Benefits and Disadvantages of Freelancing

Being a freelancer is amazing. You set your own schedule, pick your own projects and be your own boss. However, things can get a little complex when tax time rolls around, and finding clients can be a scramble! Here are some of the top considerations about being a freelancer.

Benefit: You Make the Rules

If you don’t like having to wake up early to get to work, follow someone else’s schedule, or have a boss looking over your shoulder, then freelancing is a great option. You make all the procedures and get to decide how to run your business.

Disadvantage: It’s All On You

In the same vein, at some points in a freelancer’s career having everything be on your shoulders can be a weighty idea. When business is slow there is no regular salary to keep your wallet steady. When you have questions about how to do things, there is no one there to ask. There’s no one there to support you with benefits like health insurance and a retirement contribution matching.

Benefit: You Pick What You Work On & Who With

When you are working for a company, you may have to work with people you just don’t like or get along with. You may also have to work on projects that you would rather not. As a freelancer, you have the ultimate veto power. If you don’t like someone or a project comes your way that just doesn’t feel right, you can say no!

Disadvantage: It Can Get Lonely

Being a freelancer often means working from home by yourself instead of at an office surrounded by colleagues. However, some freelancers work at a shared office space with other contractors a few times a week or join groups and clubs specifically for freelancing and networking.

Benefit: Work While You Travel

If you love to jet around the world, freelancing can be a great option. You can work from any corner of the globe that you choose, as long as you have all the tools you need and reliable wifi. For those who don’t want to be stuck in one location all the time, freelancing can be a great option.

Disadvantage: Taxes Can Get Hairy

When you’re a freelancer you must pay taxes on all of your income, and you don’t have an employer to pay for part of it. In order to balance this, you can keep track of all your business-related expenses and write them off, but this does make taxes more complicated than just filling out a few forms.

Keep these factors in mind as you make decisions about whether to get a job or become a freelancer.