What Are Some Advantages and Disadvantages of Freelancing?

More and more people are looking for side hustles where they can work from home in their spare time, while others would prefer to start their own business full-time. Freelancing can be perfect for these types of people.

In fact, freelancing can be a great opportunity for almost anyone. Here are some of the benefits of becoming a freelancer.

Freelancing can be a good and successful business. If you have good skills, you can quickly have a successful freelance business. There are plenty of jobs out there, though some pay much better than others, so be sure to be picky when you are looking for work.

You can be your own boss. Many people are tired of having a boss and a full-time job. They want a little more freedom, especially when they have young children. Many dream of working from home and taking care of their children, while still contributing to the finances.

When you own a freelance business, you can work when and where you want, though if you are not working, you are not going to be making any money. There is a balance between freelancing and having time to do what you want!

Most freelancers love working from home. The internet allows freelancers to work from their home (or even the local coffee shop)! There are many opportunities to freelance, giving you the chance to work from your home.

You won’t have a commute. Besides having more time, think about the amount of money that you will save if you don’t have to put gas in your car or pay to ride the bus! Your vehicle will also last longer because you are not driving it every day.

Freelancers are often more productive. You will have more time to work because you won’t be spending time driving to and from work (or taking the bus, train, etc.). Instead, you can get up, get ready, and get started! Also, you may be more productive because you are more comfortable in your home and wearing whatever you want to!

Freelancers often get paid more often than they would with a traditional job. Many freelancers get paid per job or project, giving them multiple paychecks in a month. If they know that they have more bills coming in, they simply can pick up additional work!

There are opportunities for freelancers to get paid to travel. There are many freelance writers who travel the country (and even abroad). They often write about their experiences, the places, local restaurants, and much more! Even better, you may be able to travel at someone else’s expense!

If you are thinking about becoming a freelance, you also need to look at the disadvantages. It isn’t going to be all sunshine and roses all of the time. There are some serious reasons why it might not be the right fit for you.

Here are some of the disadvantages of being a freelancer.

Many freelancers find out that working from home can be extremely isolating. They spend hours at home by themselves. They may not talk to anyone at all during the day which can be really hard for many. This can lead to decreased productivity and depression.

Some freelancers are less productive. There is no boss telling them what needs to be done and when. Instead, they have to be dedicated and motivated enough to make sure that they are getting their work done. Also, since many people struggle with the isolation and depression, working from home is not ideal for everyone!

When you work from home, it can hard to be held accountable. There are going to be so many other projects calling your name (a dirty house, laundry, and even your children) that it can be hard to make sure that you are getting your work done in time.

It can be very distracting when you work from home. There are a lot of distractions when you work from home. You may have friends and family stopping over for visits. Many get distracted by all of the other things that they should be doing such as cleaning, laundry, and other household chores. It is really important to make sure that your business is a priority or you won’t get anything done.

It can be hard to find work. As a freelancer, you are the only one who can find work for yourself. Lucky for you, there are plenty of websites that offer freelancers job opportunities, though eventually, you will want to find your clients.

Many experience trouble with communication. Some projects are hard to explain through text, emails, and even phone calls. You may struggle through projects, not giving them what they want. Skype is a great way to communicate.

You will be in charge of getting paid. You are going to have to send out bills and make sure that you are getting paid for your work. Though most people are honest and pay right away, there are going to be some clients who will make you work for your money!

Since no boss is telling you what to do, it can be very hard to get motivated when you are a freelancer. You, alone, are going to have to get up and get the work done, from finding it to completing it well. Many struggle and spend hours on social media, thinking that they are looking for jobs, when they are just wasting time.

The paperwork that is required for your business can seem overwhelming. Paperwork is often the worst part of the job. You need to keep track of your projects, your payments, and all of your expenses. It goes a little smoother if you keep track of it as you go, instead of waiting until the end of the year!

Paperwork is one of the most common parts of owning a small business that gets delegated to others.

Your annual tax return will be different from when you have an outside job. Instead of getting your taxes taken out of every paycheck, you will be required to pay them quarterly so that you won’t get slammed with taxes in April.

Freelancers often have problems with security. Work often comes in waves, where you will have times when you can’t keep up and other times when you won’t have any work. Unlike regular jobs where you get paid no matter how much work there is, you will only get paid when you are working. This means that you will have to plan for the slow times by working as much as you can during busy times.

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This is an excerpt from my e-book, Your Questions Answered: Top Questions About Freelancing, which is available on Amazon and wherever you buy your e-books.

Previously published on Medium and/or Newsbreak.