There are many benefits of freelancing, including the ability to choose your own hours, set your own rates, and work from anywhere in the world. However, freelancing also has its drawbacks, such as the need to find your own clients and the lack of job security.
Whether freelancing is right for you depends on your individual circumstances. If you are considering freelancing, it is important to weigh the pros and cons of freelancing carefully to decide if it is the right choice for you.
Keep reading to learn more about the advantages and disadvantages of freelancing!
What is Freelancing
Freelance work is work done outside of the traditional 9-to-5 office job. Freelancers do not have a boss and instead work directly with clients by using freelance marketplaces. Freelancing is becoming increasingly popular among millennials. In fact, according to a study conducted by FlexJobs, over half (51 percent) of U.S. workers plan to freelance at least once in their careers.
Benefits of Freelancing
You Get to Work at Your Own Pace
Freelance jobs allow you to choose the projects you want to work on and choose how much time you want to put into each project. If you have a full-time job, this may not be possible. But if you’re working freelance, you can pick and choose what projects you take on and how many hours per week you want to dedicate to them.
When working full time, you have to follow a strict schedule. If you want to take a break, you need permission from your boss. When freelancing, You don’t have to stick to a rigid 9-to-5 schedule. Freelancers often work flexible schedules, meaning they can start their day whenever they want and finish whenever they want. That means you can fit your work around your personal life instead of the other way around. In short, freelancing gives you flexibility and freedom to do things outside of work.
You’re Not Tied Down To a Company
One of the great benefits of freelancing is that you don’t have to worry about being laid off if your employer goes out of business. As long as you deliver quality work, you’ll always have clients.
Freedom To Sell Your Favorite Skill
As a freelancer, you’re free to pursue any career path you want. You might love graphic design and want to specialize in logo creation. Or maybe you’d prefer to focus on writing and publishing content. Whatever field you end up choosing, you can build a portfolio and show off your expertise to potential employers.
You Make More Money
Freelancers often earn more than employees. According to the Bureau of Labor Statistics, freelancers earned $43,000 annually while employees earned just over $35,000. That’s a difference of almost $8,000! And the average hourly rate for freelancers is about $25/hour, compared to $15/hour for employees. So if you’re good at what you do, you could potentially earn a lot more money as a freelancer.
Benefits of Freelancing: You Can Work Anywhere
If you live in an area where there aren’t many jobs, you may find yourself stuck doing something you hate. But if you freelance, you can work wherever and whatever you’d like. Additionally, You can travel the world while working remotely if you’re a digital nomad. There’s no commute, you save gas money, and you can avoid traffic. Plus, you won’t have to deal with co-workers.
Advantages of Freelancing is Better Work-life Balance
Working as a freelancer gives you more flexibility over your schedule. Because you decide when you work and how much you work, you can carve out time for yourself and your family and still meet deadlines. Plus, you won’t feel guilty about taking breaks throughout the day.
You Can Work Whenever You Want
There are times when you feel like staying inside and relaxing. But if you freelance you can take advantage of those moments. You can go fishing, play video games, read books, or watch movies without feeling guilty.
Career Advancement is an Attractive Benefit of Freelancing
One of the greatest advantages of freelancing is you have great potential to grow your career from a freelancer to an entrepreneur. Many people who become freelancers eventually want to move up the corporate ladder. According to Forbes, nearly half of freelancers say they plan to stay independent for the rest of their careers. As a freelancer, you can continue building your skill set and experience, making you more attractive to future employers.
Benefits of Freelancing For Economy
Another advantage of freelancing is it is also helpful for the economy of the country. When you do freelance work you have the facility to work with worldwide people and in that way, you bring the money from other countries to your country. Thus as a freelancer, you have an opportunity to improve your country’s economy. Additionally, entrepreneur freelancers start to hire other people to work for them which will also produce job vacancies in the country.
Disadvantages of Freelancing
High Turnover Rate
The high turnover rate is a disadvantage of freelancing. When you’re not working under someone else, you’re not going to get any training or experience. And since you’re not being supervised, you won’t learn anything about how to run a business. Plus, if you are selling the same skills to different clients for 2 years then it will push you towards a growth dilemma. You’re basically expected to figure things out on your own. If you cannot overcome this problem then freelancing is not made for you.
Another problem with freelancing is that you don’t know how much you’re going to make each month. There’s no guarantee that you’ll be able to cover your bills, let alone save some money. Plus, you’re likely to have to deal with unpredictable expenses, including taxes and insurance.
You Have No Job Security
You may think that freelancing is great because you get to work at home and set your own hours. However, freelancers don’t always have the same level of job security as employees do. If you freelance full-time, you could lose your income if your client doesn’t pay their invoice on time. If you freelance part-time, you still need to find clients who are willing to hire you.
You Have Less Time For Your Family
Freelance jobs often require you to work at different times than your employer does. If you want to take off days or weeks to spend time with family, you might have to ask your client to reschedule or cancel the project. This is definitely not possible, but if you start to manage your workload smartly you can have time to give to your family.
You’re Not Eligible For Benefits
Most employers offer health insurance, retirement plans, and other perks to their employees. As a freelancer, you’ll have to provide these things yourself.
Disadvantages of Freelancing: Loneliness
Working as a freelancer means that you’re responsible for everything. You’re not going home at the end of the day to see your family or friends. Instead, you’re left to your own devices. While this can be great for creativity, it can also lead to loneliness or isolation.
Mental Health Issues
One of the biggest disadvantages of freelancing is that you never know exactly what you’re going to be doing next and it is totally based on constant uncertainty things such as extra workload, poor income, and short deadlines that can lead you to depression. If you can handle this problem by being an expert at time management so it will be not a big disadvantage of freelance work for you.
Last Words For Pros and Cons of Freelancing
There are both advantages and disadvantages associated with being a freelancer. Some of the advantages of freelancing include having a flexible schedule, being your own boss, and being able to choose your own clients. Some of the disadvantages of freelancing include unstable income, difficulty finding work, and having to manage your own taxes. The benefits of freelancing are more than the disadvantages of freelancing and all the disadvantages can be avoided if you work smartly and accurately. Ultimately, whether or not freelancing is a good choice for you depends on your own individual circumstances.