With the world pivoting more and more towards remote work, lots of people have started giving serious consideration to setting themselves up as a freelancer. While there are plenty of upsides to this style of employment, there are also certain downsides that you should think about before taking the plunge. The right option for you will depend on various factors, including your priorities, personality, skills, lifestyle and goals.
To help you decide what to do, below is a quick overview of the main pros and cons of being a freelancer. Remember that this is a very personal choice – no one else can tell you how you should live your life!
Pros Of Freelancing
Some of the most notable advantages of being a freelancer include:
- The flexibility to set your own schedule. Whether you want to work one day a week, a few hours every morning, or only on the weekends, the choice is entirely yours. For example, as a locum pharmacist you can choose just the specific shifts you want to work
- Unlimited earning potential. You won’t be restricted by the salary your employer offers, so the more you work, the more you earn
- If you work from home, you won’t have to worry about an office dress code, office politics, or commuting time and costs
- Depending on your industry, you may be able to work from anywhere in the world as long as you have a laptop and internet connection. That means you have the choice to live in a different country, or travel widely without your income dropping
- Having the freedom to only pursue those projects that interest you, and work with the clients and companies that you want to. When you run your own business, you make all the decisions and call all the shots
- Depending on the specifics of your job, you might not have to worry about impressing the boss, having unrealistic targets to meet, or enduring regular performance reviews
Cons Of Freelancing
Some of the disadvantages of being a freelancer are:
- No guaranteed work or income. This can mean that your cash flow is irregular and make it more difficult to save money or predict future income
- The stressful feeling that you have to be constantly hustling to find new clients or more work, especially if you’re just starting out and don’t have an existing customer base or reputation to rely on
- A lack of benefits. When you work on a freelance basis, there’s no maternity or paternity leave, no sick pay when you’re unwell, and no paid leave when you want to go on holiday – you need to save for these occasions yourself
- If you work from home, you may find the experience isolating and miss having colleagues to chat with in the office. However, you can counter this by making use of shared workspaces or working in coffee shops
- Working as a freelancer means you have to do your own taxes, which can be complicated and time consuming. You do have the option of hiring an accountant though
- Some people find it hard to stay motivated and productive without the structure of a typical job or a boss watching over them – but you can learn to counter this!