The Pros & Cons Of Freelancing
Freelancing is a great opportunity to have some freedom in your working life and appeals to many skilled workers who want to have the flexibility to complete work they want, when they want to do it and from where they want to work.
There are positives and negatives to working as a freelancer and we’ve listed below some of the more obvious ones to consider.
You can choose your own work
It’s got to be the best part of freelancing when you’re in a position to pick and choose the jobs that appeal to you the most.
If you have a particular niche you enjoy then this is the chance for you to really indulge yourself compared to when you’re working for an employer and have much less flexibility.
Develop new skills
Being a freelancer will mean having to negotiate your terms and prices.
This could lead you to develop new skills and diplomacy that you didn’t know you were capable of.
You’ll also get good at troubleshooting and spotting potential tricky clients or unprofitable jobs.
Pick your own hours
Who wouldn’t want a 10am start on a Monday and an early finish on a Friday?
Freelancing gives you the choice to work when you want to and if you’re achieving the financial rewards that you are happy with, then you can pick and choose when you work.
This is especially good for night owls who want to work overnight and have their days free to relax.
Instability of money/cash flow
A huge downside has got to be the unpredictable nature of work and contracts.
A client may only use you on an ad hoc basis so you don’t have a steady cash flow coming in which, if you have a mortgage or family you are responsible for, could cause you problems.
You will also be responsible for your own accounting and submitting of tax returns which as a paid employee is all taken care of.
As a freelancer you’ll have to provide your own equipment and cover the cost of any professional insurances required to work in your industry.
This could represent a large outlay if you need a lot of technical or computer equipment to be able to do your job effectively.
The work-life balance argument can go either way.
You’re either going to have more time to enjoy the fruits of your labour or you’re going to be working every hour possible to reach the expectations of your client or to meet deadlines.
Freelancing can be a great experience managed carefully but the pros and cons need to be weighed up fully before you strike out on your own.