Emergency Measures to Stay in the Sharing Economy

Contrary to what some people think, the sharing economy isn’t entirely about ‘sharing’. It also includes a broader marketplace where buyers and sellers connect. Freelancers are considered as a component of this mix. Nowadays, it is very common for people to be working as freelancers as part of the ‘sharing’ economy. In the case of online freelancers, they log in, connect with potential clients all over the world, and get the job done. However, what if their PCs or laptops break down and they need cash fast? What if they got bad credit? Then they should look into bad credit personal loans.

As self-employed professionals, freelancers are very prone to some uncertainties in life. They could lose their one and only client or get off course on their project due to unexpected personal issues or illnesses. Here are some tips on how freelancers can surmount these insecurities:

  • Set up a financial safety net.

Freelancers seriously need a financial safety net. This entails having an emergency fund. Generally, freelancers and self-employed entrepreneurs are expected to have a larger safety net. Rather than having an emergency fund that can only last for three to six months, it is better to have saved cash that can sustain you for at least 10 months.

  • Plan ahead of time.

You don’t have to be a psychic to know when jobs are rarely available. Let’s say that job requests are less often during winter compared to other times of the year. Therefore, you must put aside some money ahead of time. This will help you keep up when the cash flow is minimal.

  • Don’t walk away from tough decision-making.

Creating a pros and cons list of the things that may happen when you reach a certain decision will help realise whether it’s a sound choice for you and your business. For example, does letting go of this client beneficial for you or not?

  • Welcome other job opportunities.

Even if you’re only client pays well, you should not let yourself to solely depend on it. Try branching out your business and reach out for new potential clients. That way, if the big fish got out of your net, you will not struggle in looking for another source of income. 

  • Acknowledge and embrace your fears and qualms.

Knowing what makes you worried is actually a good thing. Through this, you can plan your next step in case things get out of hand.