Not everyone is cut out for the freelance lifestyle. Deciding to become a freelancer is a big decision that comes with many responsibilities. You should know what you’re getting yourself into before taking the leap. In this article, we will cover the advantages and disadvantages of being a freelance. Let’s check them out:

Advantages of Being a Freelancer

·         Potential to earn more money – Aside from being able to decide your worth and set your own rates, you have the opportunity to work with clients from all over the world. Despite borders, you can reach and work with a lot more people in a variety of industries and quickly build up your clientele (and $$$).

·         Make your own hours – There’s no clocking in and out of freelancing. You can choose to work in three installments or if you’re a night owl, you can work after the sun goes down. Your work hours really don’t matter as long as you’re available to clients and deliver work on time. You can also control your workload, taking on as many or as little projects as you want.

·         Tax advantages – Luckily, freelancers make tax deductions that employees can’t. You can deduct expenses such as your internet bill, the cost of your computer, your home office, and almost anything else you need in order to work.

·         Do what you love – Offer services that you truly enjoy performing and work on projects that excite you. As a freelancer, you have the flexibility to choose which projects you do and don’t take on.

·         Creative Freedom – Most work environments expect conformity and limit your creativity. Freelancing allows you to try out new ideas without a lengthy approval process. Your skills will only sharpen as you challenge yourself and the status quo. 

·         Be overall happier – Freelancing gives you a sense of control and a bigger purpose. You will feel more accomplished as you work towards a bigger picture and you will often be praised and valued more than you would be as an employee.

Disadvantages of Being a Freelancer

·         Staying motivated – It’s easy to fall off track when there’s no one else around to hold you accountable. Freelancing requires a lot of discipline and lack thereof can come back to bite you. You may not always feel motivated to work but having the discipline to do it anyway will set you up for success. 8 Tips for Becoming a Successful Freelancer

·         Constantly looking for work – New clients won’t always come to you; you’ll have to go to them. Your workload may also be sporadic – sometimes you’ll find you have too many inquiries and other times work will be scarce.

·         Lack of health benefits – Freelancing often means not having health benefits (unless you’re willing to pay outrageous fees). For this reason, freelancing may not be ideal if you suffer from any chronic illnesses.

·         Collecting Payments – Unfortunately, you may not always be paid on time (or at all), meaning you will also have to assume the role of debt collector. This is a common occurrence in the freelance world, but there are ways to protect yourself. Check out our blog on contract advice for freelancers. Contract Tips for Freelancers

·         Taxes – Even freelancers have to pay taxes. In fact, you’ll have to pay them quarterly. You must be on top of your finances at all times, making sure to save at least 20% of your earnings to pay your fair share when the time comes.

SIGN UP NOW, it's free

List your services and keep 100% of the profit

Need more tips on freelancing? Check out our blog! Freelancing: How to Price Your Freelance Jobs