By Ah, the life of a freelancer. It sounds appealing. After all, you call the shots, earn as much as you want, and work when you want. However, freelancing isn’t a good fit for everyone. Here are a few pros and cons to help you make the best decision for yourself.
All About the Money
Of course, the first thing that comes to mind is no salary cap. Yes, you can put an end to the nerve-wracking process of mustering up enough courage and asking for a raise. Still, you still have to land gigs or contracts. It’s a very competitive industry and you need drive and ambition. You land one good job and you need to continue the search for the next good paying job in order to keep the money coming in. Unlike working for an employer, where you get a weekly check you can count on — when you work for yourself, there are no guarantees. Some people take out small loans Gonzales, TX-based companies offer in order to hold themselves over between financial droughts.
Independence
If you currently have a boss or co-worker who constantly leans over your shoulder or micromanages everything you do, working on your own sounds pretty good. It allows you to work independently, all alone. You can finally do things your way. There’s no politics or nepotism like at the office and no performance reviews, it’s all you.
No Need for an Expensive Wardrobe
As a freelancer, you work from home. If you occasionally meet with clients, you’ll need a few dress suits. However, you no longer need an expensive wardrobe as you do when you work in an office. Additionally, you no longer have a commute, eliminating wear and tear on your vehicle. You won’t need to order lunch out or grab a coffee mid-day.
Health and Retirement
There are a few cons to working from home. Health insurance and a retirement fund are two things that everyone needs. Taking out a personal plan for either one is expensive, leaving many self-employed individuals opting out. You also won’t have any paid vacation or sick days. Any day you take off comes without pay.
You are Solely Responsible
As a freelancer, you are in charge of everything from ordering supplies to paying quarterly taxes. In order to drum up business, you may need to revamp your website and advertise on social media. However, in many cases, for a small fee, you can achieve both.
Managing Your Money
As stated earlier, you will have fruitful months and ones that leave you shaking your head. It’s up to you to manage your money. Creating and sticking to a budget will allow you to use the extra funds from lucrative months during the slow months and remain solvent with your bills. If you lack focus or direction, you can end up searching through the wants ads to return to an office job.
The life of a freelancer is not a good fit for everyone. If you are motivated, focused, and resourceful, you can make a good living enjoying the freedom that comes with working from home.
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