Is Freelancing for You?
Pros and Cons of the Freelance Lifestyle
Freelance careers offer many benefits, including the flexibility and freedom to do what you love and work from almost anywhere (with WiFi, of course), but is it for you? Freelancers need to be self-motivated, organized, and able to keep themselves on-task regardless of distraction. Consider the following pros and cons before you take the leap into freelance life.
Pro: Choose Your Workload
As a freelancer, you choose the kind of work and the amount of work you do! This can mean tackling big projects and finding lots of clients or it can mean working minimal hours and perfecting your craft. The best part? Freelancers can earn as much or as a little income as they desire depending on how much they choose to work. Freelance work can be your full-time job or your part-time side hustle, you get to decide!
Con: Inconsistent Workload & Payment
Freelance work isn’t always consistent. Working with different clients on different projects frequently means a variance in hours. Many freelancers experience periods of time when their workload is low. While this means extra free time, it can also mean inconsistent pay. Generally, the amount of work you take on directly correlates to the amount of money you receive. Freelancers should be savvy with their finances and have a savings account for rainy days.
Con: No Employment Benefits
While freelancers enjoy many freedoms from 9-5pm jobs, they also miss out on the benefits of formal employment. Most freelancers do not receive health insurance, retirement plans, worker’s compensation, or other traditional job benefits. For U.S. freelancers, this can be especially tricky since health insurance is required for all citizens.
Thankfully, there are many resources available to freelancers including options to purchase insurance plans and build retirement savings accounts.
RELATED: U.S. Freelancer’s Healthcare: Here’s Your Options in 2018
Pro: Work from Anywhere
What you’ve heard is true, as a freelancer you can work from virtually anywhere! Most freelance jobs require a computer and an internet connection, making it possible to work from your couch, your home office, the neighborhood coffee shop, or a shared co-working space. Many freelance projects also allow you to complete work at any time- perfect for night owls and early birds alike!
Helpful Tip: Freework makes it incredibly easy to track hours worked from specific places with location based geofencing. This easy-to-use tool allows you to start and stop time tracking whenever you enter or leave a workspace. Never forget to log your hours again!
Con: Distractions, Distractions, Distractions
When considering a freelance career, it’s important to examine your attention span. Are you easily distracted or can you stay focused on a task for long periods of time? Freelancers are faced with never-ending distractions, especially when working from home. Successful freelancers are able to keep themselves on-task and avoid temptations to procrastinate.
Pro: Unlimited Free time
Living the freelance lifestyle often means working on what you want, when you want, and where you want, which leaves a lot of opportunity for free time. This means more time for passion projects, hobbies, or time spent with friends and family. It also means unlimited vacation days, sick days, and the ability to hit the snooze button as many times as you want - just be sure to meet your deadlines. When you’re a freelancer, you’re in control!
Con: Motivation & Organization Required
Be careful, unlimited free time has its downsides. As a freelancer, you must be self motivated and organized. It can be tricky to navigate work projects, personal hobbies, daily errands, family life, and free time. Without the regimented schedule of a traditional job or the presence of co-workers or bosses, freelancers must keep themselves motivated and accountable. Successful freelancers are good with time management and keep their projects organized. If you struggle with deadlines or constantly misplace documents, a freelance career may not be for you.
Helpful Tip: Simplify your business organization with Freework. Manage your time tracking, project tasks, client details, payment information, and more all in one easy-to-use app.
Is the Freelance Lifestyle for You?
It’s easy to see why people are flocking to freelance careers. Freelancers have the ability to do what they love, work from anywhere, and have the free time to enjoy life outside of work. But the advantages of freelance life don’t come without substantial drawbacks. Freelancers don’t typically receive guaranteed hours, payment, or benefits, and workflow can be tricky without self-motivation or organization. So, is freelancing for you? Take time to weigh the pros and cons before embarking on your freelance career.