When working independently, you’re responsible for invoicing your clients and following up on payments. Freelance platforms offer protection to both what freelancing clients and freelancers. One of the most significant advantages of working with freelance platforms is the vast number of opportunities available.
If you leave your regular job, you also leave behind the stability it provides in the form of a steady salary. Freelancers must constantly plan and manage their upcoming projects and incomes and chase potential clients. According to a 2020 Statista survey, 71% of U.S. freelancers say that their leading reason for doing freelance work is to have more flexibility in their schedules. When you have the power to decide on the types of projects you want to work on, you also have the power to envision and enact the type of schedule you want to work around those projects. Only take calls in the morning to make space for heads-down work in the afternoons?
The Pros
This may be more challenging for people who are new to freelancing or just starting a freelance business. Another big upside to freelancing is the higher earning potential. One of the best advantages of freelancing is the freedom of choosing the work for yourself.
If you decide you’re interested in starting a freelance career, I recommend using Upwork to get started. That’s how I got my first few clients as a marketing consultant, and I still feel it’s the best freelance website. Fortunately, if you succeed as a freelancer, you won’t need to worry about this because it’s unlikely you’ll want to go back, in my experience! The freedom and higher income make freelancing worth it once you build a reliable base of clients over time. Many people who are becoming self-employed freelancers experience the freedom and perks it offers. One can schedule the day as he wants to works and when it’s needed, can spend much-needed time with your family.
Transitioning from Freelancing to Business
For example, after freelancing part-time for a few months, you could discover that the ideal situation for you is simply the occasional freelance project on top of your full-time job. On the other hand, it could help you discover that you’re on the right track, and help you start to save that safety net for you to eventually transition to full-time freelancing. If you are planning to freelance full-time, make sure you have health insurance covered. If you have a spouse with a good insurance plan, you could potentially get covered through their plan. Otherwise, it’s important to research your options for the types of health insurance plans there are for self-employed individuals in your area.
You need to have an account, and an excellent portfolio to find some gigs. Working a freelance job opens up the ability to work on various projects and topics. Working for one company in-house generally won’t offer experience in other industries and career areas. On the contrary, freelancing offers opportunities to broaden your skills and career horizons. But that’s not to say that freelancing is a great fit for everyone or doesn’t come with some challenges. We’ve gathered a list of common pros and cons of freelancing to help you determine whether building a freelance career is right for you.
Lack of employee benefits
Even though working remotely from your comfy home or your favorite place may sound like a dream job to you, still some people don’t want to work as freelancers. This style of work is quite monotonous in a long run and if you are an extrovert, you’ll start feeling isolated from the environment. Another advantage of being a freelancer is the fact that you don’t have income limitations.
- Clients are usually reasonable, but it’s not as simple as saying “well, I’m ill, they’ll be OK to wait.” They probably have deadlines too.
- Here are some pros and cons of freelancing that you should think about if you’re considering building a career as a freelancer.
- But that’s not to say that freelancing is a great fit for everyone or doesn’t come with some challenges.
- There is no assured regular income at the end of each calendar month and no paid time off or sick days.
- Everyone should seriously think about the many pros and cons of freelancing before making any career changes.
Because freelancers are self-employed, they are responsible for finding and funding their insurance. This is another of the pros and cons of freelancing almost everyone can agree on. When you rely on traditional employment to pay your bills, keeping track of income tax is your employer’s responsibility, and it’s automatically deducted from your paychecks. More importantly, you can work from where you feel most comfortable, whether that’s your home, a coworking space or your favourite café. You no longer have to deal with toxic workplaces or force yourself to be in an environment that makes you sad.
They don’t have to worry about spending a large chunk of their day commuting, either. Life can be hectic sometimes for any hard worker, even if they’re in business for themselves. Freelancers have lean periods and periods during which business is positively booming.