Should You Go Freelance? Pros and Cons of Freelancing
November 17 2021 - It's no secret that freelancing has exploded in recent years. As of 2020, about 59 million Americans were doing freelance work.
If you're like many people, the pros of freelancing are alluring. You can set your schedule and work from home. But like any other job, there are cons to consider before making the big leap into freelance life.
This guide is a brief look at the pros and cons of freelance work. It will help you decide if you'd like to become a freelancer.
Pros and Cons of Freelancing
There are pros and cons to every job, but these pros of freelancing make it an attractive option for many people. Here are five benefits of freelancing.
Having Flexible Hours
Flexibility is easily the number one pro of working for yourself as a freelancer. You can work when you want, where you want, and on what projects you choose.
If your kids have soccer practice at night or if it's raining outside, there isn't anyone telling you to go to work. You can do your freelance job from the comfort of home and still get paid for it!
If you love the flexibility of freelancing, this is a pro for you.
The only caveat is that most people who work from home still set a schedule for themselves, even if it's self-imposed. But the hours are more flexible than those of a traditional job.
You Can Work Remotely
Work-from-home pros also include the ability to work remotely. Not only can you choose your hours, but you can also pick where you want to work. If there's a nice coffee shop nearby with free WiFi and an outlet for charging your laptop battery, then that might be your spot during the day.
Or if it gets chilly at night in the winter months or too hot in the summertime, nothing says you have to stay indoors on these days. Just get out of the house and go elsewhere until temperatures are more comfortable again.
The point is that working from home means having options about where you want to do your job. This gives many people peace of mind knowing they always have choices about where they live and work.
There Are No Dress Codes
Every job has pros and cons, but this point is a definite advantage of freelancing. Nobody can tell you otherwise if you want to wear pajamas all day or sweatpants while working from home.
It might seem simplistic, but this is a big deal for some people. Some companies have stringent dress codes and make you pay for your work clothes.
If you're one of those people who hates dressing up for work, then this pros-list just got longer! You can be as casual or formal as you want when working from home. No more worrying about how your clothes look and feel before going to a job site every day.
It's Less Risky
Freelancing may have some cons, but it has less risk than a traditional job. You're not putting all of your eggs in one basket when you freelance from home.
If something happens to the company where you work or go out of business altogether, then the income stream stops there.
However, if you work for yourself as a freelancer, there are other jobs to take on. You're able to diversify your income stream and find multiple clients depending on what kind of services you offer.
Not being so dependent on one company or client gives many people peace of mind when they are self-employed. You know that you'll always have work to do, even if one of your clients is slow in paying.
Freelancers Make More Money
You might think that the pros of freelancing are all happiness and sunshine, but there is one authentic pro on this list. This point is about money. And in some cases, it's more than you might make at a traditional job site or company.
It depends mainly on your specialty as a freelance worker, but often people can charge higher rates for their services when they are self-employed.
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Cons of Freelancing
The pros of freelancing are numerous, but there are some cons to consider. Here are a few cons of freelance work:
You Might Work Too Much
Many people who work from home will tell you this is one of the cons of freelancing. If you love what you do, it might not seem like a disadvantage to spend too much time working.
But if spending so many hours away from family members becomes an issue for some reason, then it's a con that needs addressing. Make sure that there are enough breaks every day when you freelance from home so that you don't get burned out on work.
It Might Be Lonely
If you don't have family nearby or your spouse works outside of the home during the day, working from home can be lonely. And this is one of the cons of freelancing that deserves some attention.
Some people may not mind being alone when they work in pajamas all day. Others might feel isolated at their house without human contact every hour.
Make sure to get out of the house for lunch breaks when freelancing. Go to a nearby coffee shop or take your laptop elsewhere so that you don't feel too isolated at home while working.
Lacks Employee Benefits
Many pros come with the territory when you work for a company or in an office setting. Many companies offer their employees benefits such as health insurance, 401(k) plans, and paid vacation time.
As a freelancer working from home, these things are not always available to you unless you go out and get them yourself. It's a con of freelancing and something to keep in mind.
Pros and Cons of Freelance Work
There's no correct answer about whether it would be better to freelance or go into traditional employment. Each person has a different set of needs and wants, along with a unique skill set.
The cons of freelance work are no reason to be discouraged about the idea of working for yourself. It can work out well, giving you more freedom and your own schedule.
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