Are you thinking of making the jump to freelance work? It can be a great way to make money on your own terms, but it also has its fair share of challenges. Here’s a look at the pros and cons of freelance work.
Pros of Freelancing
Freelance work has various benefits, some of the common ones are:
Freedom of Clients
Perhaps the biggest advantage of working as a Freelancer is that you can pick or choose the clients to work with. They also have the flexibility to work with multiple or only with selected clients.
Controlled Workload
Another significant benefit of freelancing is the controlled workload. Freelancers can work as much as they need to and pick meaningful projects. In simple words, as a freelancer, you can focus on the work that’s appealing for you without the disruptions of a full-time job such as routine meetings, office politics, etc.
Independence
Freelancing jobs are all about independence. Not only will you be free of the cubicle and 9-to-5 work life, but you can also work alone according to your own terms and preferences.
Exposure
A lot of freelancing jobs offer variety when it comes to jobs and tasks. Working with an in-house firm might not have experience in other related industries and areas. On the other hand, Freelancing broadens your horizons. This variety at work helps provide an environment that is less redundant and dull than the traditional jobs.
Cons of Freelancing
Despite all these benefits, freelancing has some downsides. Let’s talk about them below in the next section.
High Taxes
Whether you are working as a freelancer or part of any traditional organization, be ready to share some of your earnings with Uncle Sam. However, Freelancers are responsible for paying their taxes by themselves at the end of every quarter. Apart from it, freelancers might also face deductions that other employees don’t have to pay for. High taxes are a disadvantage of freelancing, so ensure that you have read the regulations and the necessary laws.
Find your own Benefits
A person working as a regular employee is eligible for various benefits, but freelancers don’t receive any benefits. As freelancers are self-employed and are responsible for finding and funding their benefits.
Lack of Consistency
Finding consistency is another major drawback of freelancing. Projects start, and they get shelved. Similarly, customers can end a contract anytime. You may complete a project and find it challenging to find more work.
Ultimate Responsibility
When you are a freelancer, you are a part of a business. You will be in charge of the business from the start until the end. Getting new clients, managing their issues, billing/collecting, and dealing with taxes. You will need to make quick decisions when working as a freelancer.
However, not everyone can tackle these challenges efficiently. You will be looking after your brand and treat your freelance career as a business.
Isolation
Another common issue with freelancing is isolation; most of the time, you will be working without a team, alone, unless and until you are working in a co-space or have a well-established freelance business. But if you are a new freelancer, you will have to deal with the isolation.
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Also Read: How to Turn Freelancing Into a Career
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