Freelancing as interesting as it may sound has its pros and cons. While the fact that freelancing allows you to work on your own terms and conditions, be your own boss, and skip working under someone superior to you may excite you to consider freelancing, the work comes with certain disadvantages as well like freelancing can’t promise you the security of consistent and regular work coming to your side.
The first step for those considering to shift to freelancing from their regular job or to explore freelancing right after their graduation should be to get a clear and detailed idea of freelancing pros and cons. Having a clear idea of the implications of freelancing will help you make a smooth entry into the field. To further make sure if freelancing suits you or not, you can always try it for a short period and then make your decision of getting into freelancing for a longer time. For people who are employed and are considering making a transition into freelancing, the ideal would be to make freelance work a side job while still in employment. This will help you gain a perspective of how things work in freelancing, what the work hours look like, and what are the benefits of freelancing. This way, you can always come back to your job if you realize freelancing is not the right fit for you.
To help you understand freelancing better, we have listed down the freelancing work pros and cons below –
1. Money factor
If you are wondering what is the major advantage of freelancing, your answer is more money than regular employees working at firms. As a regular employee at a certain firm, all you get entitled to is a small raise in your salary every year despite the efforts you are putting into your work.
This mechanism changes when you freelance. As a freelancer, you can demand according to the efforts you are putting into work. Though you would have to consider the rates your competitor freelancers are setting and demand accordingly to get work but once you establish yourself in the field as an expert you can set your charging fee without considering what other freelancers are charging.
Freelancing allows you to charge what your work is actually worth. In freelancing, the amount of work you do and the bigger projects you take get directly proportional to the money you make, so the more the work the more is money you get in your hand. Also when you are freelancing and running your business as a limited company, you get to pay less money as taxes in comparison to what you pay in taxes as a regular employee at a company.
2. Flexible working hours
When entering into freelancing one of the first questions you pose to yourself is are freelance jobs good while the answer to this question can be very subjective but freelance jobs do offer you a healthy amount of freedom and flexibility to work on your own terms. As a freelancer, you are allowed to choose your time of work, how many hours you wish to work, and where you want to work from.
These benefits prove out to be of great advantage to working parents who have a young child to look after and for those who find difficulty in maintaining work-life balance. Freelancing helps you maintain a healthy work-life balance, take care of your child, give him/her enough time while being able to work.
Freelancing also lets you work from home and remain close to your child in case your child is young and needs constant care. But here also freelancers have to keep in mind that proper organization is the key to establishing yourself in the freelancing business. In order to make your freelancing business work, you would have to invest a healthy amount of hours into it.
Cons of freelancing
1. You don’t get access to employee benefits
If you are troubled by the question Is freelancing better than a job or the contrary you should consider that as a freelancer you won’t be entitled to normal employee benefits. To explain how this disadvantage can affect you as a freelancer here is an example, as an employee if you got stuck into some serious personal circumstances and couldn’t make it to work or you got sick or you wish to go on holiday or just simply don’t wish to work on a certain day you can call a day off and still you will get paid because as an employee you get certain days paid leave but as a freelancer, you can’t afford this luxury as the day you won’t work you won’t get paid. As a freelancer, you also can’t avail benefits of pension schemes, healthcare schemes, and other such schemes.
2. No regular income source
When considering the pros and cons of freelance work you should consider that freelancers don’t get the security of regular income. While the regular employees have the security of a fixed amount of money getting transferred to their account at the end of the month, freelancers don’t have that security.
As a freelancer one has to constantly worry about the next project and think one step ahead. They have to put extra efforts into realizing potential clients in the market and build contact and engagement with them to get work. But once a freelancer establishes himself/herself in the market and starts getting regular customers they can easily skip the constant hunt for freelancing work.