With the way the economy is today, becoming a freelancer has become more popular than ever before. Many people have lost their jobs and still have a tremendous skill set that can be used to benefit others. Therefore many have chosen to become freelancers using the same skills they used in their previously held positions. Before deciding if freelancing is right for you, you should take the advantages and disadvantages into consideration. While some jobs hold more risk than others, being a freelancer does have a few income risks. Here are some advantages and disadvantages of becoming a freelancer.
When you ask anyone who works many hours, the hardest thing is about work; most will tell you that it is the work-life balance. Many people believe that to have a great career, you must sacrifice your personal life. That should never be true. Though many they love their job, most people in the workforce are there to provide them and their families with a better life. However, if you are not living that life outside of work, what are you working for?
Becoming a freelancer can open up the possibilities that you can earn a living and also earn a life. While freelancing does not absolve you of deadlines and meetings, it does give you flexibility in the hours you work to achieve those deadlines and make those meetings. Also, as a freelancer, you generally work from home unless you lease and office space. Being at home while you work offers the opportunity to get things done when you take breaks. This is another aspect of flexibility and work-life balance that is a great advantage to the freelancer.
Another area that most workers detest when it comes to working in an office is office politics. Sometimes when we work in an office, there is a level of adversity and competition that can become toxic. When you are a freelancer, office politics become virtually nonexistent. While you still have to work with clients and others, the environment is so different that it doesn’t allow office politics to occur. Being a freelancer offers the opportunity to make a living while eliminating those issues that could hinder your work when you are in an office.
While some might argue that the pay for a freelancer is a disadvantage, they would be wrong. Understandably the income of a freelancer is sporadic; however, it also has no limitations. Therefore, there is as to how much a freelancer can make. When you work for a business, your salary is set, and while you can work overtime, most businesses frown upon that because of budget. While you may be able to have a steady income, that income has a ceiling. With freelancing, the sky is the limit.
The work for a freelancer is sporadic and inconsistent. This inconsistency can affect the income of the freelancer. Simultaneously, the workload can also become overwhelming if more work comes in at one time than the freelancer is prepared to handle. When in an office, there is generally a steady flow of work though it can become overwhelming at times, so this is not unique to the freelancer. While this may be a disadvantage, the freelancer can turn down work; therefore, they can use that power to keep the workload more consistent.
When a person works in an office, unless you are in a position whose job is, generally, you do not have to seek your clients or customers. With the freelancer, it is up to you to find your clients and negotiate services and payment. While having to seek and obtain clients can be difficult at times, making it a disadvantage to be a freelancer, the fact that you can refuse work or clients you don’t want to take or work with turns this into both a disadvantage and advantage.
While no cap to your income is a great advantage, it is only an advantage if you are making more than you did when working in an office. Being a freelancer leaves you vulnerable to fraud or slow to no payments. Freelancers have no control over how quickly a person will pay or pay at all upon completion of services, which can be a huge disadvantage. Also, the pay constantly fluctuates between feast or famine, sometimes wildly swinging from one end of the pay spectrum to the other.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.