Dear Sole Trader
My blog this month isn’t a blog, it’s a letter to you, a love letter of sorts from one sole trader to another.
It’s an attempt to capture all that is wonderful about you and provide some words of support and celebration.
It is a whirlwind of brilliant stuff. We are our own bosses! Oh the freedom that brings is incredible and, of course, sometimes a little bit scary. When there’s no boss setting targets for us it can occasionally feel like we’ve been set adrift. But most of the time, it feels so great.
For me the freedom brings with it an ability to shape my work around my life, rather than the other way round. If being mum is more important one day, I can block time off on my calendar or shift things. And on other days, when I have more time to work, I can dive in with a fervency and enthusiasm I know I’d never reach if I were an employee.
But as with everything, our freedom comes at a cost, doesn’t it?
We have chosen the uncertain path which for many is feeling decidedly uneven and rocky right now. Every post by Martin Lewis or similar on social media sends shivers down my spine. For the third year running, I am fearful of the winter ahead which feels utterly unjust.
In 2020, there were so many stories about how wonderful it’ll be once the pandemic is over. The roaring 20s will be fab-u-lous! I had visions of sipping champagne in the sunshine, listening to amazing live music, surrounded by lovely friends. Bliss! Admittedly, most of the articles I read about the roaring 20s said it would probably not happen until 2024, but my imagination had been captured and I was twirling away in a swishy skirt and jaw-droppingly gorgeous sun glasses.
But now that feels very, very far away.
The global economic forecast is grim. Here in the UK, the cost of living crisis is already having an impact on many, me included. I did the sums yesterday and I know by October the amount I need to cover the basics will have gone up 23% from last year. As a single income household of 3 (plus the cat) that feels very unnerving and if I’m being pragmatic, that amount is likely to rise in the new year. Eeek!
Have you done your sums? Do you know what you need to cover the basics each month? And do you also know the amount that would be comfortable and mean you can have treats, do Christmas well, have a small holiday or two… oh and pay into a pension?
Those two figures are my foundation for assessing where I’m at. I’m not liking what they look like in the Autumn, but there’s no point hiding from reality. For the rest of this year I’ll need to ensure I earn more and accept that I do earn will not go as far, it’s a simple as that.
That’s no fun, is it?
Can we go back to the champagne and swishy skirt daydream? It was much nicer there!
Perhaps things are going well for you and the panic isn’t rising in the back of your throat. I’m genuinely delighted if it is. From speaking to a few fellow sole traders recently though, it feels the panic brigade is the majority.
Now here comes a mood shifting bit of positive psychology… what we have as our super power is our ability to be swift on our feet. Sick of hearing the word pivot? Yeah me too, but it’s what we can do quickly and responsively. Far quicker than lumbering big organisations. We’re also blooming experienced at facing a big problem: we’re experts in it as, since late March 2020, we’ve had to constantly adapt, shift, change, rethink, replan and forge ahead when we can.
I know this is really exhausting.
I’ve seen how tired so many of you are.
All that constant change has taken it out of you. As things opened up, there was suddenly much more to do, but it hasn’t always moved at a pace that is manageable for us all. Definitely not at a pace that is kind to us, as we collectively heal from the trauma of the pandemic.
However, we have grown wiser in the last two years and unlike the swiftness of the pandemic, the cost of living crisis is slower moving. We’ve got a clear indication of what the Autumn might be like and we can plan for it now.
Here’s what I’m putting in place:
- As mentioned above, but it’s really important so worth repeating – I will know, and regularly review, what my two monthly numbers are: One, my basic cost amount and two, my comfortable amount that includes treats.
- The two things people continue to invest in during a recession are these: things that will make them wealthier; and things that will make the healthier. That has been feeding into my strategy for a few weeks now. Can you tweak yours to make those more prominent?
- Now is not the time to reduce my visibility. Quite the opposite. Although my content creation and social media stuff takes a chunk of time where I could be directly earning, it is very important to keep it up and ensure I’ve time in my week to spend on it. Whatever your way of being visible is, make sure it’s a priority.
- Apply/pitch for more opportunities. I recently went for a bit of work that I wouldn’t have considered a year ago. The fee was lower than I usually charge these days, but the work was interesting and it would have given me a regular bit of income which would have helped reduce the panic a bit. It would have taken up a chunk of my time though, so it had pros and cons. I didn’t get it, but the interview went really well and they’ve actually offered me a different bit of work that is far more suited. It just goes to show that putting yourself out there and believing in good karma (or whatever sort of woo takes your fancy) can achieve what you need.
- I will be more speculative with my time. If there’s a networking opportunity, is there a way for me to offer a free workshop or something to engage more deeply, which then could be a better use than just turning up and having some nice chats? I only attend online networking these days rather than face-to-face because of time. Recently there was a 4 hour event I was interested in attending. The topic looked worth spending time on and the people were my kind of tribe… so when email the offer came for any contributions a week or so before, I was right in there. Offered a short workshop exercise on the theme. People seemed to get something out of it (win) and it looks like it’s going to lead to a bit of creative business mentoring (big win). If I’d just shown up and not facilitated anything, the first win wouldn’t have happened and the second would be less likely.
- Practice radical generosity. We need our allies, our collaborators and our pals even more when times are tough. Competition can be healthy but always approaching people with similar offers to you as competitors will only nag away in your head. Seeing them as allies and potential project partners is a refreshing and empowering switch. As is offering a bit of your time/expertise/resources for free when you can. Like this blog.
That’s some of my plan. This is the first time I’ve written it down all in one place and that feels good. I’ll need to remember to reread it in panicky moments when I think I should just get a "normal" job, whatever that might be. But I also know that by planning now and sticking to it, those moments won’t happen as often.
What’s in your plan? Did any of this ring a bell for you? I’d be really keen to hear about it.
There we are, dearest sole trader, we of the quick business reflexes, of the ability to constantly find creative solutions and of the occasional panicky meltdown. I salute your bravery in striding forth as your own boss. It IS totally worth it. Hang in there. And if you need a collaborator or something, you know where I am.
Cheers
Sarah x
August 2022
