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Hey freelance friends!

Did you notice that…we are halfway through 2024?! It’s the perfect time for a little reflection on how your year is going.

Mid-year Business Check-in

In November, I shared my business review process for 2023, and this midway point of the year is the perfect time to look at some of those metrics again. Here are some jumping off points for your own review.

✅ Financial progress: Do you have an income goal for the year or for each month? Tally your numbers to see how you’re doing for the year, or for average monthly income. I like to look at two versions of these numbers: cashed earned each month (pulled from my project and income tracker), and actual money in the bank, looking at income minus expenses (pulled from my bookkeeping dashboard on Collective).

✅Planning time off: Just as I recommended planning your summer time off in advance so you can prep your clients and your wallet, it’s time to start looking at the second half of 2024. Fall is prime time for conferences, and then we’ll be rolling into the holiday season. Get a sense of how much you plan to work in the next six months and how that impacts your cash.

✅Client goals: This is actually a GREAT time of year to review your client goals because we are in a fresh new quarter. Is there a dream publication you’ve been dying to work with? Do you miss an old client and want to follow up? Do you want to break into a new industry? Now is the time to pitch as people start coming back from vacations and gear up for a fall project push (with, hopefully, refreshed budgets).

Eyes forward, chin up: Quick tips when things feel uncertain

I love keeping this newsletter positive and actionable, because that is how I strive to run my business (and life) as much as I can. But I also think it’s important to be aware of changes happening in the content / marketing industries.

If you spend any time on LinkedIn, you’ve likely seen a lot of recent layoffs in the content world. Forbes Advisor is a big one that comes to mind, but I’ve seen smaller announcements as well. You may have lost clients due to budget cuts and staff cuts.

I’ve also seen posts about clients completely skipping out on payments…scam prospecting calls, and more. It can really make this line of work feel uncertain!

BUT: here’s my hot take after being a freelancer over the last 12 years…(and having started with mortgage content when the housing market was totally bottoming out following the 2008 Great Recession).

☀️ Nothing in life remains static: Whether it’s our businesses or our personal lives, things change. Look ahead and see what changes you need to make in your business to make sure you can still land work in five years. Explore various business models, network beyond your comfort zone, and learn new skills.

☀️ When one industry hurts, another soars: Be open-minded with the type of clients you work with. If there’s a problem in your preferred industry, look for clients who are making creative solutions instead of trudging ahead with business as usual.

☀️ Diversify clients by revenue model: If all of your clients are in the same industry with the same revenue model, they’re all going to slow down at the same time if things turn south. I had several ad revenue-based clients reduce production this year and I felt the pinch — because I didn’t follow my own advice about diversification! Lesson re-learned.

Quick question to help future newsletter topics:

And if there’s something else you’re worried about, hit reply and let me know!

Until next week,

Lauren

PS: Want some personalized advice on your next steps as a freelance writer? Book a one-hour, “pick my brain” style call. Schedule a time here.

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