The COVID-19 outbreak caused a significant shift in the workforce’s priorities. People now seek more than just fair pay. They also want flexibility in their jobs. People now realise that life is more than just putting in eight hours a day, five days a week, thanks to the pandemic experience.
People want to be able to support themselves, but they also want to spend more time with their loved ones, family, and friends. People want to advance professionally and do outstanding work, but they also want their work to have purpose.
The “Great Resignation” was brought on by people looking for flexibility and greater possibilities in their quest for a work-life balance.
Millions of Americans announced their resignation in 2021. Employees in Canada, Australia, and the UK adopted a similar strategy. It quickly spread around the world.
Many of the workers who participated in the global mass resignation phenomena were still looking for full-time employment, but a large number were also thinking about working on a freelance basis.
What exactly is freelancing?
In a nutshell, a freelancer is an independent contractor who receives payment for individual tasks or projects, giving him more freedom over his schedule.
In accordance with the terms of the contract, freelancers typically take on a variety of short-term jobs and bill their clients using set rates, per-hour, per-day, or per-project costs.
Freelance employment pays well since it enables one to work remotely, choose which tasks to accept, and pretty much set the schedule at will. This is true especially in the post-pandemic environment.
If you are a freelance worker, you do not have to clock in and out for work. Simply complete the assignments on time. An online site for freelance employment reported that in 2021, freelancers made $1.3 trillion in economic contributions to the US, an increase of $100 million from the previous year. In the US, more than half of all independent contractors offer specialised services including marketing, programming, and business advising.
While working as a freelancer is essentially the work-life balance and flexibility ideal many employees, there are some drawbacks as well.
Let’s first examine the advantages and disadvantages of freelancing in more detail before you determine whether independent contracting is right for you.
The benefits of freelancing
in charge of your income and workload
Don’t misunderstand, freelance employment is project-based, but that doesn’t mean the money is low. In fact, because they can take on a variety of tasks for pay, freelancers frequently make more money.
In a full-time position, you can be required to work on several different jobs or projects, but your income won’t change. In freelancing, you get paid for every assignment or task you complete.
Take on several high-paying projects over the following few weeks if you’re saving for a vacation. You can scale back on the jobs you take on if all you need is a little cash for everyday needs.
Additionally, if you are knowledgeable and experienced in your business, you may be able to charge more than is typical for the sector. With freelancing, you may choose how much money you want to make. It’s up to you to present your proposal to the many businesses that are seeking for freelancers.
Pace yourself as you work.
It goes without saying that working as a freelancer gives you the freedom to choose your own hours, allowing you to spend more time with your loved ones.
Being your own boss gives you the freedom to set deadlines and pace with your clients, which helps you better manage your time.
Some independent contractors take advantage of this flexibility by using some of their free time to attend training courses and lectures in order to advance their professional careers.
You can work from wherever.
Many independent contractors are referred to as “digital nomads,” which means they occasionally travel while conducting their business.
why not Working remotely is an option if you freelance. You may essentially work anywhere as long as there is a mechanism to submit your work and communicate with your clients.
You can still go on vacation with your family while carrying your business with you. You can spend the morning working for a few hours, spend the afternoon working after eating with everyone and trying the pool.
gain exposure to a range of clientele
You’ll go far if you freelance. Working with company executives from various industries will give you the opportunity to learn a lot.
If you provide outstanding outcomes, your clients might even recommend you to other businesspeople in their network.
Being exposed to various leadership styles will be beneficial to you in many ways. The business techniques you can pick up even might steer you in a different route.
Create your own company.
Imagine mastering the craft of contracting. You have a sizable clientele that depend on you time and time again, and you constantly produce results.
If you start to gain recognition for your service due to how well you deliver it, you can draw a sizable demand that would be sufficient to launch a small firm. While working as a freelancer is enjoyable, running your own business can help you achieve your goals in life and move you closer to those goals.
disadvantages of freelancing
Goodbye, rewards
The absence of perks is one of the main drawbacks of freelancing. You are not entitled to employer-sponsored retirement benefits, paid vacation time, or healthcare insurance like full-time employees are. If you are sick for some reason, no one will be able to fill your position, and the work you leave behind will merely pile up.
You are essentially on your own because no corporation will give you the tools you need. To ensure that all of your tools and equipment are improved, you will need to spend a lot of money.
Make your own taxes
When you work a full-time job, your taxes are often taken out of your base pay automatically. You would have to handle your own taxes if you worked freelancing.
In spite of the fact that you are your own employer when you freelance, you also have to serve as your own human resources and finance departments. Your taxes, healthcare, and other responsibilities would need to be handled. To make sure you are generating the right amount, you would need to monitor and manage your cash flow.
There may not be many projects.
There will be times when finding clients can be tough, which can be detrimental to freelancers who take on short-term assignments to have more freedom.
Expect to find few tasks when you initially start working as a freelancer, but things may improve if you establish a reputation for yourself.
However, one drawback of freelancing is that you can essentially never plan for downtimes because they can occur at random.
Multitasking can be difficult.
Multiple project management can be difficult. Even though you are free to choose your own timetable, it is still challenging to do several projects for various clients at once.
The good news is that you can manage your projects with the help of a variety of productivity tools.
Is working freelance the best option?
The question of whether freelancing is the best course of action has no single correct answer. Even though flexibility is what you’re after, you still need to take your requirements and present circumstances into account.
For instance, freelancing employment can be problematic if you are the family’s sole breadwinner and you need to make your payments on time. This is because there will be times when there are few assignments available. If you have dependents who require health cards and other advantages that a corporation can supply, freelancing may not be the ideal option for you.
The best course of action in these circumstances, when you need flexibility but can’t give up some of the advantages of full-time employment, is to look for a company that offers hybrid work arrangements.
Following the COVID-19 epidemic, hybrid work has become in popularity as businesses see the necessity for employee flexibility.
In any case, having a stable work with a nice salary, flexible hours, and paid time off wouldn’t be a bad choice. Freelancing can go wrong. Consider your options carefully before starting a freelance business because it requires a long-term commitment.