Fancy the freelance life? If you would love to be your own boss and work from home, freelancing could be a great choice for you. After all, who doesn’t want their commute to consist of a leisurely stroll to the couch. While freelancing can work well for some, it’s not always the perfect work situation. Before you make the switch to freelancing, here are five pros and cons worth considering.
There’s no doubt about it, being the boss rules. Freelancing gives you control over how much you work, when you work and what clients you work for. You don’t have a boss looking over your shoulder and while you may miss the camaraderie of the office, the flexibility and freedom of freelancing may make up for it.
2 Earning capacity
When you work for yourself, you have the ability to set your own rates and work as much or as little as you want. There is no cap on your salary. This means you have the potential to earn more money, especially if you’re willing to work hard for it.
It can be easy to get pigeonholed in an office job, but when you’re a freelancer, you can have as much variety in your day as you like. You can choose to freelance for one particular company or have many different clients. You can work on one project or ten projects. The choice is yours.
4 Better work life balance
Say goodbye to late nights at the office – as a freelancer you can set your own hours. You can start late, finish early, take a long lunch break or work a half day on Fridays. Whatever your ideal working situation looks like, you can make it happen.
While there is great freedom and flexibility on offer as a freelancer, it can often be quite lonely and isolating. Working from home has its perks but it can be hard to adjust to the lack of community that an office environment can provide. Who knew those chats around the water cooler would be missed?
2 Lack of accountability
Not having a boss can be a serious perk of freelancing, but the lack of accountability can be rough. Working from home requires serious self-motivation and discipline. You also don’t have anyone double checking your work or collaborating with you, so you really are a one man band.
One of the serious downsides of freelancing is having to look after your own figures. You don’t have an employer calculating your tax or HELP repayments and you don’t have automatic super contributions. In order to keep on top of your finance obligations, you need to prioritise time to do your books.
4 No work perks
Work perks look different for a freelancer. While you may be able to sleep in here or there, or take a day off as you please, you’ll miss out on annual leave and sick pay. You also won’t get any of the other benefits companies often provides such as discounted health care or a gym membership.