What Are The Pros And Cons of Freelancing?
Freelancing has become quite popular in the modern world. Yet knowing the pros and cons of freelancing will help you get a better understanding of how to freelance productively.
The thought of working in pajamas and coffee on the desk table of your laptop in the comfort of your home has prompted many people to quit their regular jobs for earning money online.
With that being said, there’s a definite fact. Pros and cons of freelancing are there and you better learn them before starting your freelance journey.
Although freelancing may seem to you as a way of getting easy cash with complete freedom, it can at times be quite the opposite.
With the advantages of better work-life stability, flexible choice of working hours, and the option to not go to an office, there are also several factors which may, in turn, make your life difficult.
Before you start your own freelance business, you should be aware of the pros and cons of your decision.
After all, this type of decision has the potential to be life-changing, in either a positive or negative way.
So we have done the work for you. Here are the top disadvantages of freelancing instead of a full-time, 9-to-5 employee.
Read also: how to go full-time on freelancing
Cons of Freelancing
1. Isolation
Even though permanent office jobs can be very stressful, you at least get to be in a workplace with colleagues to interact with them.
Working at home, isolated from the rest of the world, can get very lonely, and doing it for a long time may take its toll on a person.
2. Not Steady or Reliable Workloads
Unfortunately, being a freelancer means that your income and workload are unstable and inconsistent.
For the most part, you won’t be able to depend on any regular project, client, or profit.
Whereas in regular Job you know about the amount of check you receive at the end of the month and your bills and payments depend on your monthly payments.
3. Messed Up Routines
Although the flexibility of choosing your work hours may seem enticing, it can also mess up your daily schedules.
Permanent jobs have a specific timeframe, so you have fixed hours to go to and return from work which helps you maintain a certain level of consistency in life.
As a freelancer, you could find yourself working through the night till the sun comes up.
4. A Lot of Spadework
You are now in charge of finding all your clients and projects. When you work a regular 9-5 job, you have to work with a team.
But now you are only responsible for your work to submit before deadlines. So that means a lot of spadework on your part.
And that means you have to wear many hats, including marketing, advertising, and sales.
5. No Employer Benefits
Health benefits are expensive. Depending on your current health, switching to a freelance lifestyle might not be in your best interest.
Also, starting your own freelance business means you no longer have paid sick days or vacation time to use. Every day you don’t work is a day you won’t get paid.
6. No Job Security
The major disadvantage of freelancing is no guaranteed work. Work comes in the form of different projects you take from multiple clients.
You will not contract with the clients, which leads to the possibility that your employer may not continue to work with you once you have done with the projects.
You could go from having a high income one month to being unemployed in the next one.
7. Not Getting Paid
Being a freelancer also means that you are at the risk of not getting paid.
There are ways to protect yourself from non-paying clients, but sometimes you don’t realize that you are at risk, especially newbies on Facebook and other sites are easy hunts of these clients.
8. Some of your clients might be late payers
The other major disadvantage of freelancing is not paying on time.
Prevention is better than cure!
So make sure your payment policies are clear on your original contract with the client, then both parties know where they stand from the start.
Try to accept as many different forms of payment as possible so that the client has no excuse not to pay.
If you can include credit card transactions in this list of possible ways to pay, do it. Then a client can pay you even if they don’t currently have the funds themselves.
9. Cost
While starting as a freelancer requires little or no upfront investment, sometimes money is needed to buy your equipment and software if you do not already have it.
Now you can understand the advantages and disadvantages of freelancing. Now you can decide if this is the right type of side business for you.
10. Distractions
Being your boss and working from home can have some bonuses but it can also make things difficult.
There will be distractions and other things that we could be doing instead of working on projects. There will only be ourselves to keep us on track.
Working from home makes it easier to get caught on a personal call with a friend for hours or stick on the t.v in the background.
Before we know an hour has passed, we haven’t done a tap or friends calling around because they know that you are always at home.
11. Personal time
Working for yourself can sometimes make it difficult to distinguish between work time and personal time.
It’s easy to get sucked into working all the time because the line between work and home is so thin.
As a result, your time suffers. When trying to set up your freelance business, it will undoubtedly need a lot of work and effort, but it is essential to keep on top of your health as you do so.
Separating your personal life and working is difficult when you essentially wake up in your work every day.
12. Take some time to build a client base
Building and growing your clients to the level necessary to support your needs or family can take some time. It will need a lot of work and networking to get yourself known within the industry.
The demand for your service will ultimately depend on your skills. Depending on the skills, a change in that industry may alter the needs for your service.
Benefits of freelancing
The post-epidemic world has made many people believe that freelancing is the future of work and there is nothing wrong with it.
With millions switching the work desk for a laptop in bed, a new wave of virtual worker bees is ready to go.
This epidemic saw many people lose their full-time jobs, even facing reduced hours. With nothing to lose, many have chosen to freelance for themselves as a means of sustenance.
Freelance sites like Fiverr and UpWork have witnessed an increase in their traffic and registrations.
Currently, Fiverr has over 7 million users, and Upwork is the reigning freelance work platform with 17 million active users.
According to a report, 60% of freelancers have earned more than they did at their old jobs.
Pros of Freelancing
There are numerous benefits of working remotely and being a freelancer. Here I have compiled some benefits of freelancing.
However, it’s just the tip of the iceberg! 😊
1. Be your boss
One of the benefits of freelancing is that you are the CEO of your own company or business. You have much more freedom than when you work for someone else
. You can choose your workload, your schedule, your dress code, and every other aspect of how you run things.
If you don’t build your dreams, someone will hire you to build theirs!
You are running your very own business, it’s on you as much as you which of the new customers you take on, what your hourly rate is, and what hours your figure.
Related: how to create a freelance profile in 2022
2. Compensation & Earnings Control
As a freelancer, there is no need to ask your boss for a promotion because You set your rates. You also choose how much work you take on. To a certain degree, rates and the workload are subject to market forces.
You can not ask for astronomical compensation without reducing your list of prospective clients.
However, many freelancers find that they can raise their rates over time as they do more work and gain a strong reputation.
3. Improved skillset
Freelancing means you can work on various projects from multiple clients. Each project brings something new to the table and provides an opportunity to expand your skillset.
You’ll likely find yourself learning new things as you go. You may feel more stagnant in a traditional full-time job that may not always involve continual learning and development.
Freelancing provides many more opportunities for growth as you tackle a variety of project types. You may also wish to enhance your skillset on your own.
Many online courses and opportunities are out there, and you have the freedom to make time for these as you see fit.
4. Multiple Sources of Income
The great advantage of working as a freelancer is that there is no limit to how much you can earn. There is no set rule that a person can work on all at once.
If you are a Jack of many, if not all commercial, you can take on many projects that require different skills and work on them simultaneously. That’s why you stay productive while spending more money.
Few freelancers have polished their skills over the years and make six figures per month working just a few days a week by picking up a lot of projects at the same time.
5. Produce Brilliant Quality of Work
Since you are your manager and boss, you are free to experiment and choose projects that excite you. It is a fact that you produce better work if you are motivated.
As a freelancer, you have complete freedom to choose the type of work you want, and you can be passionate about it. Your keenness will deliver a better quality of work that you can then showcase in your resume.
Now we have done with the first 5 benefits of freelancing, let’s what is coming next!
6. Global Exposure
For a freelancer, work can come from anywhere. When working with clientele from different countries, you learn about various work cultures and styles of communication.
You get an opportunity to build meaningful work relationships that help you network better and diversify your connections. While working on a project, you also get an opportunity to interact with other freelancers.
You get to experience the global workforce from the comfort of your house. It also gives that extra pop of color to your resume.
7. Financial Cushioning
One thing that gives a; gig economy; or freelance work, a bad reputation is a risky business. Activity 9 to 5 appears to be safe and stable. Even so.
The epidemic has shown that 9 to 5 jobs are as rickety as any other. With freelancing, you have never been at the mercy of your employer. If you have a lot of gigs, even if one falls, you have the other to rely upon them.
Also, unlike any 9 to 5 job, you aren’t constantly worried if your job is in jeopardy with every payslip.
8. Broaden Your Skill Set
The best thing about freelancing is working on different projects. Every new project gives you a chance to learn something different.
Freelancing allows one to step out of the comfort zone and work on something they have always wanted to do but were too hesitant.
Many young professionals have their side businesses but have little time to work on them. With freelancing, you have the freedom to choose the workload.
You can take up projects that aren’t too draining and leave you with substantial time and energy to work on your side hustle.
9. Break the Monotony/Routine
Do you ever feel like you are doing the same kind of work every day, every hour? Like you are stuck in a constant loop of monotonous work with no escape in sight?
Once you have adopted the independent life, the ball is in your hand. Since you have the freedom to choose your client and project, you are free to mix it up.
Not only do you have the flexibility to choose the type of work you do, but you also control the working hours.
Work out when the old juices flow and take a break whenever the desire arises. No more depending on the clock to eat lunch or take a tea break.
10. Growth
The best part about being independent is that you are not dependent on other people for promotions and salary hikes, and you do not have to be a part of office politics to be in the good books for timely hikes.
When freelancing, your work speaks for you. You aren’t bound by your role’s salary anymore.
In your free time, you can upskill and demand more pay accordingly. You have complete control over the direction of your career
Overview
Do you prefer a job with steady-state pay, but with slow growth or one that you are passionate to chase, even if there might be some initial hiccups?
I can say that there are more benefits of freelancing than; what I have illustrated.
Thankfully in the age of the Internet, it’s easier to go freelancing. Freelancing gives you a chance to experience and experiment with an alternative style to 9 to 5 work. You have the liberty to choose the one that fits your style.
However, it’s not a lifestyle that can fit everyone, and if you are willing to choose a stable office job instead of jumping from project to project, it’s more than alright.
Take Away
Freelancing is equal parts positive and negative. You have to decide if you’re willing to take the risk that almost always accompanies it.
Freelancing means professional freedom, but it also means instability and the risk of failure.
And that may not be what you need in your professional life. If you are not consistent with work, then freelancing is not for you.
Do you have any advice for people thinking about leaping?
Would you add anything to our list of pros and cons of freelancing?
Do comment to share your experience with freelancing.
