The failure of major banks like WaMu have sent the American economy into a deep credit crisis. Money is hard to come by. Existing businesses can't borrow money to expand or upgrade equipment, for example. Wannabe small business owners can't borrow money to start. All of this means fewer new jobs are created and more layoffs are on the horizon.

As a freelance writer, how does all of this affect you? What does it mean for freelance writers and their careers? Quite simply, the credit crisis is a good thing for freelance writers and their careers. Following is why.

Freelance Writers: Why Layoffs Mean Opportunity

While companies are contracting, work still has to get done. And to whom do employers turn to get this work done? Temporary employees and/or freelancers.

Employee benefits cost employers an average of 20-35% of a full-time employee's compensation package. Freelance writers and other temporary employees don't have medical benefits, paid days off or sick time. Hence, they are a deal for companies because it saves them a bundle.

Freelance Writers: How the Credit Crisis Can Create Long-term Clients

Staying Lean to Compete: Piggybacking off the point above, many companies look to stay lean once a shocker like the existing credit crisis has passed. If you're one of the freelance writers a company uses because they've laid off workers, you have an excellent chance to create long-term relationships with them.

How can you do this? Many times, if a company is pleased with you as a freelance writer, the person you originally dealt with will refer you to co-workers. It's not uncommon to go on to work with three, four or five different people in a company - all coming your way from internal referrals.

This is when human nature kicks in. When an executive gets accustomed to working with a particular freelance writer, they tend to stay with them because they know and trust their work. They're not about to try someone new just because the company can afford it.

Don't be surprised if you're offered a full- or part-time job from a company you start freelance with during a credit crisis. It's more common than you think.

Freelance Writers: How to Keep Clients Acquired During the Credit Crisis

If you acquire clients during an economic downturn like the current credit crisis, work to keep them. Following are two things you can do.

Offer as many services as you can: The more needs you can meet for a client as a freelance writer, the better. Particularly if you discover that they have a specific need. For example, if you're not currently offering press release writing, add it to your service listing - and let them know about it.

Thank Them: Send handwritten thank you cards to every person you work with in the company every quarter or so. This is such a simple tip, but is often overlooked - even by freelance writers (it should come naturally to us).

This simple gesture is so rare that it will not only make you stand out from other freelance writers, it will create such an underlying feeling of gratitude in your client that they will seamlessly send you work without batting an eye.

Freelance Writers: Credit Crisis Equals Boom Time

While the current credit crisis is difficult on the economy as a whole, it can mean boom time for those of us who are freelance writers, if we are astute enough to capitalize on it.

About the Author:
Yuwanda Black is the publisher of InkwellEditorial.com: The Authority Site on How to Start a Successful Freelance Writing Career. Site features first-account freelance success stories, e-courses, ebooks, marketing advice and more! Want to make money today as a freelance writer? The e-report How to Make $100/Day or More as a Freelance Writer! tells you how.