The ATA Chronicle - January/February 2020 - 19

FEATURE

BY CORINNE MCKAY

translation business podcasts. The
hosts and topics are generally really
interesting, I think it's good to get
perspectives from another industry,
and I find a lot of their advice
appealing because it's for nerds. It's
straightforward, non-salesy stuff for
people who work in nerdy industries.
The host of this recession-proofing
episode, Reuven Lerner2, a Python
programming trainer, is one of my
favorite panelists, and his strategies
are often surprisingly applicable to
translators because he works with a lot
of international clients.

A better cash cushion in
your business is a healthy thing
to have.

STEP 1: BUILD UP YOUR SAVINGS

Watch Your Back for a Recession

So, if a recession is in fact coming, what
can you, as a freelancer and a business
owner, do to prepare? I recommend you
listen to Reuven's podcast episode, and
I'll elaborate on a few of its suggestions
here, with a few of my own.
■	

If business is good for you right now,
start building a cash cushion. If the
recession comes, you have a financial
buffer. If it doesn't, you still have a
financial buffer and you can reinvest
it in your business, or decide that life
is short and it's time to go to Hawaii
for a month. Either way, a better cash
cushion in your business is a healthy
thing to have.

■	

How much is "enough" in savings?
That's a tough one because it depends
on the specifics of your situation. By
how much could you cut your living
expenses in a pinch? How much
debt do you have? Who else relies
on your income? Ideally, I think a
year of living expenses in the bank is
a good cushion. In reality, you have
to balance the many moving parts of
your financial situation.

If a recession is in fact coming, what can you, as a freelancer and a business
owner, do to prepare?

I

'm not an economist (far from it!), but
it's hard to miss the rumblings in the
financial press that the U.S. (or even
the world) economy may be headed for
a recession. After a 10-year bull market,
we're in a bit of a "what goes up must
come down" situation, and as a business
owner, the best time to start planning
for a downturn is last year, but if
you haven't done that, let's start
planning now!
This topic has been marinating in my
mind for a while, and it came to the
forefront when I listened to a recent
episode of The Freelancers Show1 podcast
on recession-proofing your business.
Side note: I both understand and dislike

www.atanet.org

the term "-proofing" (future-proofing,
recession-proofing), because you can't
really "-proof" against something as
uncertain as the future, or a recession.
And I think it can create a false sense
of security to say "my business is now
recession-proof," when in reality that's
not possible. However, I understand
why people use that term, so let's go
with it.

A HELPFUL EPISODE OF THE
FREELANCERS SHOW
The Freelancers Show-hosted by a
rotating panel of information technology
guys-is one of my favorite non-

American Translators Association

19
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The ATA Chronicle - January/February 2020

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