Three strategies for managing economic uncertainty in your creative business

You know what they say (OK, what I say, LOL): If you’re in business long enough, you’re going to hit some bumpy times. It’s part of the entrepreneurial/human experience.  

In the last few months, several creative freelancers and business owners have told me their industry has been decimated by factors outside their control – from political policies and AI to simply aging as a creative. There are no shortage of things to keep us up at night.

Yet, I’m convinced that if you can stay calm, get your mind right, and keep moving your feet (even if it feels like a shuffle rather than a sprint), you’ll be OK.

Here are three tried and tested ways to stay sane, stay in the game, and rebound!

1) Put yourself in the company of like-minded, can-do people

Ever since I started my coaching business in 2010, I’ve made it my business to be in community with business owners who are where I’m at or a few steps ahead of me. I’ve been a part of networking group, coaching programs, and completely free accountability partner arrangements and here’s why:

At some point, you’ll reach the limit of your knowledge, expertise, and confidence in a certain area. A curated group of folks who have diverse skills, experiences, and resources are invaluable in giving you the support, courage and confidence you need to fill the gaps.

• Nothing is worse for business and economic uncertainty than surrounding yourself with complainers and whiners. Where there is a challenge, there is also an opportunity. Surround yourself with folks who are looking for the opportunities and have some ideas about how to seize them!
• When we speak an intention, goal, or dream aloud to someone who’s invested, yet neutral, it takes on a whole new meaning and level of resolve.  

Try it: Find someone you trust to share an intention or goal with. Want to make it even stickier? Break it down to a clear action you’ll take—e.g. write a pitch and send it to a new client, give it a deadline, and ask that person to hold you accountable.

2) Differentiate between taking in information and taking action

I’ve always been a personal and professional development enthusiast. Which is just as well because a large part of my work as a business coach for creative professionals involves taking in a lot of information on everything from positioning and marketing to business models, pricing, and neurodiversity in the workplace. 

There is no shortage of information to absorb. And yet, taking information is not the same as taking action on it.  If I don’t decide what’s useful, put it through my own filter, and turn it into actionable information or resources, then it was just more information. It’s easy to confuse attending a webinar or conference with taking action, but it’s only useful if you turn it into something helpful for your business or the business of the clients you serve.

Try it: Next time you attend a conference, join a webinar, or read a business book, set the intention to implement ONE thing you learned. Trust me, taking action on one takeaway can totally change the trajectory of your business.

3) Practice the rule of three

One of the challenges a group coaching client recently shared was their difficulty in focusing on one or two areas of their expertise or body of work VS trying to show it all and hope some of it landed. There was lots of nodding and “me too!” from the rest of the cohort. Maybe you can relate too? I know I can!  

While feeling uncertain or overwhelmed is a totally normal part of entrepreneurship, especially when things are going sideways. It’s also a state we don’t want to stay in for too long. My strategy for staying focused and moving forward is to choose three things to focus on for a set period of time e.g. a quarter, a month, or a week. Want to take a deeper dive into this concept? Check out my recent article for the Freelancer’s Union: The golden rule for ADHD creative freelancers (Neurotypicals, it works for you too!)

Try it:  Choose three things you will focus on for a set period of time. Pick what comes most naturally and feels most do-able. If it’s 3 things for tomorrow, great!

The moral of this story is that we all have the capacity to do things we think we can’t and rise to the occasion. Whether that occasion is a really tough moment in time, or a growth edge in business or life, or simply sticking with a new hobby when it stops being fun and starts being hard.  

If you’re interested in joining a high-level coaching group of peers, consider joining my next Creative Business Bootcamp in September. You can check out the details here!