Advantages and Disadvantages of Freelancing
For those seeking work at home opportunities, what most people are really looking for is freedom. Freedom from time clocks, nerve-wracking commutes, performance reviews, asking permission to go to the restroom, etc.
One path to freedom is working as a freelancer. Freelancing means contracting a particular skill or service, often on a per project basis. You are contracted to do a particular job, but you are not employed by the person who contracts you. Some of the skills that are offered on a freelance basis are writing, photography, graphic design, editing and computer programming.
Some of the advantages of freelancing include:
- Variety of projects and people you work for. When a project is complete, you have no obligation to continue working for a particular company. You can work for more than one company or client.
- Control over what your time is worth. At a regular job, your income is limited to what your employer thinks you are worth. As a freelancer, you charge what you feel your services are worth, and you can adjust your bids at any time.
- Scheduling freedom. If you are a night person, you have the freedom to do the bulk of your work at 10 p.m. or later. Likewise, you can work at 5 a.m. if you’re most alert in the morning, and you can take the afternoon off to do errands or spend time with your kids.
The disadvantages of freelancing include:
- Lack of steady income. There is something to be said for knowing where your next paycheck is coming from. In the freelancing world, until you have established yourself with several steady clients, there is an absence of a steady paycheck.
- Time required finding jobs. For a freelancer, part of your business plan has to include spending part of your work day marketing yourself and looking for more work.
- Income taxes. Being self-employed means being responsible for your own record-keeping and income taxes. If you are single, you also need to worry about health insurance and retirement planning.
If you believe the advantages outweigh the disadvantages, learn more about freelance bidding sites in my next post.