Is Freelancing Worth It? (The Pros and Cons)

Is freelancing worth it? You might ask yourself this question after another hard day at the office, taking orders from an ungrateful boss, battling the elements and traffic, and finally getting home late and exhausted.

You are not alone. Many people are venturing into the realm of freelancing and work-from-home jobs, especially in the wake of the pandemic lockdowns.

Deciding to go freelance can be a life-changing decision with big consequences for your future career. So it is a good idea to sit down and compare the pros and cons of freelancing to see if this is the path you truly want to take. We’re here to help!

The Pros of Freelancing

First, let’s look at some of the advantages of a freelance career.

You Are Your Own Boss

You do not need to consider anyone else’s input in running your business and pursuing your career goals when you work for yourself. While it is always wise to do your research and try to make well-informed business decisions, ultimately, everything is up to you. There is no one pressuring you to take a certain direction, work on projects you don’t enjoy, or meet unreasonable deadlines.

You Control the Workload

There is much less chance of burnout when you can regulate the amount of work you want to do. It is truly liberating to be able to decline a job offer as a freelancer if you already have enough on your plate or if the work doesn’t suit you.

You Can Work Anywhere in the World

As a freelancer, you are most likely working in the comfort of your home. But, if you feel like a change of scenery, the world really is your oyster! As a remote worker or digital nomad, you can work just about anywhere in the world and also take on work from international employers.

You Are Flexible in How You Do the Work

Do you like the idea of working from home wearing sweatpants and a T-shirt? Would you rather sit at a downtown café sipping a coffee while typing on your laptop if working from home is not your thing? Do you enjoy sharing a co-working space to experience an office atmosphere? As a freelancer, how you work is completely up to you.

You Can Earn More Money

As a freelancer, you can set your own rates and choose when to take on more clients. This makes it easier to increase your earnings, depending on your experience level, rather than waiting for your boss to give you a pay raise or promotion. And if you gain a new certification, you can reflect your new skills in your rates. Up-to-date certifications can help you attract more clients and earn a higher income, especially if they are accredited by well-known organizations like the CPD Certification Service.

You Can Work in a Variety of Projects and Expand Networks

Freelancers aren’t tied down to any one company, so you can work for multiple clients from different backgrounds and gain diversified professional experience. This exposure can also enlarge your network of contacts and potential partners, which can ultimately lead to more job contracts.

The Cons of Freelancing

Next, we’ll take a look at some of the potential disadvantages of freelancing. 

You Have to Do More Financial Admin

All the deductions from your paycheck that you don’t really think about in a regular job become your responsibility when you become a freelancer. You need to pay for insurance benefits, taxes, business overhead costs, further training, and savings expenditures yourself.

You Can’t Rely on a Regular Income

There is never a guarantee when and how often you secure job contracts as a freelancer, so you must be prepared for a fluctuation of earnings. Fluctuating earnings is often a major cause of stress, especially for freelancers who are just starting out.

You Do a Lot More Unpaid Work

Not only do you have your job to do, but you also have to shoulder the burden of administrative tasks that come with having your own business, including bookkeeping for filing taxes, issuing and managing invoices, marketing, and managing your schedule.

You Need Ironclad Self-Discipline

As a freelancer, you need to be able to motivate yourself to get the work done and manage your available time effectively. Irregular income means strictly budgeting your money to cover long-term foreseen and unforeseen expenses. This includes staying fit to avoid downtime due to illness, since you do not get any sick pay.

You Need to Be Comfortable Working Alone

You are not going to have regular contact with people in an office setting or sit in meetings with any co-workers—a major disadvantage for extroverts. Social isolation can also become a stress factor. If you want to spend time with other freelancers, you will need to seek out alternatives like networking opportunities or online communities.

You May Have to Deal with Difficult Clients That Don’t Pay or Pay Late

As a small business owner, you don’t have the reputation of a big company that clients take more seriously. Unpaid invoices and late payments are a major problem for freelancers and, unfortunately, not unusual in the modern business world. Fortunately, there are things you can do to minimize these situations.

Is Freelancing Right for You?

If you are the kind of person who likes to take risks, values variety in life, and likes to call the shots, then freelancing is right for you.

Freelancing is probably not the right choice for you if you’re the kind of person who seeks security and shuns spontaneity, prefers the regularity of a routine, and is a follower rather than a leader.

If the Answer Is Yes…

If the pros of freelancing outweigh the cons, then why not take the next step with an online course at Knowadays? We offer the essential, up-to-date qualifications and skills you need to embark on your freelance career. Start your freelance journey today!