Are you a professional looking forward to starting freelancing?
Well, you are not alone!
In fact, considering the flexibility and freedom freelancing provides the majority of professionals these days have the same thought. While it may seem highly flourishing, it can feel like walking a tightrope – one misstep can send you tumbling.
To make you understand it better, we have outlined some major benefits along with drawbacks of freelancing for professionals.
Pros of Freelancing
Flexibility of Working
When you choose to be a freelancer, you have the flexibility of choosing your own schedule. You can choose the projects or clients you want to work with. And since you have complete control over your schedule you have a better work-life balance than a typical 9 to 5 job.
Being a freelancer you can work anytime, anywhere, and for any number of hours that suits you. Additionally, it saves you time and expenses on daily commuting.
Potential for Higher Earnings
As a freelancer, you can potentially earn more than traditional employment, as you can set your own rates and negotiate contacts directly with clients.
Moreover, as a freelancer you can take on multiple projects at a time and have access to global clients, increasing your chances of earning more than local markets.
Advantage of Working From Anywhere
With the advent of remote work, freelancing offers the lucrative opportunity to work from anywhere, be it in the comfort of your own home, coffee shop, or while traveling.
This opportunity could be appealing to those professionals who love traveling or have obligations that require them to be at different locations. It’s among the major advantages of freelancing as you can work from anywhere without sacrificing your personal and professional life.
Improved Time Management Skills
While freelancing offers multiple benefits, it also requires discipline, self-motivation, and strong time management skills.
While maintaining multiple projects, meeting deadlines, and maintaining healthy relationships with clients you can improve your time management skills. This not only helps you succeed professionally but also improves your personal life.
Personal & Professional Growth
To succeed in freelancing requires continuous improvement and developing new skills, marketing their skills, and aligning themselves with the industry trends. This continuous learning paves the way for personal and professional growth, making freelancing an attractive option for professionals in diversified fields.
Cons of Freelancing
Unstable Income
Although freelancing comes with a plethora of benefits, it can be unpredictable too, when it comes to stable income. There will be times when you experience instability in income, making it hard to plan for the future and maintain a consistent standard of living.
Also, freelancers live under the uncertainty around job security, since they are at the mercy of the client and can be fired anytime.
Lack of Benefits & Support
Being responsible for your own benefits including health insurance, retirement savings, and paid time off are among the major drawbacks of freelancing. It may lead to some level of financial burden and difficulty in enjoying the same benefits provided by traditional employers.
Additionally, as a freelancer, you don’t have access to the same level of support or resources as a traditional employee including HR assistance, It support, etc.
Isolation & Loneliness
Freelancing can become a lonely job since you will be working alone most of the time. This can be a challenging situation for those people who like to thrive in a collaborative and team-oriented environment.
This situation can significantly impact your overall mental well-being along with productivity. Therefore, you must work in cafes or co-working environments and attend networking events with like-minded professionals.
Limited Scalability
After a certain period of time, freelancing can be limited when it comes to scalability. You may reach a ceiling point from where you can find it hard to see growth beyond a certain point.
Also being a single-person team you may constantly be under pressure to meet the client’s requirements and maintain your income.
Conclusion
When it comes to freelancing, each coin has two sides – there are both benefits and disadvantages. While freelancing may seem a lucrative option it comes with certain drawbacks as we mentioned above. By examining both sides through the pointers above, you can better examine if you should get into freelancing or not.