Advantages and Disavantages of Freelancing

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There are so many freelance contractors out there who have decided to become self-employed and sell their services independently. A study carried out in 2012 showed that most freelancers are writers and second in position are designers. Freelancers enjoy lots of benefits, but there are challenges as well, just like in any other undertaking. It is most important for you to know more about freelancing if you have plans to become a freelancer. The most important thing being the benefits and the challenges you are likely to find on the way.

Advantages of Freelancing 

You are your Own Boss- When you decide to sell your services on your own, there is no one you will be answering to other that yourself and your clients. You have no boss to micromanage you. You have control over everything and any tough decisions will be made by you. You have the freedom to do what you please, whenever you feel like.
Control over clients and jobs- As an employee, your boss dictates the clients you will meet and your job is to do the best to keep them satisfied irrespective of their rudeness and unprofessional mainly because you work towards the interest of the organization. Being a freelancer is different. You have the mandate to choose who to work with. You can always refuse to attend problematic clients and choose to work with only those who understand the true meaning of professionalism and business contracts.
Flexible Hours- The best thing about freelancing is that one can work whenever they want. You will be no longer be subject to the tedious routine of waking up early and coming home late in the evening. As a freelancer, you have the mandate to choose your working hours. You can work at night, in the morning, in the evening or whenever you want. In most cases, freelancers prefer to work during their most productive hours, not the usual business hours.
Financial Benefits- The rate of a freelancer can simply be 2 or 3 times the one for a full-time employee. First of all, there is no employer seeking a share of the amount received. The freelancer enjoys the whole share. Secondly, the relationship is flexible naturally and in most cases it is short term calling for higher payments. Talented freelancers command very high pay rates. Affordable freelancers who offer quality services have plenty of contracts coming their way. Freelancers enjoy great benefits as far as taxation is concerned. Offsetting one’s business expenses against their income reduces their tax bill significantly.

Disadvantages of Freelancing
Dealing with Inconsistent Cash flows- Employed persons depend on monthly paychecks and can easily plan how to meet all their every day as well as monthly expenses including the mortgage, food, and vehicle maintenance among others. A freelancer, on the other hand, may have problems planning for such needs given that the pay the income is not evenly spaced. It is true you may be expecting 50 times the amount you pay for rent or mortgage installment, in the next 30 days, however, if you have a mortgage installment or rent to pay before then, then the bank or your landlord may fail to understand.
Having a Lot of Responsibilities- You have numerous tasks to attend to as a freelancer. You have to render services to your clients. At the same time, you will have to manage your business: pay bills, file for taxes, issue invoices and other matters. In addition, there is advertising and marketing and all these have to be done by you. Maybe as an employee you were tasked to a single activity, however, freelancing means that you have to do everything on your own, including looking for clients.
No Employment Benefits- You enjoy a lot of benefits as an employee of an organization including, health allowances, housing allowances, vehicle allowance and so on. As a freelancer, you don’t get to enjoy such benefits. For everything you have to dig deeper into your pocket. No sick offs that are paid hence you have to work to earn.
Distinguishing between personal and work time- It is difficult to distinguish between work and personal time as a freelancer. Most of the time you find that a pressing issue comes up while you are working and you are forced to attend to it. For instance, a mother may not be too devoted to her work if she has a young child who cries often and needs to be breastfed regularly. Again, some freelancers work for long hours and fail to create time for their personal interests.

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