Pros And Cons Of Freelancing 2023

Pros And Cons Of Freelancing in 2023, Many professionals throughout the world are thinking about leaving their regular careers and shifting to freelancing. Welcome to the group if you’re in the same position and contemplating freelancing as your next professional move.
But how can you know if freelance work is right for you? After all, you don’t want to sail out only to discover your boat is sinking. How do you know whether you want to be a freelancer?
When I’m attempting to make a big choice, I always compile a list of pros and cons to help me comprehend both sides of a debate. I hope this summary of the benefits and drawbacks of freelancing will help you determine if it’s the correct path for you.

The pros of freelancing

According to Upwork’s Great Resignation study, ten million Americans are contemplating freelancing. 52% of those preparing to quit their employment are seriously considering freelancing.
Furthermore, many people are preferring freelance work over full-time employment; it is no longer merely a backup or a side business.
Do you ever wonder why so many individuals work as freelancers? There are various advantages to working as a freelancer. According to Upwork’s Freelance Forward study, flexibility and independence are significant motivators for both new and experienced freelancers. I’d want to go into this more and demonstrate what flexibility and freedom actually mean for freelancers. Here are eight advantages of freelancing.

Access to diverse and meaningful projects

Aside from having more control over their workloads, many independent professionals are turning to freelance as a way to work on more diversified and creative projects.
Frisco Chavez discusses one of the primary benefits of freelancing and why he prefers it to work a normal job in episode five of the Work Unlocked podcast. “I get to work on a wide range of fantastic Upwork assignments. From exotic vehicles to virtual reality, the variety of projects I get to perform and the imagination I put into it are only feasible because I freelance.”

Pros And Cons Of Freelancing 2023

Choice of who you work with

In regular employment, you don’t normally get to pick your boss or your coworkers. So, until you change employment, you won’t be able to change the work atmosphere if you don’t enjoy working with them. One of the primary benefits of freelancing is the ability to select who you work with.
Unlike full-time employees, freelancers have more choices to undertake work they like and decline employment they do not. Most independent professionals are happier as a result of this.

Many professionals are reprioritizing portions of their work life. Instead of being bound to an employer, many people see freelancing as a way to determine when they work, where they work, how much they work, and with whom they work.

Control over your workload

One of the primary advantages of freelancing is the ability to pick your own workload. With no one looking over your shoulder, you may work as much or as little as you like.
Unrealistic workplace expectations and a lack of limits have caused many full-time employees to burn out. However, freelancers have far more control over their responsibilities and may achieve the optimum work-life balance for their needs.
You have the option of working with one or five clients. You have the option of working four or 10 hours every day. You have the option of accepting a new customer or declining and taking a holiday instead.
This is not to argue that freelancers do not experience burnout. I’ve been there and done that! That experience, however, taught me how to better manage my workload and prioritize other elements of my life, such as vacation or my health. Freelancing allows you to be more flexible in your life and control your workload, allowing you to prioritize the people and things that are most important to you.

Latitude to set your own schedule

You may create your own flexible schedule as a freelancer. It’s up to you whether you want to work from 9:00 a.m. to 5:00 p.m. or from 2 p.m. to 10:00 p.m.
Top freelancers discuss their motivations for working for themselves on the Work Unlocked podcast. Latasha James discussed how freelancing allows her to prioritize her family and health in episode four.
UI/UX designer Wahidul Islam Murad reveals his reasons for leaving traditional employment in Upwork’s Flexibility Through Freelancing study. “Working in a bank is considered the cornerstone of success in my culture and area,” Murad explained. “Everyone thought I was insane when I quit my job at a bank to freelance on Upwork. It was difficult to convey my situation to my relatives.

Ability to increase your income

One common misconception about freelancing is that independent professionals cannot earn a significant salary. Nonetheless, 44% of freelancers think they earn more than they would for a typical company, according to the Freelance Forward research.
Skilled individuals may earn as much money as they want by freelancing. Clients are prepared to pay a premium for experienced, dependable, independent specialists that deliver high-quality service. By working with numerous customers at the same time and determining their own fees, freelancers can break through the revenue ceiling that many full-time employees face.
Furthermore, full-time employment confines people to a single employer. Freelancers, on the other hand, frequently work with many clients. This reduces their reliance on a single client for income. Many freelancers also provide additional services.

Flexibility to cater to caregiving or personal health needs

Another significant advantage of freelancing is that it allows professionals to be caretakers or better care for their own health.
According to the Freelance Forward research, 74% of freelancers say it allows them to be more available as a carer for their family, and 67% say it allows them to address their mental or physical health concerns. This jumps to 81% and 74%, respectively, for remote competent freelancers.

Personal circumstances and the urge for flexibility and control are clearly linked. For example, someone suffering from a chronic disease may not know when they will be able to work on any given day. Chronic diseases can be incapacitating and unexpected, but this does not indicate the individual is unable or unwilling to work. It would be tough to obtain a regular job if you may show up or not on any given day without warning.
Childcare requirements might be as difficult as formal work. A parent may be able to work certain days, but availability changes and is contingent on shifting parenting duties, which may occur at the last minute. Being able to freelance and work from home with children around opens up new opportunities.

The cons of freelancing

Of course, as stated, I want to be completely honest with you about the drawbacks of freelancing. After all, what use is a pros and cons list if it just shows you the benefits of freelancing and not the drawbacks?
I’ve listed six of the major disadvantages of freelancing below. They are, however, not insurmountable, as you will see.Pros And Cons Of Freelancing 2023

Your earnings may fluctuate

In the early stages of developing a freelance business, your workload may be uneven. When it rains, it pours, and you may have several projects on your plate. At times, you may not have much job to do. For new freelancers, this variation in cash flow might feel devastating.
However, being a full-time freelancer for over nine years, I can assure you that it will not always be this inconsistent. As you learn more about your business (and yourself), you will be able to simplify your business spending, budgeting, and income to make it more predictable.

You don’t receive employee benefits

Many nations provide advantages and bonuses to employees as part of their employment contracts. This might include paid time off, sick days, health benefits, paid training and development opportunities, retirement contributions, and more, depending on where you live.
Because you work for yourself as a freelancer, you do not receive these perks. You will be responsible for organizing and paying for your own health insurance. The freedom of freelancing, on the other hand, means that you have greater control over your own time off (take it! ), and you may seek professional development options that will help your firm at your own speed.

You are responsible for every aspect of the business

Your success (or failure) as a business owner is totally reliant on you. While this is thrilling, it may also be intimidating, especially if you are new to freelancing.

One of the most important life skills I’ve learned through freelancing is organizing. As a freelancer, you will have a lot on your plate, both big and little. Clients, assignments, emails, phone calls, and other distractions will vie for your attention. You will most likely miss deadlines and opportunities if you are not organized. To track my time and keep my day-to-day structured, I use a journal, task management software, and a calendar.
To be a successful single business owner, you must learn all of the trades and talents required to keep your company going. As you encounter new business difficulties, you will need to address many of them on your own. As a consequence, consistently reskilling and upskilling will become second nature.

You have to learn to be your own best advocate

As a freelancer, you must also learn to be your own greatest advocate. As a full-time employee, for example, you don’t have to worry about finding a new job. When you get to work each day, you have your task laid out for you. As a freelancer, you must learn to promote yourself in order to obtain new projects and clients and expand your business.
This relentless self-promotion and “marketing” of oneself can be difficult to adjust to. Some days, it might feel like a never-ending job hunt, complete with rejections. Despite the fact that I work in marketing, I still find it difficult to offer my services to clients. It used to be tough for me as an introvert to keep up appearances.

You could feel isolated at work

Working from home and with customers from all around the world is without question one of the biggest rewards of freelancing. The disadvantage of working from home is that it can sometimes make you feel alone.
Freelancers’ jobs might become compartmentalized. The silo mindset is a default state of mind in which you (or the people with whom you work) default to not communicating with others.
Communication is much simpler when you’re in the same physical place as those working on the same project as you. Working remotely, on the other hand, might occasionally mean missing a recent project update or modification owing to poor communication methods.

You may miss your people-time

Isolation can also have an emotional impact on certain people. Working alone might leave extroverts feeling uninspired and listless because there are no coworkers around for a short water cooler talk.
This appears to be a downside of freelancing for the more extroverted among us. It does not, however, have to be a deal breaker. If you value people’s time, you’ll need to find out how to include it in your daily routine.
As an introvert, I’m typically pretty satisfied with little social interaction. I don’t miss the office political drama. However, in order to avoid becoming a hermit, I go for a stroll every day. Seeing other people out and about is beneficial to my mental health. I also make it a point to see family and friends at least once a week so that I don’t lose how to conduct in-person human discussions!

Pros And Cons Of Freelancing 2023