If you are thinking about expanding your income stream and considering freelancing full-time (or even part-time), this post is for you. Being your own boss and working from home can be quite attractive, however there are certain things you need to consider before taking the plunge.
In this blog post, I would like to share my personal pros and cons of freelancing as a full-time career.
First off, what is freelancing and why is it an attractive career?
Freelancing is a form of self-employment where individuals engage in short-term contracts or work for specific projects. It has become increasingly popular with more people choosing to become self-employed due to the current uncertain economy. I have been freelancing for three years now and it can be quite rewarding if you put in the effort.
My Pros
You can be your own boss (flexible schedule)
One of the main benefits of freelancing is that you can pick and choose when to work. This gives you the opportunity to manage your time how you wish and make decisions based on what works best for your lifestyle.
Your earning potential is not capped
Unlike many traditional jobs, when freelancing your earning potential is not limited. The amount of money you can make depends on how much effort and time you put into your work and how successful it is.
Allows you to explore a skill / occupation that you really love
One of the great things about freelancing is that it gives you the chance to explore and pursue a skill or occupation that you really love. Whether it be writing, graphic design, web development or photography, freelancing allows you to focus on areas of your expertise and hone them even further.
Helps you grow as a person
Freelancing can also help with building confidence in yourself and your abilities. Working independently and tackling challenges gives you a sense of accomplishment that a traditional job cannot.
Able to learn a multitude of valuable skills
When freelancing, you are exposed to different types of clients and projects which can help you learn various skills. This will make your resume more attractive if ever looking for traditional employment down the line or help you develop career wise so you can offer people more holistic services instead of one set skill.
My Cons:
Stressful because no work = no pay (especially holidays or sick leave)
One of the main drawbacks to freelancing is that the income you earn often depends on the amount of work you have. This can be quite stressful because if there is a shortage in projects, then there is a shortage in money. Unlike a traditional job, there are no paid holidays or sick leave to fall back on.
Irregular income
If you are looking for a regular pay check, freelancing can be quite challenging because the amount of money you make is not always consistent. As mentioned earlier, it will depend on the amount of work that comes in. This can make budgeting difficult and could even lead to financial instability if not managed properly.
It is lonely working from home
Another downside to freelancing is that you are often working alone. If you are used to the hustle and bustle of a regular office job, it can be quite lonely working from home. This could lead to lack of motivation or even depression if this is not taken into consideration.
Dealing with difficult clients
Freelancing projects often require working with clients who have their own set of expectations. If those expectations are not met, then you will need to be able to handle criticism and just plain rude clientele. This can be quite challenging and requires a certain level of emotional intelligence so you do not get affected mentally.
Handling rejection
The market is quite competitive when it comes to freelancing and you may have to face a lot of rejections. This could lead to feelings of frustration and lack of self-worth if you are not able to manage your emotions properly.
My personal tip for this is to always keep learning and improving yourself. Rejection is a part of life and the best way to handle it is by not letting it get to you and focusing on pushing forward and believing in yourself.
Conclusion
Freelancing can be quite rewarding if done right. It gives you the opportunity to explore new skills, become your own boss and even make more money than what you would in a traditional job!
However, it is important to keep in mind that this comes with its own set of challenges like dealing with difficult clients, handling rejection and managing an irregular income. So make sure to weigh the pros and cons before taking the plunge.
Good luck and happy freelancing! 🙂