Feeling the fear? This might help, a little

It’s a scary world out there, right now.

COVID-19 is spreading worldwide, filling hospitals and closing down schools, shops, workplaces. We’re all feeling the fear, to some extent.

I’ve just cut short a trip to Lisbon, flying back to the UK two days early because I was worried that my scheduled flight would be cancelled. It was eerie coming back through Gatwick airport at peak time, and finding it close to empty. Now I’m self-isolating just in case, unable to visit my 85-year-old mum, who is in hospital after major surgery. (She’s doing fine, by the way, thanks to the wonder that is Britain’s NHS.)

Almost all of my freelance clients are telling me that they’ve had jobs cancelled, that they’ve had very little new work in the past two weeks. Or that they’re having to cancel jobs themselves because they’re not sure they can get there.

If you had money invested, the plunges in the world’s stock markets have been dizzying, and the financial cushion you’ve been building has suddenly become a lot less plump and soft. 

So what should we do?

First and foremost, don’t panic. Be sensible. Seek out the latest expert medical advice – not rumours and hearsay, or political posturing. 

Right now, that involves washing your hands a lot more, self-isolating if you are showing symptoms, and not travelling to the most affected areas. By the time you read this, it might have changed. So look it up, stay informed, and follow the expert advice. 

But if you are feeling anxious, turn off your alerts and don’t follow every news bulletin, every new statistic pinging up on your social feed – not unless you absolutely need to. There is such a thing as too much information, and ramping up your anxiety helps no one. (Nor, for that matter, does stockpiling loo roll.)

Remember that only a fraction of those contracting the virus get seriously ill. So stay healthy. Eat lots of wholefoods and fresh vegetables. Exercise (there are lots of workouts online). Sleep and rest. Try not to stress. And know this too shall pass.

What to do if your work dries up

When you’re self-employed, it’s always anxiety-inducing when the jobs stop coming in. We all have cycles of this: times when the phone doesn’t ring, or a key client cancels, and the panic sets in. It’s good to have a strategy to deal with it. 

If you’re catastrophising, and feeling like you’ll never earn again, get out your journal and start writing.

• What’s the very worst that could happen?
• And how would you deal with it?  

When I go through this with clients, most of them realise that they could cut costs, live on their partner’s salary for a while, use savings or borrow money, sell some of their possessions, even down-size their home.

If the work never did come back, they could change their focus, set up a new income stream, get a part-time or temporary job, or retrain. None of this would be ideal, but you’ll survive. Perhaps even thrive.

Now think how likely that worst-case scenario really is.  Our worries are usually way worse than reality. We all know or have heard of people who have survived disasters, bankruptcy, illness and accident – and come out of it changed, but eventually also stronger, happier than before. 

If you can’t do work that immediately generates money during the crisis, that doesn’t mean you can’t be growing your business. Instead of sinking into despair, use your time the best you can.

Are there new skills you could learn? 

There are so many courses available online, both free and paid. Now is a great time to do some of them! Whether you want to learn to code or speak a new language, improve your social media skills or learn to meditate – there are a wealth of resources out there that can help.

Get up-to-date with your admin

Anything you’re behind on, use this temporary pause to catch up: invoicing, accounts, processing paperwork, clearing your in-box, building new systems to deal with repetitive tasks. It will all mean you’re more efficient when the work does start coming back.

Do some research

Now is a great time to talk to your customers, find out what their needs are, what challenges they’re facing, how you could improve your services to them. Or to make new contacts in galleries, shops, venues – anyone who might later stock your work. Pick up the phone and connect!

Start a side-hustle, a new hobby, or explore a new direction

If you have an idea you’ve wanted to play with, now’s a great time to try it.  Write, paint, launch a website, a workshop or a product.. It’s a distraction from anxiety, and also a lot more constructive.

Look for opportunities

Many of us are being told not to come into the office. If you’ve always wanted the option to work from home sometimes, this is a real chance to prove to your employer how productive you can be. When you do get back to work, you’ll have evidence to argue your case.

If you’re self-employed, what do your customers need, right now? What are they worried about? Is there anything you can offer to help them through the current crisis?

Perhaps you can introduce clients who have always preferred meeting face-to-face to the convenience of video conferencing, for instance. Which might save a lot of travelling time, in future. 

And help wherever possible

Most importantly, no matter what your work situation, look for opportunities to help others. Because a little kindness means a lot in times like these. Check on the elderly or vulnerable people in your community – a daily phone call, adding their grocery list to your online supermarket delivery or leaving some shopping on the doorstep might mean a lot.

Connect with friends and family, even if you can’t be in the same room. Maybe even spend some time online making new connections: I joined a couple of new writers groups today, for instance. And do everything you can to support your local businesses, so they’re still there for you once this is over.

Everything about this crisis is awful, but I’m finding hope and joy in the clips of communal singing out of windows in Italy, the nation-wide applause for health care workers in Spain, the dancers and fitness instructors leading community work-out sessions from their window, roof or balcony. If you can share your creative talents in any way to safely connect us, and make us feel less isolated – now is the time!

Do more marketing

Pitch new ideas. Send out proposals. Connect with new people. Improve your website, your social media presence. Finally learn how to do Facebook ads, or set up your Google Analytics. Do whatever you can to ensure that when the work does start flowing again, you’re at the front of the queue.

Bring forward some of your long-term projects

Look at the things you’ve been delaying till later, and see if you can progress on them now. Plan that epic trip. Start the book you wanted to write. Work on the podcast/course/product you were planning for next year. Continuing to do what you’re good at is the best way to remain confident and positive.

Catch up on culture

Catch up on films, documentaries and dramas via streaming services. Read those books that have been piling up in a corner. Watch some talks or lectures online. There’s a lot we can do, even if we can’t leave home for a while.

Be grateful

To the health workers on the front line. To the supermarket checkout staff dealing with long queues of stressed out people. To everyone from farmers to delivery drivers who are doing their best to keep us all fed despite the panic buying. To the scientists working on a vaccine (because it appears we do need experts, after all).

Finally, your investments. 

I’ve been putting money aside for some 30 years now, and investing it, mostly in low-cost tracker funds. I’ve seen the markets plunge like this before. I’ve also seen them eventually recover those losses – and then continue to rise. 

I’m not a financial adviser or an expert, but I will tell you that I have confidently put in my regular savings amounts this month, buying more shares while they are cheaper. And I’m pretty sure, five years down the line, I’ll be glad I did that. 

There’s over a century of data showing that long-term, the stock market is a sound way of growing your savings. You don’t need to believe me on this. (Indeed, you shouldn’t – as I said earlier, I’m no expert.)

But I think we can agree that Warren Buffett is an expert. In his 2013 letter to his shareholders, he revealed how his personal fortune will be invested after his death, to support his family.

His will instructs trustees to invest 90% in a low-cost tracker following the US stock market, the remaining 10% in short-term government bonds. If that’s how one of the most successful investors of all time plans to provide for his loved ones, it should serve the rest of us well, too.

So again: keep calm, and carry on. (Safely, of course.)

My heart goes out to everyone affected by the pandemic, and especially those who have lost loved ones. This is a real crisis, and I’m not trying to minimise it in any way.

Many of us will struggle financially for a while, even if we’re lucky and avoid illness. But this might also be a chance to reassess, and focus on what is really important: our loved ones, our community, our health.

This will pass, eventually. In the meantime, be careful – and be kind.