The Weekly Bev - 21st Edition

😴 Slow Times

Today I want to dive into a subject that feels very topical for me at the moment…As a freelancer, achieving a consistent flow of jobs can be challenging. When I first moved to LA, my standard response to how things were going was always “trying to keep busy.” I was constantly hustling to fill my schedule with gigs, always eager to be working on a project. Fast forward to today, I often find myself in the fortunate position of being very busy: shooting projects often, traveling from job to job, juggling multiple projects in post-production simultaneously. My days have to start pretty early to fit in everything I need to do. But then there are times when the complete opposite happens, and things can go from super hot to super cold.

For instance, last year, January and July were quite slow. This year, July has been the only slow month, and I've been working on being comfortable with the downtime. My first instinct is always to go into danger mode, hyperdrive… However, I’ve recently learned that fighting the slow periods this way doesn’t really help me. Worrying doesn’t help either. Instead, the approach I’ve found to be most effective is to move with the tide instead of fighting against it. Use the slow time to put myself in the best possible position for when things do, inevitably, pick back up.

One of the ways I do this is by taking actual time off. For example, my recent trip to Alys Beach with Mallory’s family was the perfect getaway. Most days down there I wasn’t doing any work except for the vlog. But even without a trip, during slow periods in LA, I try to see it as a chance to reset and focus on health, relationships, and my other hobbies outside of filmmaking. I think of it as God gifting me with a chance to focus on things outside of my work, and while it can be stressful and difficult to submit to these ebbs and flows of the business, it’s important to embrace it!

How else do I stay productive and prepare for the next wave of work? I love reaching out to old contacts and fellow freelancers to restart relationships and get to the top of their minds (and inboxes) for when they have new projects. Right now, with not much going on, I’m focusing on Hydrant, I’m taking more in-person meetings with people, playing pickleball, and cooking more at home. I’m also swapping in healthy habits that may be time-consuming but often take a backseat when I’m much busier.

I’ve also found these slow times can be hugely helpful on the planning front, for thinking long-term. During the craziness of a busy schedule, sometimes I don’t have enough time to pull my head up and think 2-3 steps in the future, so now I’m setting goals, planning for an upcoming trip to the US Open, reaching out to different brands, and overall strategizing for the end of the year.

I’m focusing on positioning myself for future opportunities, ensuring I’m ready to dive back into work when things pick up again. This muscle of embracing the slower periods and using them productively has been a valuable asset in my freelance journey!

To all my fellow freelancers, I know the feeling you have when things get slow. Each day that goes by feels like you may never get work again. Try your best to ride the slow wave, make yourself ready for when life gets busy again. Because when it does, you will be wishing you took more advantage of that down time.

🫡 Feedback

I received a lot of great feedback last week, so I’m going to leave this survey in here one more time. Let me know your deepest, darkest thoughts on the Weekly Bev 🙂

💰️ Slow (Financial) Times

Now, with all of that said, during these slow times the rubber really hits the road when financials come into play. I’ve found you can never truly predict your exact earnings at the end of each month, so it’s super important for me to not to base my financial planning on any sort of high watermark. Instead, I build a savings buffer for these slower times which is the foundation I lean on in order to do the aforementioned positioning work with a clear head. It’s really crucial. Ideally, I like to have at least six months of living expenses saved up that help me stay afloat when cash inflows slow down. Of course, keeping my burn rate low and avoiding lifestyle creep are essential here. The lower the burn, the longer that cash reserve can last. I love this quote…

Swap out “company” with “lifestyle,” and this applies perfectly. It’s not the prettiest picture…but become a cockroach baby!

Even still, sometimes things are hard to control and come down to the wire…There have been many times where I was stressed about the financial side of being a freelancer. Just last November, I was with my family in Savannah for Thanksgiving, and I had quite a sizable amount in pending in payouts from work I had done the throughout August, September, and October! Some of them had rough payment terms, but some of them were actually just late. I had rent due on December 1st, and I didn’t have enough to cover that plus credit card payment without these invoices. I was sweating it out big time….but, sure enough, on the very last business day of November, one of the payments came through and I was able to cover everything. This stressful experience obviously underscores the importance of having a financial cushion, maybe even larger than you think is necessary!