The Benefits and Drawbacks of Freelancing

The growth of freelancing in the U.S. and world cannot be denied. According to the research conducted by Upwork, more than 57 million Americans went freelance in 2019 (+4 million from 2014). This means that more than 1 in 3 U.S. people are currently freelancing. It has literally gone mainstream.

At the same time, the future of freelance as a profession remains one of those topics that are likely to polarize individuals. Some people consider it too demanding, stressful, and relatively low-paid venture, while the others find it a dream career that is equally rewarding and liberating. The truth probably lies somewhere in between. In this article, we have decided to take a closer look at the major pros and cons of freelancing to help you determine if it's the right way for you to go. So let's get started!

What is Freelancing and How Does it Work?

Freelancing refers to a contract-based job that often (but not always) allows you to work from home. Unlike in-office workers, freelancers are self-employed and typically not committed to any particular company. So a typical freelancer is a remote worker who works on several projects for multiple customers, using his/her experience and skills to provide the necessary services to them.

Advantages and Disadvantages of Becoming a Freelancer

If you are planning to join the rapidly growing community of freelancers, you should first consider the following benefits and drawbacks of freelance jobs.

Pros of Freelancing

1. Exposure
   A freelance job is a great way to broaden your horizons and refresh yourself. It provides the ability to work on a variety of projects that is impossible when you work for one company in-office. This variety helps you build an environment that is much less boring and redundant than a typical in-office atmosphere.
2. Independence
   This is probably one of the most crucial benefits for freelancers. Not only are you fully free from the office environment and 10-to-18 work week, you are also capable of working when/where you are most comfortable doing so, and without office politics, meetings, and other standard office distractions. You can work from home or from a beach in Bali if you want.
3. Flexibility
   With such freedom over their workload, freelancers have the flexibility and control over their life that most in-office employees can only dream of. You are fully free to work (or not) as you please.
4. Freedom to choose customers
   If you are a freelancer, you can manage your tasks and get to decide which projects you will take in. Besides, freelance workers have the unique opportunity to choose the customers with whom they will be dealing. With freelancing, you are your own boss.

Cons of Freelancing

1. Isolation
   With this whole COVID-19 thing, isolation is probably a plus. However, in a more standard situation, being a freelancer means being fully isolated from a company or team, which may not be okay for many people. If you are not an introvert, it might be difficult for you, too.
2. Payment issues
   Another common downfall of freelancing is that you will have to be fully responsible for collecting payment. Unfortunately, some customers don’t pay up on time so it might be an issue. At the same time, if you are a freelance worker, you get to keep all the profit you earn.
3. Ultimate responsibility
   If you are a freelancer, you are running a full-fledged business. Actually, you are your business! This means you are in charge of everything, from finding customers and business development to performing the billing process.
4. Sporadic working process
   Finding a steady project is a real drawback of freelance. They can start and then soon get shelved for life. A customer may end a contract early. That’s why being a freelancer is sometimes a challenge. Fortunately, job services like Vollna can help you stay on top of finding your next freelance project.

Ready to Go Freelance?

Now that you know all the pros and cons of freelance or contractor work, you can finally make an informed decision whether or not to become a freelancer. Being your own boss can be tough. It requires having the ability and motivation to manage a small personal business, excellent time-management skills, and a great deal of commitment. Of course, all the efforts you put in will pay off in the long run. In any case, the decision to become a freelancer is a pretty much matter of individual experience and personal choice. Please feel free to contact us if you have any questions. Stay safe!