Explore 20 pros and cons of freelancing to help you weigh the benefits of independence, flexibility, and control against the challenges of instability and workload.
Deciding to become a freelancer is a decision that can have an impact on every aspect of your life.
However, this doesn’t always mean that it is perfect for anyone, with the highs and lows of every career path that you choose to take. To help you understand this further, in this article, we’ve outlined the pros and cons of freelancing.
An increasing number of people are choosing freelancing over working traditional full-time employment.
Whether you’re a freelance writer wanting to make money, a digital nomad working remotely, or simplifying and seeking a better work-life balance. As you’ve got this freedom, you’re starting to see some pros of freelancing; here are some more:
One of the greatest advantages, especially if you enjoy travelling, is the fact that you’re able to work anywhere—of course, this is if you’re doing something digital and your work permits you to. This flexibility enables you to organise your work time around your personal time, rather than it having to be the other way around.
The biggest change that you’ll notice from working full-time to the switch to freelancing is the ability to work flexibly. From this change, you can match your most productive hours and have more work-life balance.
This enables you to juggle personal commitments and take breaks whenever you need. This is more than the work-life balance; you can understand when you need to work and when you need to relax.
Financially, freelancing can bring massive opportunities. Since you’re able to set your own rate and negotiate directly with your clients.
If you have in-demand and sometimes more niche skills and can offer these specialised services, you can increase your income significantly compared to your fixed salary.
Running and scaling your own freelance business means that you’re able to set the rules. You can choose your projects, negotiate contracts, and determine your working style.
This level of independence can be highly empowering, which allows you to make your career exactly how you want to. Whether you want to be more productive or spread your tasks throughout the day.
Similarly to the last point, show that you’re in charge, this also enables you to choose how many projects you want to take on at any given time.
If you want a lighter schedule, you can accept a few assignments, although this means less money. On the other hand, if you want to boost your earnings, you can opt for a full scale of projects.
As a freelancer, you will also find yourself developing and finding new skills that you wouldn’t be able to do as an employee. This could be marketing, negotiation, time management, and financial planning, including handling your taxes.
This learning not only keeps things interesting, but also makes you competitive and adaptable in your industry.
One pro opportunity work freelance offers is exposure to a wider variety of clients and even in different industries. If you enjoy working across diverse projects, which improve your abilities, this can also spark creativity and help build a portfolio. Plus, this is also a variety that often keeps work fresh.
You have little say about whom you work with, usually. However, when you become a freelancer, you can carefully select clients whose values and interests align with yours exactly. This leads to better collaborations.
When you’re in traditional time employment roles, freelancing allows you to change and break from the timeframe of 9-5. Do you hate the 9-5? You can now control your schedule, work early mornings, late nights, or switch it up when you feel the motivation.
I don’t know about you, but I think that commuting is one of the worst bits of working for an employer. Whether you work remotely or from your chosen workspaces saves you from the busy commute, which reduces stress and expresses. With this extra time, you can invest in your personal well-being.
While freelance work can be an amazing way to make money and enjoy a flexible work-life balance, it is equally important to recognise the cons freelancing can bring. Here are some of the most common drawbacks of running and scaling a freelance business:
One of the biggest downsides of freelancing is the uncertainty of consistent income. If a client doesn’t renew a contract or if a project ends abruptly, this might ruin your ability to meet your financial target for the money. This brings more stress and frequent job hunting.
When you’re in full-time work, benefits such as pensions, paid time off, and other perks that may be given are some benefits. However, when freelancing, this isn’t given. When you’re a work freelancer, you’re on your own. This means you’re paying for your private healthcare, saving for retirement, and covering all other expenses.
Taking a break doesn’t mean you’re on paid holiday. If you’re not working, this means that you’re not earning and this always means no paid sick leaves. This can sometimes be challenging to strike the ideal work-life balance, as your freelancing time might suffer when you want to take time away.
If you want to continue working as a freelancer, you need to win the work. As a freelancer or being self-employed, you need to continuously pitch for new projects to make money and update your freelancer CV to stay up to date.
Unlike a traditional time job where responsibilities are assigned, you need to seek opportunities, impress potential clients, and have a pipeline of freelance work.
Working remotely, especially if you’re travelling to different locations, often means long stretches without face-to-face interaction. This lack of interaction with other people means that you’re in isolation, which can affect your mental health and overall motivation.
A freelance business means taking on many roles. In addition to other core services that you’re offering, this also means that you’re handling your taxes. Ensure that you take care of national insurance, tax deadlines, and other financial obligations.
Sporadic or unpredictable workloads can sometimes disrupt your work life, which can leave your busier times to be slower. This volatility can make planning and budgeting even more difficult, as you don’t know where the next payment will come from. Especially if you rely on consistent income from freelancing time.
In this economy of being a freelancer, clients may not always pay on time—or at all. This can be extremely stressful, especially when you need to chase your clients frequently.
Chasing overdue invoices isn’t just stressful, but it can massively impact your freelance business and the scaling growth you want to achieve when becoming a successful freelancer.
When you’re working a 9-5, it is easy to switch off when you get to 5 at the end of the day. However, when you’re the boss, it can sometimes be difficult to set these boundaries between personal and work time. Whether you want to work odd hours or are thinking about projects constantly, sometimes if you don’t rest enough, this can lead to burnout.
Freelancers can pivot easily; however, especially if you’re not a creative person and this isn’t your field, marketing yourself can be difficult. However, this is what is bringing you clients and growing your business. This is also the difference between being in full-time work. You must maintain an active online presence, and network, and develop strategies to grow your overall freelance business.
Freelancing offers you an enticing mix of flexibility, autonomy and earning potential. However, it can also bring challenges such as job insecurity, paid time off, and the need to give yourself self-promotion.
Understanding whether freelancing is a pro or a con overall depends on your personal work style and career goals for the future. With the right approach, freelancing can be a fulfilling and financially rewarding career choice, but it can also be hard work.
