1. Freedom

Many freelancers will tell you that one of the most significant benefits of freelancing is having the ability to work from home or wherever in the world you want. But it is not just about location freedom. You have absolute freedom on the type of work you do, who you work for and when you work. If you’re someone who thrives in an environment where your work schedule is up to you, then this could be an attractive option to pursue. Although this sounds absolutely amazing, freelance freedom has a flip side. See the cons list below to learn more.

Related: 5 Top Tips for Anyone Working From Home and Struggling With Work-Life Balance

2. More Money

Freelancers can negotiate better rates than people who work regular jobs because they can pick and choose which assignments they accept. Freelancers can also take on more than one project at once, which can provide a steady income stream and your income potential does not have a ceiling.

Related: The 5 Best Steps to Overcoming Under-Earning for Every Personality Type

3. Less Stress

Working as a freelancer gives you control over your workload and, therefore, can lessen the stress of being overloaded with assignments.

4. Lots of Varied Work

This is something I love about freelancing! I get bored very quickly, so the idea of jumping from project to project and working for different clients is intriguing to me.

1. It Is Hard to Start Earning

Do you have a financial buffer to manage incoming bills? If the answer is no, you might have to take the first project that comes your way. And your first project might pay you significantly less than what you need to pay all your bills. If that is the case, the switch might not be worth the risk.

One of the most common things freelancers worry about is finding work. Freelance job websites like Upwork, PeoplePerHour and Fiverr are great places to start but also remember that there is always competition. You may have to take on a project that does not pay well or even charge less than what you would need to cover bills in order to get your foot in the door. Turning down a project because your rate is higher than what is offered can be challenging, especially when you don’t have any other projects lined up. 

The most significant advantage of a regular job is the steady salary. Freelancers do not get paid for sick days or vacations and have no benefits unless they pay for them themselves. If you have kids or other dependents, this can be difficult to afford. Having a steady flow of income from one source is important, and freelance work can be sporadic at times.

Pro TIP

To help offset the cost of chasing your next client or paycheck, consider saving up as much as you can before you become a full-time freelancer. This will give you some emergency cash should things go wrong in your business or if you simply need a little extra money to top up your bank account. If this means delaying your freelance career by six or twelve months, it might be worth the added financial security you get.

2. Less Socialising During Working Hours

Freelancing can be financially rewarding, but it can be a lonely life. Many people would rather work in an office because they like to connect with their co-workers. Being by yourself during working hours and the inability to build relationships with co-workers can cause feelings of isolation and loneliness, affecting your overall well-being.

I feel lucky because I work with my husband, but there are times when I miss the support of a bigger staff team. I sometimes hire other freelancers to help me with aspects of my work, but it’s not the same as having a whole team or department behind you or being able to bounce ideas off of your teammates or share office banter. I know some freelancers who have made an effort to meet and collaborate with other freelancers. Otherwise, they would spend a lot of time working alone, which can affect productivity and being able to generate new ideas. Co-working spaces are an option, but it will increase your startup costs, and if you don’t have a robust financial buffer in place, this might not be a viable option.

3. You Need a Tough Skin

Freelancing can be a very competitive industry with lots of rejection, and there are many stories out there of how freelancers are mistreated by their clients. Dealing with these challenges in a healthy way is vital to your success as a freelancer. 

4. Freelancing Is Hard Work

Freelancing requires a lot of self-discipline and motivation. It is challenging to pursue freelancing full time because it requires a lot of hard work, commitment, and consistency to get clients and never run out of work. At the start, you’ll need to learn almost everything about running a business to be successful. You’ll need to take care of all the administrative tasks that are part of running a business. This includes answering emails, chasing down invoices, hiring people to help you in addition to mastering the service you are providing, marketing yourself, balancing cash flow, managing client expectations and your team of helpers. You’ll be responsible for all of your own taxes, which can be a burden, and the list goes on.