Is being a freelancer worth it? Yes, it is worth it, but one can think that it is like a gamble, like if you play games in Vulkan Vegas. The way one should look at it is through its pros and cons, which we will discuss today.
Pros of Freelancing
Below are the pros of freelancing:
1. You Own Your Time
As a freelancer, you do not go to an office unless you are a freelancer who works on the clock. If that is the case, you are not precisely a freelancer but someone who is still an “employee” without the formality of employment.
Typically, freelancers work on their own time. They have deadlines, yes, but these deadlines are something that they agreed with their client. Freelancers do not have to be in an office based on a schedule.
Since you own your time, you are free to do your tasks related to managing your home and your life. You can attend important events as you want, and you do not need the approval of anybody for vacation leaves.
You need strong discipline and time management skills to fulfill your duties. It takes a lot of the right attitude and being responsible if you want to be a successful freelancer.
2. You Price Your Work
As a freelancer, you can price your work according to complexity. For example, you can always ask for more money if the work you are being asked to do is complicated.
Let us say that you are a graphic artist, and you make eBook covers. If the body is not something typical, and the client wants something really artistic, then you can always ask for higher pay.
You cannot do this as an employee; your salary remains the same every day, regardless of the work that you do.
3. You Have a Chance to Expand
You have the option to turn your freelancing career into a business. If you start as a graphic artist, you can eventually hire other graphic artists as the volume of your work surges.
As an employee, your only action is to apply for a promotion. The thing with advertising is that it is hard to come by, and once you do not make it, you will have to wait years before another opportunity pops up.
As a freelancer, you make your opportunity. You can convert your freelancing career into a business and then take the manager role. From here, you can build a company you own, which you cannot do if you are an employee.
If you are an employee, you are making money for your employers. However, no matter what you do, you will never own that company.
In addition, one of the perks of freelancing is that you do not have to travel, mainly if you focus on things you can do from home. As a freelancer, you get to save a ton of money by not spending on gasoline, and you also get to save a lot of time because you do not have to travel.
Cons of Freelancing
Now, here are the cons of freelancing:
1. No Consistency
There is no consistency in the job of a freelancer. There are times when you must provide your services to many clients, and then there are lean months.
As an employee, this will never happen. You have to work every day, even if the business you are working for has no clients. Your employer must pay your salary by law, even if the company did not earn money.
Freelancers must manage their finances carefully and save money when there is much work. They must also work harder to earn more money, knowing that lean months will come anytime soon.
2. No Benefits
There are no employment benefits to freelancing. No one will pay your social security contribution, 401K, insurance, etc. You also do not get paid vacation leaves and sick leaves.
What this all means is simple: no-work-no-pay is the arrangement. If you get sick, you do not work. If you go to a hospital or a dentist, you pay for all the costs — no one will shoulder these expenses.
3. No Promotions
You will never get a promotion as a freelancer, and it is not also easy to raise your prices. As a freelancer, many clients do not want to increase the amount of money they pay you. They will move on to another freelancer if you try to get a raise.
Freelancing is fulfilling work — you own your time and can manage your schedules according to your preferences. The issue is that it has no guarantees. As a freelancer, you also do not have benefits.
It is entirely up to you to decide what you want to do with your life — you can value your freedom or work in a cubicle eight hours a day, but then you have economic security if you have a job.