In the UK , it feels like no one knows where they stand when it comes to Brexit . As the clock runs down on negotiations, few answers about legislations, regulations, or whether we’ll leave with a deal are forthcoming. That Brexit will affect all of us in different ways is certain but how, and even when, remains to be seen. Professionals can feel the effect of uncertainty in many industries, but what can freelancers do to protect themselves? There are ways not only to shore up your profits and revenue streams, but to make the transition work for you. For the next few months at least, Brexit confusion seems set to continue. But the first thing freelancers can do to give themselves certainty is to stay informed. How will Brexit affect my international clients? We know that businesses most likely to be affected by a departure from the EU are those dealing in imports and exports . As such, the UK government tax department HMRC is providing guidance. Reading up and getting ready for the worst outcomes can only stand your business in good stead. The Irish government has also launched Prepare For Brexit , a website offering information to businesses about how they can best manage Brexit’s impact. The guidance focuses on the Irish perspective (from within the EU) so it’s useful for those with European clients, but is still applicable in many ways to those in Britain. Beyond official government advice, business expert Erica Wolfe-Murray recommended paying attention to what’s happening in your clients’ industries. She explained, “It’s about being inventive around what you do, looking at who you’re supplying, thinking about what’s impacting their markets, who else could step into that marketplace. You’ve got to constantly have your radar on.” Should I anticipate changes in clientele because of Brexit? A dramatic shift in client base is something freelance content writer and photographer Matt Mason has experienced first-hand. “My e-commerce client base collapsed this year. I no longer have work from online web retailers despite them being [around] 80 percent of my client base just four years ago. I put its severity down to the value of the pound and import prices,” he said. Mason’s experience shows the value of understanding not just what’s happening to your clients, but what’s happening with businesses further up the food-chain. “Small tech businesses rely on investor and partner funding from SMEs (small and medium sized enterprises) and in turn, they from larger businesses,” he explained. “As big businesses pull out, SMEs lose work, [meaning] fewer opportunities for start-ups and much less writing work. Start-ups are doing this in-house already, I suspect, and turning to people like me only when they’ve grown enough.” But keeping informed about what might be affecting revenue shouldn’t stop at your clients. Financial coach Linda Davies Carr said it’s worth seeking expert advice for your own business during times of uncertainty, particularly about financial aspects likely to change like VAT. She added, “Ensure you are […]
