Pros and cons of freelancing

We have already discussed a lot about freelancing, What is it? Which path you should take? Tips and tricks? Cover letters? And what not. I have really enjoyed writing this whole series and I hope it has come handy to you, as well. Now, let’s throw some light on the pros and cons of freelancing:-

Advantages

• You’re the boss! You’re on your own, you can decide when and where to work from. If you’re a night owl and prefer working late in the night, you can sleep till noon. This means, no one commands you. Also, you can select what projects you wish to work upon, if you’re a graphic designer and creative isn’t your forte, you can always pick professional work. This gives you a lot of freedom and independence to do what you love.

• Lower taxes, an average freelancer will always have to pay lower taxes than an individual of the same income doing a job/business.

• You can have great work life balance, thanks to flexible schedules and no bosses. Only 29% of the freelancers works more than 40 hours a week, so generally freelancers have to face less stress & tension.

• Insane money, if you have the will and drive to make that extra effort, you can earn a lot through freelancing, Reports says that freelancers earns 45% more than the normal workers. Yes, you will have to take extra efforts, the ROI of these efforts are insane.

• Happy and healthy, freelancers are found happier and healthier, both mentally and physically. Freelancing comes with less stress, no boss and good ROI’s.

Disadvantages of freelancing

• Inconsistency, in some months, there’s so much work that you can’t complete and the paychecks are more than your expectations.  The next month, the market may dry up and there’s a possibility that you end up making only half of what you made the previous month. With paychecks, at least you are sure about salary and you can budget accordingly.

• Risk of not getting paid, freelancers often get duped by clients who don’t pay on time or they don’t pay at all. It’s common and happens everyday. Unlike traditional employees, there’s security of getting paid every single time.

• No job security, if clients have requirements and you’re at a good stage where clients can trust you, you make money. Without requirements and trust, it becomes hard to make a buck in freelancing.  

• No added benefits, in traditional employment, the employer handles your health and retirement benefits. Purchasing your own health insurance is often more expensive. You don’t even get paid vacations.

I hope you can compare the pros and cons of this profession. If you found this article useful/fun, write to us in the comment box down below. As always, stay tuned for more knowledge/insight on freelancing as a profession.