Your work does not provide you with all you need. Or perhaps it’s giving you too much, not money but stress!
And something is making you wonder whether there is an ideal way to live than this.
And freelancing is just that – a way of life. A freelance career is not simply an alternative to working but a complete lifestyle transformation tailored to you and your requirements.
Freelance jobs are one of those topics that divide people. Some people consider it their ideal job.
These folks are adamant about getting involved and following through with the lifestyle, regardless of whether they will never make as much as they would in a corporate job.
Whereas others find it too hard and frustrating! They wouldn’t even attempt it if someone promised them they’d make twice as much as they do now. At present, there are 70.4 million freelancers in the United States.
A freelance business can provide financial security while allowing you the independence a full-time job can not provide.
However, there are dangers and drawbacks, particularly in the initial days. So next, we’ll look at the benefits and drawbacks of freelancing to see if it’s right for you.
Table of Contents
- Pros Of Freelancing
- Cons Of Freelancing
- Summary (pros and cons of freelancing)
Pros Of Freelancing
Now, we’ll examine the perks and the primary possibilities and advantages of freelancing you’ll get!
1. Be Your own boss
You are your head honcho, and freelancing may be suitable if working for someone else makes you feel constrained in your career.
You won’t ever have to be concerned about not receiving enough recognition for the task.
All you will have to be concerned about is selecting the appropriate project and putting your best effort into it.
For some, this is exhilarating and helps them to thrive. To bloom as a freelancer, you must be self-assured, ready to learn, and capable of managing a business.
You will be the single proprietor free of office politics in your company. You have complete control over it and may enjoy all benefits.
2. Pick Your own Schedule
Most individuals are lured to freelancing because it allows them to choose their timetable.
You might work on paying projects around your full-time employment, family obligations, or school schedule.
Finding freelance employment that offers full-time compensation without needing you to work at a desk is also feasible.
Please list your total commitments and decide how much time you need to devote to them each day.
Let go of the shame of dialing in sick. School vacation? Prepare for it by scheduling time off. Do you want your anniversary off? You certainly do!
You get the picture: your flexible schedule and regulations are impossible in traditional employment.
If you are a corporate employee, a 9/80 work schedule will certainly be a better choice.
3. Remote Working from anywhere
Working from home may sound appealing, but client base freelancers may also work outdoors.
When they need a change of scenery, many people sneak into coffee bars, parks, and public venues.
Well, go ahead and make freelancing work for you and cross off those vacation wish list items without fretting about the yearly vacation.
4. More Free Time
Conventional workers must appear at their workplace at the same hour every day. When you travel in peak hour traffic, you’ll be on the road for far longer than you’d want.
Assuming that the typical drive is around 30 minutes, working from home as a freelancer might provide you with an hour or more of spare time.
You may use that time to enjoy yourself with your loved ones, learn new hobbies, or volunteer with local charities.
After shifting from a standard job to freelancing, you’d have more time to work out even in full-time work and lessen chronic fatigue due to tense events.
5. Choose customers as your wish
You have little to no say over who you engage with as an employee. Your supervisor will recruit personnel that they believe are best for the company.
But as a freelancer, you will have freedom of clients’ selection that you despise or put up with a lousy coworker.
You may create boundaries and collaborate with the type of clients and individuals who are a good fit for you.
This is not to say that you will never have to work for an unreasonable or disagreeable customer.
However, if they make your life burdensome, you will have the choice of not dealing with them again.
6. Set Your Pay Rate
Employee pay scales must be determined by management based on considerations such as national averages and regional pay patterns for the same position.
You are paid per work or project completed as a freelancer because you do not receive a salary.
It is up to you to set your fee, and based on your expertise and the quality of your work, and you may be able to bill more over time.
For offering skilled services, experienced freelancers earn an average of $28 per hour in the USA.
Consider your level of experience in your area. Have you been in leadership roles for over a decade, or are you just starting?
Determine your compensation rate by analyzing the worth of your abilities and reviewing freelancing rates for similar services.
Because you won’t have to wait for an annual review, you may change your prices whenever you choose!
Cons Of Freelancing
We have glanced at the benefits of freelancing and why it would be worthwhile for you to attempt it, so now, let’s talk about some disadvantages of freelancing.
1. No Monthly Paycheck
When you operate as a full-time freelancer, you are not compensated if you do not work.
There is no assured regular income at the end of each calendar month and no paid time off or sick days.
The amount of labor you perform throughout the entire month determines whether you have funds in the account.
It isn’t very comforting, and it might mean a perpetual bustle. This might be troublesome if you want stability and discipline.
Aside from the possibility of inconsistent revenue, remote workers may also experience financial crises, mainly if your sector is seasonal.
Performers and film teams, for instance, have a lot of work scheduled up in the summer and practically none in the winter.
2. No Employee Benefits
Once you wave goodbye to being somebody’s worker, you also say farewell to any employment perks or company benefits.
Health benefits such as health insurance can be expensive for remote freelancers since they do not qualify for the volume-based reductions available to large corporate offices.
Preconceived medical issues might make it harder to get insurance. You do not get other casual benefits as a self-employed person, such as vacation money.
Sick leave is non-existent, and malpractice or professional liability coverage is prohibitively expensive.
3. Complication With Tax
A corporate employee at 9-5 work can just take money home. The firm is responsible for all income taxes while you receive the remainder.
However, as a freelancer, you are entirely on your own. Your customer will not give you a payout with taxes subtracted; you must do it yourself.
Freelancers earning taxable income usually are required to pay self-employment taxes periodically. Freelancing contributes 5% of the US GDP.
Being a freelancer entails learning how to submit your taxes, which is something that is not taught in school.
Taxes might be intimidating and difficult to cope with, but if you correctly follow the requirements while calculating your charges, you should be fine.
4. Inconsistency In Work
One of the contract workers’ biggest challenges is the struggle to secure continuous work. Acquiring stable work can be a time-consuming effort.
Building contacts and an image take time; they are the two most essential factors in continuous business.
Getting a continuous flow of work might feel like moving a mountain; however, the task becomes much simpler once you get some pace.
A career in freelancing can be isolating. The workplace can be noisy and full of diversions in the shape of coworkers, etc., but you may discover that working alone isn’t much pleasure.
Colleagues might sometimes play a crucial function in your support structure. You can join co-working venues that can provide you with an office environment and a social connection.
These places are purposefully designed to allow individuals to come and work in an environment with others.
These workplaces are frequently occupied by freelancers, small company owners, and remote employees.
7. Additional Workload
When you work for yourself, you have a significant amount of autonomy. This liberty comes with a great deal of responsibility because you don’t have any colleagues.
You must locate and retain clients, even if you are not a marketer. You are responsible for jobs that you dislike and for which you have no expertise.
One advantage of maintaining these pieces is that you will fast broaden your skill set.
If you do not want to do particular activities, you might start delegating them to subcontractors you employ. This will still create a burden in managing another person.
Summary (pros and cons of freelancing)
|Be Your own Boss|
|Pick Your own Schedule|
|More Free Time|
|Choose customers on your wish|
|Set Your Pay Rate|
|No Monthly Paycheck|
|No Employee Benefits|
|Complication With Tax|
|Inconsistency In Work|
For many experts, freelancing is an excellent employment option. Career freelancer is determined by your objectives, economic standing, and risk appetite.
The first year as a full-time worker as a freelancer will be the toughest. After that, things get more superficial.
If you want to be a freelancer, an excellent place to start is by working part-time in a position that offers a monthly paycheck and performing freelance work as a side hustle.
It will provide you with financial assurance and stability as you progress in the freelancing sector, so you will not be concerned as much about paying your rent or eating.
Over the next six years, freelancing is predicted to expand by 14%.
Freelancing is a great long-term employment option if you’re ready to put in more work ahead for greater future rewards.
(Last Updated on September 23, 2022)