I love the freedom and flexibility that come with working as a freelancer. And, to be honest, it’s been my dream since I started writing professionally over five years ago.
In fact, during my first year as a freelance writer, I made $30k and then doubled that in my second year.
But it didn’t take long for me to realize that working as a freelancer isn’t all fun and games. It’s hard work and not everyone is cut out for it.
So before you leave your job to pursue a career as an independent contractor, there are some things you should consider:
| Takeaways |
|---|
| Income instability |
| Lack of employee benefits |
| Self-employment taxes |
| Limited job security |
| Isolation and lack of social interaction |
| No paid time off or sick leave |
| Difficulty in finding clients and projects |
| Variable workload and unpredictable work hours |
| Need for self-motivation and discipline |
| Limited career growth opportunities |
| Potential for delayed or non-payment by clients |
| Responsibility for business management tasks |
Be Prepared To Market Yourself
There are no two ways about it: if you want to make money as a freelancer, you will have to market yourself.
It’s not enough for you to be great at what you do you need to know how to explain that skill in a way that makes sense to people (and potential clients) who don’t have the same level of knowledge or interest in the subject matter as yourself.
If this doesn’t sound like your cup of tea, then perhaps freelancing isn’t right for your needs right now.
The good news is that there are plenty of ways for people who are new at marketing themselves and their skillsets to learn these skills quickly and effectively.
Whether through books or online courses such as Skillshare or Udemy (which both offer free trials).
Learning how effective self-promotion works will help someone become successful whether they choose freelance work over full-time employment or traditional employment with one company instead of another company.
Freelancing can be an exciting career choice, but it’s essential to understand the reality behind the hype. Check out our article on 13 Surprising Reasons Freelance Life Is Not as Great as You Think to uncover the hidden challenges and pitfalls of freelancing.
Be Prepared To Wear Many Hats
When you’re your boss, you wear many hats. You are the marketer, accountant, and customer service representative; in addition to doing all of your work.
If you don’t enjoy wearing multiple hats and being fully responsible for your business success, freelancing may not be for you.
Be Prepared To Put In Extra Hours At Night And On Weekends
The reality is that you will be working more than 40 hours a week, especially if you’re just starting and learning the ropes of your new career path.
It’s not uncommon for freelancers to work seven days a week simply because they have so much work to do.
Make sure that this is something that doesn’t bother you or else it can lead to burnout and stress over time as well as an unhealthy lifestyle if done too often!
Expect to work through holidays like Christmas Eve/Day or New Year’s Eve/Day (depending on where in the world you live).
This goes hand-in-hand with the previous point about working long hours but is also worth mentioning separately.
Since some employers expect their employees to come into their office even though everyone else may be spending time with their families during these special occasions with loved ones around them instead.
Be Prepared To Attend Image-Building Events Such As Conferences And Trade Shows
Attending image-building events such as conferences and trade shows can help you build your brand, network with other professionals, and learn the latest trends in your industry.
You’ll need to decide how much time you want to invest in attending these types of events. If you have a full-time job, then it might not be feasible for you to attend them regularly (unless they are held locally).
But if they are held close enough and are affordable enough for you financially, then it could be beneficial for both your business and personal life.
- At these events:
- You can meet potential clients or employers who may hire freelancers like yourself;
- You can get advice from other professionals who have already been through what you’re currently experiencing;
- You can find out about new opportunities that are available within your field;
If you’re considering freelancing, it’s crucial to weigh the pros and cons before making a decision. Explore our insightful post on 13 Reasons Why You Should Stop Freelancing & Get a Real Job to gain a comprehensive understanding of the drawbacks and potential limitations of freelancing.
Be Prepared To Deliver The Same Thing Multiple Times, In Different Forms
The thing about freelancing is that you have to deliver the same thing multiple times, in different forms.
You may be asked to write a press release the first time, but then later on you’ll have to interview about it and then maybe even produce a video about your work for the website.
When I’m working as a freelance writer or editor, there are often three versions of my project: one for print; one for online; and one for social media.
I might be writing 1-2 articles per week or several blog posts per month depending on how much work I’m currently doing at any particular time.
This can be overwhelming if you’re not prepared! But once you get used to this kind of schedule.
And when your clients become familiar with how quickly and efficiently you turn things around you’ll find yourself getting more opportunities than ever before (which means more money).
Be Prepared To Find Your Inspiration
You need to be ready for the fact that you will no longer have a job that provides you with an endless supply of inspiration.
If your job is to work on someone else’s idea, then you’re going to want to find your sources of inspiration.
You may not always be able to do this as easily as if you were working on something that was your idea.
There are plenty of ways that can help you find yourself inspired, but none of them are perfect. For example:
- Read books by people who inspire you
- Watch films created by people who inspire you
- Listen carefully and observe other artists or creators in action or at their best
Be Prepared To Save Money For Taxes
You’ll also need to be prepared to save money for taxes. Unless you’re in a country with a very low-income tax, freelancing could mean that you’ll be paying your government more than half of what you earn through freelancing.
The amount of tax that people pay varies depending on their income, but the general rule is that the more you make, the more money will go into taxes.
If you’re earning less than $30K per year as a freelancer, then saving up for your taxes probably won’t take much effort at all just keep track of what goes out every month and put some of it aside each time.
If you earn between $30K-$100K/year as a freelancer (or working remotely), then saving up for your taxes will likely require some dedication and planning:
Write down how much comes in each month and see how much needs to go toward savings each month to cover future expenses like rent or other bills when they come due.
Freelancing has become a prevalent work option, but it’s important to recognize its current state in the professional landscape. Dive into our thought-provoking article, Freelancing: Not the Future of Work, the Present, to grasp the reality and implications of freelancing in today’s society.
Be Sure You Know What Makes A Good Client, And What Makes A Bad One
You have to be sure that you choose the right clients. You don’t want to work with anyone who isn’t going to make your life easier, and who isn’t going to pay you on time.
To figure out whether or not a potential client is a good fit for you, ask yourself:
- Is this person easygoing?
- Are they reliable? Do they follow through on their promises and keep their appointments?
- Do they pay their invoices on time or do they make excuses about why it is taking them longer than expected (and then still don’t pay)? If so, avoid these types of people at all costs!
Don’t Take On Too Many Clients Early On
It’s easy to think you’re ready for your first client, but the reality is that freelancing isn’t for everyone. There are advantages to freelancing, but there are also disadvantages.
The most important thing is that you need to build up your reputation, your skillset, and your portfolio before taking on too many clients.
Even in today’s digital age where people can see what you do online and make an informed decision about whether or not they want to hire you based on that alone.
It still takes time for someone new in business (or new in any industry) to build up their credibility with clients who may be cautious about working with someone who has no experience at all.
If they hire someone without any experience or portfolio the first time around then they run the risk of having nothing go well during a project which could negatively impact their reputation as well.”
Don’t Be Shy About Asking For Testimonials From Past Clients, And About Asking For Referrals
Don’t be shy about asking for testimonials from past clients, and about asking for referrals. Some freelancers are reluctant to ask clients if they would mind providing a testimonial.
The fact of the matter is that if you’ve done a good job, they’re going to be happy to tell people about it (and may even offer one on their own).
Ask your current client how they found you (word-of-mouth from friends or family? Google search?) so that you can target similar people in the future.
Don’t Be Afraid Of Turning Down Work That Doesn’t Suit You Or Doesn’t Pay Enough
It’s important to note that there are other disadvantages to freelancing. You can’t always choose your projects, and some projects don’t suit you or pay enough.
It’s up to you to evaluate if the job is worth taking, but if a client tries to get away with paying too little for your services, this may be a sign that they’re not being honest about their needs or wants.
This could lead to them hiring someone else who doesn’t know what they want out of the project so it ends up costing them more than expected anyway!
As long as you’re smart about which jobs you take on and which ones you turn down, freelancing can be an excellent career choice.
And one where even those who feel like they’ve been treated unfairly will ultimately benefit from their experience because now they know better next time around!
Don’t Let Your Work Flow Get Interrupted By Client Demands For More Work Or For Changes To Completed Work
This is one of the main disadvantages of freelancing. You don’t have a boss to tell you what to do, so you have to set your deadlines and stick to them.
If you’re working on something for a client that isn’t going according to plan, don’t let them change the scope of the project or make any other demands.
These can be very stressful situations and should be avoided if possible.
Are you curious about the increasing trend of freelancers utilizing mobile devices for their work? Discover the reasons and advantages behind this phenomenon in our enlightening piece, Why Many People Freelance Using Their Mobile Devices, and explore the benefits of mobile freelancing.
Don’t Let Clients Decide What Is Reasonable Compensation For Your Skills
You must be in control. You should be able to set your terms, deadlines, and hours.
If a client is asking you to work on a project outside of what they agreed upon at the beginning of the job, it’s not fair for them to expect you to do it for free or pay less than what they originally agreed upon.
You should also be able to negotiate your rate at any time during the project if something changes that make it no longer valuable for your business model or skillset (like if someone else comes along with more experience).
Freelancing Can Be Great, But Only If You’re Ready To Take On The Disadvantages Too!
Freelancing is a great way to make money, but it’s not for everyone. It can be hard work and often requires you to wear many hats as you try to bring in new business and keep your clients happy.
Freelancers are also expected to be prepared to put in extra hours if they have a big project coming up, which means working late into the night.
But if you’re ready for the challenge of freelancing, here are four things that will help you:
Marketing Yourself
This can be time-consuming and stressful at times but it’s well worth it because it means having more control over who you work with and what projects come along!
Wearing Many Hats
Freelancers are expected not only to do their job well but also to market themselves effectively so that they can continue getting good reviews from their clients.
In addition, some freelancers may need skills outside those normally associated with their industry (for example graphic designers could use video editing software).
While freelancing may not be the future of work, it is certainly the present. Discover the pros and cons of freelancing and how it impacts your career in our comprehensive guide on Freelancing: Not the Future of Work, the Present.
Conclusion
In conclusion, freelancing is a great career choice for many people. If you enjoy the freedom that comes with being your boss, then you’ll probably find it very rewarding.
But before you leap to become completely self-employed, make sure you understand what it entails and that you have what it takes.
Remember that while there are many benefits of freelancing, there are also some downsides too!
So take your time deciding whether this is right for you because once you start working as a freelancer (and loving it), it’s hard to go back!
Further Reading
Here are some additional resources for further reading on the advantages and disadvantages of freelancing:
The Balance Money: Disadvantages of Freelancing: Explore the potential drawbacks and challenges of freelancing, including income instability and lack of benefits.
Rock Content: Pros and Cons of Freelancing: Discover the pros and cons of freelancing, such as flexible schedule and increased responsibility, to make an informed decision about pursuing a freelance career.
Monster: Surprising Pros and Cons of Working Freelance or Full-Time: Learn about the unexpected advantages and disadvantages of freelancing compared to full-time employment, including autonomy and job security considerations.
Frequently Asked Questions
What Are The Biggest Disadvantages Of Freelancing?
The biggest disadvantage of freelancing is that you’re on your own. You don’t have a team to support you and help navigate the ups and downs of work, so it can be difficult to stay motivated when things aren’t going well.
It’s also more difficult to make plans for the future because you’re not sure if you’ll be able to stick with it long enough to make those plans come true.
Finally, there is the lack of benefits (such as paid time off) which can cause stress if you get sick or injured and can’t work.
Is It Difficult To Get Started As A Freelancer?
No, not at all! You can start today. All you need is a computer and an internet connection, and you’re ready to go.
How Do I Find Clients?
There are many different ways to find clients: networking events, online job boards, referrals from friends or colleagues who are already freelancers themselves, etc.
Once you have found some potential clients, it’s important to talk with them and make sure they’re the right fit for your skillset before accepting any job offers and if they aren’t, don’t be afraid to pass on those opportunities!
What Kinds Of Skills Do I Need To Work As A Freelancer?
You’ll need to know how to write well (and accurately), and how to communicate clearly with others using email or written correspondence (including via text).
How to use various software programs (like Microsoft Word or Adobe Photoshop), and how best to manage your time when working remotely from home or elsewhere outside of an office building where there are other employees around who might be able to help out if needed during times when there isn’t much work being done by any given person at all
Why Should I Choose To Freelance?
Freelancing is a great way to make extra money, but it isn’t for everyone. If you’re interested in trying it out, there are some things you should know about the pros and cons of being a freelancer.
What’s The Difference Between Freelancing And Working For A Company?
Almost all of the same things! The main difference is that when you work for a company, you get paid to do the work they give you.
When you freelance, you get paid based on what people are willing to pay for your services.
The other different thing is that when you’re working for someone else, there are more rules about how much time off and vacation time you get.
In general, though, it’s pretty similar: You still need to take care of yourself, keep up with deadlines and schedules, and make sure clients are happy with your work.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.