The majority of people work as employees in organizations or companies. The paycheck that they get every month is fixed regardless of the amount of work they had to do during this period. What if there was a way to get paid for every task you complete…? Freelancing offers you that “freedom”. The article is aimed at identifying the freelancing advantages and disadvantages compared to other forms of employment.
But what is freelancing about?
As a freelancer, you provide your services but you are not an employee anymore…individuals have their own expertise and their goal is to cooperate with companies, organizations, or smaller firms and complete some tasks for them, related to their knowledge and studies. The time that collaboration could last is dependent on the initial deal and the assignment that you need to complete. We said “you need” and not “want you” because working for them it’s your choice… Moreover, being an Independent Contractor is essential to sign a contract and define, in the first place, the charged fees for the amount of work that has to be done. However, the debit methods could vary…it may be hourly, or daily or it could be a “flat” price for a whole project.
Examples of working as a freelancer
The evolution of technology has created the opportunity for freelancing to grow. We could say that a great number of freelancers work in the technology field. For example, the evolution of fields like fintech, data science, artificial intelligence (AI), machine learning (ML), and more have raised the demand for freelance developers. There are so many other industries in which this work method is used. Examples of this include art, photography, video editing, copywriting, design, graphic design, social media, translation, consulting, website development, tutoring, and the list goes on and on… However, you have to think twice about a change in your career, because there is a number of pros and cons of freelancing.
Freelancing – Advantages and Disadvantages
1. Firstly, being very good at providing your services is an advantage that can lead to better chances of standing out in your field and getting referred by your clients to other employers.
2. You get the opportunity to work with different clients, learn about other industries and meet with new people more often.
3. You have better control of your daily schedule and routine, meaning that you are the one who allocates your time.
4. Working on freelancing doesn’t mean that you have to quit your 9-5 job; you can do it part-time if you want a smooth transition or just to make a better
5. Working for yourself is much more fun, motivating, and creative.
1. Tax payment could be more complicated. You get paid directly by your client without paying taxes between transactions. Therefore, you have to be very careful and knowledgeable about the taxes which an Independent Contractor pays in your country. Of course, this can be turned into an advantage in countries that have lenient regulatory frameworks on freelancing.
2. You have to get your own insurance.
3. Nothing should be taken for granted. Your salary may change from month to month… maybe a client will not extend a contract…
4. Marketing yourself could get exhausting.
5. Payments may be delayed or even canceled in some cases.
6. No one pays you when you are on vacation.
To sum up, considering the advantages and disadvantages of freelancing is a must to be really thoughtful about it…. maybe it is the best opportunity, maybe it is not…