Choosing to work remotely is a very personal decision that a person makes according to their daily routine and situation. People who have a conventional mindset prefer to do a nine to five as, according to them, nine to five helps them stay disciplined. However, many young people prefer freelancing these days over a nine to five. It is more convenient, and it is a way of working that yields higher productivity for many people. For someone who is just entering the professional field, self-accountability is necessary, and they must assess their circumstances before deciding on doing full-time or working remotely.
An analysis of the pros and cons of freelancing or a full-time job might help you decide whether you want to be a freelancer or a full-timer. No one in modern-day business can deny the growth of freelancing. Many people have shifted their professional preference from a nine to five to freelancing, and the reasons are quite obvious.
Freelancing is considered a more convenient and productive way of working for most professionals these days. Besides, many organizations also encourage freelancing in the present era because freelancers’ productivity levels are higher in many cases than full-time workers.
Freelancing is often preferred by young professionals, making it pretty much the dominant working approach in the future of business. Older employees are reluctant to change their conventional working methods and show a lesser inclination toward working remotely.
If you are looking to join the freelancers’ group, here are a few benefits and setbacks of freelancing/remote working that may help you choose the right approach for you.
Benefits of freelancing
Freelancers have leverage in choosing the clients whose projects they want to manage. In a full-time, that is something decided by your employer, and you don’t have the free will to decide who you want to work for. They can also deal with numerous clients simultaneously or manage a single client’s project at a time. Freelancers can easily find clients via strong social and professional networks where clients put their job and project advertisements.
Another perk of working remotely is that remote workers have the leverage of controlling their workload. A freelancer chooses how much work they have to do during a week. It depends on their circumstances. If they need to make some quick bucks, they might also have to increase their weekly working hours and pick extra projects to cope with their needs. Contrarily, suppose they see that they have already done enough for their needs and have the option to relax a bit. In that case, they have the freedom of working lesser hours during their week.
Independence and work flexibility
Freelancing also offers professionals the ease of working as per their comfort and lets them choose their working space accordingly. With complete control of the work routine, freelancers have the work flexibility that full-time professionals could only dream of. For instance, freelancers can choose to work more during fall and spring and work fewer hours or not work at all during the summers. This way, they can also maintain a proper work-life balance and enjoy their vacations during summers. Freelancers can also work alone if they are more comfortable working that way.
Freelancers could never enjoy the full-time benefits workers do in the form of incentives from their organizations. Freelancers never enjoy benefits like insurance as they are not full-time employees of any organization, so they have to fund their self-insurance.
Freelancers also don’t have the benefit of tax-deductible income that all full-time employees have. Freelancers have to take care of and pay self-employment taxes by themselves, and they have to do that periodically. They might have a certain exemption from tax and might have some deductions that full-time employees don’t qualify for. However, still, freelancers are at a disadvantage in terms of taxes as compared to full-time employees.
An open comparison between full-time employment and freelancing still tells us that freelancing is a much better option than full-time employment in modern times. But of course, preferences vary, and so do the opinions. After all, it depends on an individual’s circumstances, and the approach and preference depend upon how a person likes to earn a living.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.