Deciding to pursue a freelance career is a very personal choice. The ripple effect of a freelance career model can impact every aspect of your life. But the lure is undeniable as freelancing growth explodes across industries worldwide.
But that’s not to say that freelancing is a great fit for everyone or doesn’t come with some challenges. We’ve gathered a list of common pros and cons of freelancing to help you determine whether building a freelance career is right for you.
Pros of Freelancing
Freelance jobs offer independence that many career professionals long for. Not only would you be free of traditional offices and schedules, but you also can work alone, and for the most part, where you are most comfortable doing so.
1. Work From Anywhere With Connectivity
Freelancers don’t need to work in a traditional office. Many freelancers enjoy the freedom of working from home without a daily commute. But you might dream bigger and take your freelance role on the road while you travel. You can set up shop nearly anywhere as long as you have connectivity.
2. Flexible Work Hours
Freelancers have the flexibility that most people dream of. If you want to work full-time most of the year and only part-time during the summer, you have the flexibility and control to make that decision. Longing for long weekends and compressed workweeks? You get to approve that.
3. Unlimited Income Growth
Rather than be limited by a fixed hourly rate determined by someone else, your income has the potential to grow exponentially. Freelancers can take on additional clients and adjust their rates as they become more experienced and diversify their sources of income to include additional services.
4. Diverse Projects
Freelancers aren’t limited to one company. You’ll get to work on various projects with different clients. This can lead to a highly diverse portfolio of work that showcases your skills and creativity.
5. Access to Global Jobs
Freelancing has been a significant equalizer for those not in a central urban area. Freelancers can work with businesses worldwide, rather than be limited to local opportunities.
Cons of Freelancing
Freelancing is not without its challenges. One of the most obvious is the responsibility to pay self-employment taxes quarterly. But there are some other considerations for you to assess before you launch your freelance business.
1. No Company-Provided Insurance Coverage
Most full-time and even some part-time employees are offered company-sponsored medical benefits. On the other hand, freelancers don’t receive insurance and other benefits from clients. Because freelancers are self-employed, they are responsible for finding and funding their insurance.
2. Unstructured Work-Life Balance
Freelancing may offer the flexibility to work when you want, but this also means that no set schedule or structure is required to help you maintain a healthy work-life balance. There is always the risk of taking on too much work and burning out. And you’ll find that you need a solid schedule to avoid working all the time.
3. Greater Risk of Isolation
Another common challenge of freelancing is that you will ultimately be isolated from a team or company. Unless you have people close to you to work with, you will often work alone. However, if you’re more of an introvert, this might not necessarily be a con.
4. Lack of Readily Available Mentorships and Guidance
Freelancing comes with a certain level of autonomy and freedom you won’t find in traditional employment. While it gives you more control over your career decisions, it also means that no one is assigned to mentor or guide you through the process. Pursuing a freelance mentor becomes your responsibility.
5. Unstructured Career Advancement Opportunities
When you work for a larger company, there are usually career ladders and paths toward advancement. This is not always the case when working as a freelancer. Freelancers need to be more intentional in seeking opportunities that help them advance in their careers. Also, moving back into a traditional role can be challenging if you don’t structure your career in a way that translates well to recruiters and hiring managers.
6. Risk of Working With Difficult Customers Who Won’t Pay
When you’re a traditional employee, getting a customer to pay their invoice typically falls on a different department. As a freelancer, you risk working with clients who refuse to pay after you’ve completed the work. Freelancers need clear contracts and payment structures to protect themselves from customers who don’t pay promptly or refuse to pay.