Pricing in a weak economy

Season 47 - Episode 1 | Featuring Candy Phelps

December 9, 2022

Pricing in a weak economy
📈 Candy shares the effects of macroeconomics on freelancers and agencies.

It’s all over the news; countries are entering or on the brink of recession. We’ve teamed up with Candy Phelps to explore essential financial skills freelancers and agency owners should flex during these times.

In this episode, we discuss how macroeconomics and personal finances affect our businesses, how to plan our finances and future-proof our organisations.

Questions we cover:

  • How does macroeconomics affect freelancers and agencies?
  • How do your personal finances play into the business?
  • How might we prepare our personal finances for a recession?
  • How can we future-proof our agency (ie our income)?
  • Should our pricing or packaging change during poorer economic times?

Lee’s takeaways

During the course of interviewing Candy, here are some of my key takeaways:

  • Examine your own finances carefully and strive to cut costs wherever possible.
  • Look at what’s coming in, what’s going out, and the bottom line.
  • Discuss your finances with your partner and how you may save money.
  • Begin saving more money before/if things worsen.
  • Be proactive with your finances, both in your personal life and in your business. Avoid being reactive.
  • Prepare for the worst-case scenario. Nonetheless, enjoy the finest. So plan ahead of time.
  • Try to find extra ways to bring in money for your agency so that you can diversify your income.
  • Reduce costs by reviewing software that hasn’t been utilised in months.

Budget calculator

In the episode, Candy mentioned her budget calculator. You can access this to download or make a copy of by clicking here.

Connect with Candy

Extra listening

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