Last Updated on June 24, 2022
One of those topics that tend to divide people is freelancing. Some people view it as their ideal career. These people are committed to participating and carrying out their plans regardless of the fact that they will never get paid as much as in a corporate position. Others think it’s too demanding and stressful. If someone told them they would make twice as much at their current work, they wouldn’t even try it. As is frequently the case, the truth is in the middle. Being a freelancer can be tough and stressful, but it can also be freeing and gratifying.
In this article, we’ll look at some of the main benefits and drawbacks of working as a freelancer.
The Merits of Being a Freelancer
You are your own boss
Every so often, in every blog post, you read about the benefits or advantages of freelancing, this is usually the first and most emphasised. Many young people find 9 to 5 jobs boring, stifling and even toxic. It is a popular trend these days, especially with the younger generation, to be your own boss and work on your own terms and have complete control of your life. With freelancing, that can be achieved.
You have the freedom to work as you so please. Also, if you want to, you can work from home or on a beach in Gran Canaria. Nobody will confront you about wearing slippers while working. Since you are now your own employer, no one can make decisions for you anymore. But that’s just the surface-level information.
You have complete control over the projects you accept when you work for yourself. Additionally, you can dismiss an unruly patron. Of course, you are free to create projects and put changes into place in the manner you see fit, not the way some annoying higher management officer decides.
Work-Life Balance
You can have a better work-life balance if you freelance. In the end, it allows you to spend more time with your family and less time travelling and sitting in traffic. You can select the location for your job, whether it be a park or a coffee shop. You are able to work and travel simultaneously. It’s your call whether you want to get up late and work until noon. You can choose your peak productivity times and plan your working schedule accordingly.
Whether you want to work part-time hours or fully utilise your freelance potential, you may tailor your work-life to suit your demands. You have the option. You have the freedom to choose the lifestyle you want to lead because of this flexibility. As necessary, show up at those meetings or appointments. You are free to schedule your work tasks however you see fit because you set your own working hours.
Higher Income Potential
Freelancers may be able to make more money than they would in their current place of employment. Freelancers frequently make at least three times as much as their employee counterparts, if not more! You control the rate you charge the client; your supervisor does not determine it.
You can charge a client a cost that reflects the worth of your job if it is good, high quality, and fits their demands. This implies that receiving a raise from your employer is no longer a requirement for your income. Your income is something you can manage.
You can work on several projects concurrently as a freelancer, providing you can do so without sacrificing quality and optimise your income by doing this.
The price you charge clients can be greatly influenced by the types of abilities you cover and the level of competition. If there is limited competition and a great demand for your skill, you can charge more and make more money.
The Demerits of Being a Freelancer
Irregular Work
It will be challenging to maintain a consistent cash flow because there will be ups and downs. Both your workload and your income will occasionally be erratic. Compared to getting a regular payment from your boss, this makes it a little more challenging. You must take chances and resist becoming overwhelmed by stress. Knowing your boundaries and ensuring that this lifestyle is right for you are vital because it may be extremely demanding at times.
But if you plan ahead for slow times, you can control this. It will be crucial to save up money during tough times. Not to mention being willing to put in more effort during hectic periods to get the most out of the rewards. Over time, you might be able to predict when your client payments will actually arrive.
Youll Need More Than Just Technical Skills
You will need to be extremely organised and skilled at time management if you have many clients and projects. When it comes to producing high-quality work on schedule, time management skills are crucial. Effective contracts and documentation must be in place. You must stay on top of your work and confirm your effectiveness. Remember that in addition to your other duties, you will also be in charge of customer assistance, which is frequently time-consuming. Self-control and motivation are required for being a freelancer.
Meeting deadlines and working under pressure are necessary skills for freelance job. You must be able to monitor completed work and make sure clients pay for it. You’ll also need to schedule time for things like sales, finances, legal work, marketing, and advertising. There is a tonne of tools available, both free and paid, that can keep you organised and help you better manage your social network.
Additionally, it’s crucial to ensure the calibre of your work. It is simpler for us to get complacent because no one is keeping an eye on our initiatives or regulating our operations. Due to this, deadlines may be missed or subpar work may be produced. Avoiding this is crucial because it will harm our reputation and ability to draw in new customers.
Personal Time
It can be incredibly challenging to unplug when working from home. When you settle down to watch television with your family after working all day on your freelance business, you may pull out your phone or laptop to complete additional work. It might be challenging to discern between work and personal time when you work for yourself. The distinction between work and home is blurry, making it simple to fall into a never-ending cycle of productivity.
Your personal time suffers as a result. It will surely take a lot of labour and effort to start your freelance business, but it is crucial to prioritise your health throughout the process. As you expand your clientele, it’s crucial to take breaks, rest, and enjoy some much-needed alone time in order to keep your health and handle stress. When you literally wake up in your job every day, it can be challenging to keep your personal and professional lives separate.
Final Thoughts
Both advantages and disadvantages of freelancing are there. Simply determine if you’re ready to accept the danger that almost always comes with it. While working as a freelancer offers professional independence, it also carries a high risk of instability and failure. And you might not require that in your work life. However, you have the chance to establish your brand and reputation and accomplish your professional goals if you risk your security for something that is more in line with your professional aspirations than a conventional work.
Before you go…
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