovation in the marketing sector. By prioritizing ROI and revenue-oriented strategies, she aims to weather the economic downturn while supporting her clients’ evolving needs.
Ashley Hubbard, Freelance Writer
Ashley Hubbard faced cancellations and delays in assignments, resulting in an estimated loss of $2,000 in March alone. Battling financial anxiety exacerbated by existing mental health challenges, Hubbard is diversifying her writing topics and exploring passive income streams through affiliate marketing and pet sitting. She emphasizes the importance of adapting skills to resilient industries and leveraging online platforms for income generation.
Erica Johnson, Freelance Web and Graphic Designer
Erica Johnson lost a significant portion of projected income after client projects were postponed or canceled, leading to financial uncertainty. Refusing to compromise on rates amid client budget cuts, Johnson explores supplementary income options through teaching and online sales. She prioritizes passive income streams and business diversification to mitigate the impact of the pandemic on her finances.
Andrew DeBell, Learning Consultant and Video Designer
Andrew DeBell witnessed a drastic reduction in workload, with multiple projects delayed or canceled, potentially resulting in a loss of $48,000 for the year. To adapt, DeBell offers his expertise in instructional design to support the shift to virtual learning for companies and educational institutions. Leveraging his YouTube channel for passive income, he emphasizes the importance of using skills to aid others during challenging times.
In conclusion, freelancers face significant financial challenges amid the pandemic, requiring resilience, adaptability, and innovation to navigate uncertain times. By diversifying income streams, leveraging expertise, and embracing new opportunities, freelancers can mitigate the impact of the crisis on their finances while positioning themselves for long-term success in a rapidly evolving landscape.
