The pandemic ended up rendering many individuals Jobless. This led to a post-pandemic world that has increasingly ventured into freelancing, believing that the future of work lies in freelancing. This notion may be correct; millions of persons globally are switching from office desk work to freelancing, wherewith a laptop they can work anywhere they are, including at the comfort of their homes. Statistics also show that freelancing sites have seen an increase in registrations and traffic. With the rise in digital services today, almost everything and every service you can think of is being offered online, including you can get a loan online. Below the pros and cons associated with freelancing are explored.
Before we get to the pros and cons, one of the most common questions to ask oneself is. What roles are freelancers likely to do.
Some freelancers can still use the skills they had in their previous jobs. Others tend to freelance by pursuing their hobbies, while some go for something completely new. However, the common types of freelances are; Writers, Designers, copywriters, editors & copy editors, web developers, translators, Business consultants, marketing professionals, virtual assistants, researchers, illustrators, photographers, videographer’s, software developers and IT system support.
The Pros of Freelancing
It permits the flexibility of work hours
By working from a remote workplace, such as working from home as a freelancer, one can dictate their work and work hours most convenient. For example, freelancers with other duties to attend to, such as those with young children, can schedule their time to work after the children have slept. It is also possible to plan your work schedule such that you’ll work only when you are most productive.
Break the Monotony
Working on a samimilar job daily can leave feeling trapped in an endless loop of monotonous work without a chance of escape. With freelancing, the ball is always on your court as you got the freedom to select the project that suits you. You are no longer dependent on the clock to plan your work but can customize everything as per the routine you prefer to adopt.
Offers multiple income sources
A key advantage of working as a freelancer is that there isn’t a limit on the amount you can make. You can work on as many projects as you can handle at a time. If you have multiple skills, you can take on different projects in diverse areas, all of which you can take simultaneously. This way, you can be more productive as well as get more cash. Also, with multiple gigs, if one fails, you can rely on the others contrary to a 9 am to 5 pm job, which will constantly worry if the job will offer you an appropriate payslip.
Offers quality work
In particular instances, for example, for a new law school graduate or freelance paralegals, it may be more fulfilling to work as a freelancer than to be assigned work by a corporation or law firm. For example, in large law firms, new law school grandaunts tend to perform tasks such as document review, which may be monotonous. On the other hand, working as a freelance attorney, you will get even more challenging assignments, including appearing in court.
The cons of freelancing
Lacks employee benefits
This is one of the shortcomings of freelancing. If you are sick and thus forced to take time off or if you want to go on holiday, with freelancing, you will not be paid. Therefore, freelancers need to ensure that they always have an emergency fund, which they’ll use if they want to take time off or a particular circumstance such as a sickness will cause them not to work. Some other employer benefits that freelancers lack include private healthcare, pension schemes, among others.
Freelancing involves working by oneself, which can prove to be lonely. This is contrary to office work, where you’ll find it full of distractions and interactions with colleagues. Colleagues will also at times be a huge part of your support system
When it comes to freelancing, finding steady work is a hustle. It’s possible that a project starts and then gets shelved, or a client can bring the contract to an end early. It is also possible that you find it challenging to find more work after finishing the project successfully.
Issues of cashflow
Cash flow is one of the worrying issues that freelancers have to cope with. While freelances have the benefits of setting their fees at a task, they also are responsible for collecting payments. Unfortunately, some clients fail to pay.
In conclusion, with this article, you have the pros and cons of freelancing.