Things to Consider When Considering Going Freelance

For many people, freelance seems to be the career of their dreams. Being able to do things for yourself that you really enjoy, without the pressures and politics that regular “day work” often brings, is an attractive prospect and appealing to people in all sectors.

But it’s important to be realistic about all aspects of becoming a freelancer and to consider these factors carefully before deciding to take the plunge and become a freelancer yourself.

Here we will introduce the pros and cons of freelance in a balanced way so that anyone who is about to make this decision can make an informed decision.

Depending on the terminology you want to use, the many advantages of a freelancer, freelance contractor or self-employed person are obvious. Some of these lists are as follows:

Able to set own time

Depending on your personal situation, this can be the main selling point for many people. If you have childcare commitments, the ability to choose when to start/stop work (within a reasonable margin – usually your work time should almost always overlap with the client’s work hours), which is a type that usually just not available This flexibility is impossible in the “normal” work world.

The money you earn is yours

Another obvious draw to freelancing is that no company or shareholder gets a share of the profits you make. You can take home what you earn.

Diversity of assignments and more choices

Working for yourself means you can have a greater say in the projects your skills are focused on, so you can develop in your areas of interest, away from the tedious work your boss has given you in the past!

Home office

Imagine your daily commute involves walking downstairs to your study/office (perhaps having breakfast in the kitchen on the way). Working from home can save at least an hour in most cases than commuting, in some cases your daily commute is particularly long and you can save even more! What you do with this saved time is up to you: you can make it profitable time, or you can take back part of your life.

But before you start entering your letter of resignation, you should consider the following points:

insecure

So far, this has to be the most important factor to consider before becoming a freelancer. Unless you’re lucky enough to start your freelance career with an existing client base and guarantee their regular work, you rely on bringing in new assignments weekly, monthly and monthly to ensure you reach the level of income you need. Even if you get the required level of work, be prepared for delays in receiving payments from customers. In short, you can say goodbye to the regular monthly salary!

Lack of working conditions

Although the current labor market increasingly ignores this factor, the transition from regular work to self-employment means that you lose certain benefits. For example, your current employer’s vacation pay for 20 days is in principle equal to one month’s wages when you took the vacation. As a freelancer, you don’t get paid while on vacation, so your income must be high enough to compensate. You will then no longer have any other benefits, such as health insurance and pension benefits.

Marketing yourself

To bring in new clients, people need to know you, and if you work for yourself, the only way they can understand anything is to improve yourself. Of course, there are many different ways to do this, from phone calls to newspaper ads to trade shows. How you do this will depend on you and the industry you’re in, but you should get used to the idea that once you take the first step and become a freelancer, you will at least become a part-time salesperson.

Business activities

As a freelancer you have to deal with many parts of the business (or you pay professionals to deal with this). These include keeping books of accounts, paying proper taxes and national insurance contributions, legal and insurance requirements, collecting unpaid bills, and handling promotions. This can represent a steep learning curve, and of course the time you could have spent making money! Alternatives like hiring an accountant to keep your account books are usually very expensive, especially when starting up.

 

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