A Guide to Freelancing: Pros and Cons of the Freelance Lifestyle

As the saying goes, "if you love what you do, you'll never work a day in your life," and it's true because having control over your work and doing something fulfilling is a tremendous privilege. Unfortunately for many people, the reality of work is waiting for the days to pass until the weekend arrives. However, there are a few ways to love what you do, whether that is finding the perfect job, starting your own business or freelancing and turning your passions into work. But, let’s focus on freelancing, as it has gained a lot of popularity over the years due to the freedom it offers in comparison to a traditional job. So now let’s get into the good, the bad and the ugly and discuss how you can approach and navigate the freelance lifestyle.

Pros

Flexibility: Freelancing essentially grants you freedom as you are able to work from anywhere and at any time. The freedom to choose your own schedule and your clients and projects is fulfilling in so many ways, as it will grant you more job satisfaction and a healthier work life balance.

Unlimited Earning Potential: With freelancing, you have the freedom to work as many hours or as little hours as you'd like. You also have the freedom to decide the rates that you charge for your services. This freedom to choose your work hours and rates, allows you to have an unlimited earning potential with no cap on how much you’d like to earn.

More Options: As a freelancer, the world is your oyster. Freelancing offers a wide range of work available to you as compared to traditional employment, as there is a much wider variety of projects and clients, which can help you gain experience and add to your skillset.

Control: Freelancing offers complete control over the work that you take on, and the amount of hours you’d like to dedicate to work. You have complete control over the projects you decide to work on so you can choose projects that align with your passions and interests, and you have control over the clients you work with.

Cons

Uncertainty: Freelancing is not a guaranteed source of income, as it can be very unpredictable with finding consistent work. There is also uncertainty with income, as you may have to readjust your rates to reflect the supply and demand.

Managing Your Own Finances: As a freelancer, you are in charge and responsible of your own finances, which means you will have to pay taxes, invoice clients, and manage cash flow. Be sure to work with a tax expert to effectively manage your finances.

No Coworkers: This can be a pro for some, but freelancing can be quite lonely, as you won’t have any coworkers and will only have some interaction with clients.

Navigating the Freelance Lifestyle

Freelancing does come with a lot of attractive benefits, being in control of when you work, who you work with is amazing, but unfortunately it does have a few drawbacks as well. When navigating the lifestyle of a freelancer, it is important to know your strengths and weaknesses, as well as the market for the services that you offer. When trying to understand your strengths and weaknesses, it may be beneficial to do a strategic planning technique such as SWOT analysis. By having an understanding of your strengths and weaknesses, and your target market it will allow you to align with clients and projects that match your skills and experience.

Freelancing essentially relies on heavy marketing, as you need to have a portfolio to showcase your work, an online presence and this will help you to find consistent work and will allow your potential clients to become familiar with your services. You can use platforms such as Fiverr or Upwork to freelance, this may be an easier approach to freelancing as it is a place where many companies will look to hire freelancers.

While navigating the freelance lifestyle, the benefits are great but you are essentially your own boss, which will require you to manage your finances. You are in charge of your rates, invoicing clients and keeping track of expenses and taxes.

As a freelancer, you have complete control over your hours, but it is important to maintain a healthy work life balance, and not work all day just because you can. To avoid burnout, adhere to a schedule, pursue passionate projects, prioritize self-care, and make time to enjoy life with loved ones.

The freelance lifestyle is one that is growing in popularity very quickly, the benefits certainly outweigh the cons. But it is important to weigh both the pros and cons, and decide if freelancing aligns with your budget, current and future financial goals and your lifestyle.