Are you thinking about freelancing?

Freelancing has a lot going for it. The flexibility to set your own hours. The ability to raise your rates whenever you want. The ultimate freedom of being your own boss.

Maybe it’s almost enough to tempt you to go ahead and quit your full-time job, right now.

But you’re smart.

You know it’s not necessarily going to be easy to get freelance jobs. You understand freelancing will bring up challenges, as well as opportunities. And you want to be sure you’re making the right decision.

We’re going to help you decide if freelancing is the right path for you.

Let’s start by clarifying what we’re talking about. What is freelancing and how does it work?

What is Freelancing?

Freelancing means providing services as a self-employed individual. You will likely take on freelance work for multiple clients, maybe working a few hours each week for each. You’ll charge either an hourly rate or a project rate.

Pros and Cons of Freelance Work

So what’s best about freelancing? And what might make you think twice?

Let’s look at the highs and lows:

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Perks of Being a Freelance Pro

1. Make Money Doing Something You Love

One of the biggest perks of freelancing is getting to spend a huge chunk of your workday doing something you love.

Enjoy creative writing? Maybe you’ll take on freelance writing jobs as a copywriter or blogger.

Love art? You might consider freelance graphic design.

Taught yourself to program? There’s plenty of freelance work in software development.

There are all types of freelance jobs out there, but some of the most common ones will fit into one of these broad areas:

• Writing services: copywriting, editing, SEO writing, technical writing, proofreading, and more.
• Graphic design services: for logos, websites, printed materials, infographics, book covers, and more.
• Software development services: for mobile apps, plugins, websites, desktop software, and more.
• Admin services: including tasks like data entry, email management, social media management, booking travel, and more.

Do any of those appeal to you? Is there anything on that list that you’d do just for fun?

2. Be Your Own Boss

At some point, you’ve probably daydreamed about being your own boss.

When you become a successful freelancer, you’re fully in charge. That can be a bit daunting, but it’s also something that most freelancers can’t imagine giving up.

You get to decide which projects to take on. You get to turn down clients you don’t want to work with. There’s no one telling you what to do.

You even get to give yourself a pay raise. Once you’ve established a good pool of clients who are delighted with your work, you can easily set your pricing higher.

3. Set Your Own Hours to Suit You and Your Circumstances

Unless the type of remote work you do involves offering highly time-sensitive support to your clients, they’re unlikely to care what hours you work. You could work from 5 am until noon then finish for the day. You could work while your kids are in school. You could work part-time or full-time, whatever suits you.

This is a huge advantage of freelancing, especially if you have kids or caring responsibilities. You can freelance during nap time, or while your kids are at school or nursery.

Plus, freelancing means you can schedule your work for the hours when you’re most alert and productive.

You might be surprised just how much you can get done in just a couple of hours.

4. Work From Home (or Pretty Much Anywhere You Want)

In 2020, people all around the world ended up working from home. Some couldn’t wait to get back to the office — but many loved it.

If you like your own space and your home comforts, you’ll love working from home. You can set up your workspace however you like, listen to whatever music you want, and even take a mid-afternoon nap.

Of course, after 2020, you might be feeling a little tired of your own four walls. There are plenty of other options available, like local cafes, public libraries, and co-working space.

Some freelancers adopt a “digital nomad” lifestyle: with a laptop and an internet connection, you can work just about anywhere in the world.

While that might not be a practical plan until COVID is well under control, it’s definitely a perk to look forward to in the future.

5. Only Work With People You Actually Like

Have you ever had a colleague who you just couldn’t get along with? In a regular workplace, you’re stuck with whoever your boss or manager hires. You just have to hope they’re easy to work with.

Whether it’s an office mate who constantly chatters, a colleague who’s boorish, or a line manager who is constantly micromanaging you… the people you work with can turn a perfectly good job into a nightmare.

But in your freelance career, you can choose exactly who you work with. If a client proves to be a massive pain, you can fire them. Even better, you can actively seek out clients and businesses that you really want to work with.

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Cons of Being a Freelance Worker

There are loads of perks to freelancing, as we’ve just seen. But there are some potential drawbacks too.

1. You Will Need to Arrange Your Own Health Insurance

This is a big drawback for many would-be freelancers and small business owners in the US and other countries without nationalized health systems. If your health insurance is through your employer, striking out on your own could have serious implications for your household budget.

Of course, you’ll still have options for health insurance. For instance, if your partner is employed, you might be able to join their plan. In a worst-case scenario, you could simply pay privately for health insurance.

Whatever your exact situation, make sure you know what’s available and that you know how you’re going to handle health insurance before you quit your job.

2. There Might Be More Admin Than You Expect

Running your own small business involves a lot of work that won’t contribute directly to your bottom line. As an independent contractor, you spend a lot of time on things like accounts, taxes, emails, digital marketing, social media, project management, and so on.

You’re not going to be able to bill for all 40 hours of your working week. Instead, you’re likely to be billing for 20 to 25 hours. So don’t make the huge mistake of comparing your hourly freelance job rate with what you were making per hour at your day job.

3. You Might Feel Lonely Without Colleagues

While the solitude of freelancing can be a definite perk, even hardened introverts may eventually have enough of their own company.

If you’re used to having colleagues to chat with during the working day, freelancing may seem lonely and strange. You might find it hard to focus without the social interaction that you’re used to.

4. Your Expenses May Go Up

Although you won’t be paying to commute, you may well find that your expenses go up. If you need a new laptop, a new chair, new software, or any software or tools for your freelancing, it has to come out of your profits.

Depending on what you already have, and the type of freelancing you plan to do, your expenses could end up being a huge chunk of your earnings –- at least in the early months.

5. Your Income Will Go Up and Down, Often Unpredictably

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