Major 'Drawbacks' To Freelancing Everyone Talks About

I’ve always dreamed of being a freelancer.

The idea of picking and choosing my own clients, setting my hours, and working in PJs all day long has appealed to me since I was first introduced to the concept of “work” at the tender age of five.

However, more recently as I floated the idea around to friends and colleagues, I kept hearing warnings against it.

Everyone had a story about how they’d tried it or known someone who had tried it, and their experiences were less than desirable.

Still, having heard so much mixed advice some glowing reviews mixed with some terrifying tales I decided to explore what seemed like the most common problems people experienced when freelancing for themselves. Here’s what I found:

Here’s what nobody tells you about freelancing! – YouTube

Takeaways
1. Freelancing has its fair share of challenges and drawbacks.
2. Financial instability and irregular income can be a significant drawback of freelancing.
3. Freelancers often face isolation and lack of social interaction in their work.
4. The responsibility of managing taxes and self-employment obligations falls on freelancers.
5. Finding and securing consistent clients can be a challenge in the freelance industry.
6. Freelancers need to develop strong self-discipline and time management skills.
7. The absence of employee benefits, such as health insurance and retirement plans, is a drawback of freelancing.
8. Freelancers face the risk of burnout due to high workloads and juggling multiple projects.
9. Building a professional network and reputation is crucial for freelancers to thrive.
10. Freelancers need to stay proactive in their professional development and continuously update their skills.

Income Is Unsteady

There are several drawbacks to freelancing, but the most important is that your income is not guaranteed. You’re not even sure how much money you’ll make every month until after you’ve gotten paid and checked your bank account.

If there were some way of knowing exactly how much money would be coming in each month, it would make this job a lot easier and more attractive to lots of people who might otherwise turn their noses up at the idea of not having steady employment with benefits.

But alas: There is no such thing as “guaranteed” income when working as an independent contractor.

And that means it’s hard for freelancers to budget their finances or plan any investments or purchases around their expected earnings.

Freelancing comes with its own set of challenges and drawbacks. If you’re considering freelancing, it’s important to understand the potential disadvantages. Check out our article on Freelancing Isn’t for Everyone as There Are Disadvantages to It to gain insights into the realities of the freelance world.

No Paid Time Off

In addition to the lack of a 401k or other benefits, freelancers are often also missing out on paid time off.

If you’ve been working for years and trying to set aside vacation days for an upcoming trip, then you might have noticed that it’s hard to do.

And if you’re like most people, you probably don’t even have sick days either.

One of the major drawbacks of freelancing is that there is no paid vacation time.

All employers provide their employees with this benefit in some form or another, but as a freelancer, you’ll need to plan your vacations on your own and make sure they fit into your budget.

Time Management Issues

Time management. This is probably the biggest challenge you’ll face as a freelancer. When you’re working for an employer, they set your schedule and tell you when to work.

Now that it’s just you, though, it’s up to you to decide when and where to work and how much time (and money) each project will take up.

You need to be flexible enough with your time management skills that if something unexpected comes up on any given day or week that prevents you from finishing one project on time.

Or if another client has a pressing deadline for their project that must come first even though yours isn’t due for another month (or longer).

Then this won’t be such a big deal because other clients are waiting in line behind them who can wait until later than expected before receiving their services.

Working Alone = Social Isolation

The 2nd major drawback to freelancing is the fact that you’re working alone. This can cause social isolation, and if you don’t actively make an effort to get out and meet people, it will happen.

You have to remember that as a freelancer, other than your clients (who are often overseas), there’s no one else around your workplace.

So if there aren’t any local meetups or other opportunities for connection available in your area, it’s up to YOU to create them!

If you sit at home all day without making any effort to connect with others, it will negatively impact both your physical and mental health because humans are social creatures by design.

While freelancing offers flexibility, it can also be surprisingly difficult. Overcoming the challenges is essential for success. Learn how to navigate the hurdles in our comprehensive guide: Why Freelancing Is Surprisingly Difficult and How to Deal With It.

Everything Can Be A Struggle

You might be thinking to yourself, “Hey, I’m a hard worker. I can handle anything!” And you are probably right assuming that the only thing standing between you and success as a freelancer is your willingness to work hard.

But do keep in mind that your new home office may not be quite as accommodating as the comfy cubicle from which you’re currently staring while reading this article.

Take comfort in knowing that other freelancers have struggled with these issues too and many of them overcame them!

You Are Not Always Appreciated

The biggest drawback to freelancing is not always being appreciated. As a freelancer, you are often doing work for people who don’t appreciate what you do.

It can be hard to get those clients to give you good feedback or even pay in time even if they understand the value of the work that was done by the freelancer.

If only there were some way we could make sure that our clients appreciate us more and provide us with positive feedback so we know they are satisfied with our services…

Taxes

Taxes are the most common disadvantage mentioned when it comes to freelancing.

You need to pay taxes on your income, and you need to file a tax return every year. That’s just a fact of life as a freelancer.

The good news is that if you’re running a legitimate business (as we discussed earlier), you can deduct things like advertising costs, travel expenses, and equipment purchases from your income before paying taxes on them.

There’s also another tax benefit that many people don’t realize: capital gains taxes. If you sell an asset for more than its purchase price (whether it be stocks or real estate).

Then those profits are considered capital gains and are taxed at lower rates than normal income (up to 20% versus up to 39%).

Social Security Benefits, Such As Disability And Health Insurance, Are Hard To Get

Many freelancers don’t have access to employer-sponsored health insurance or a plan that allows them to purchase individual coverage through their state’s health exchange.

They may be eligible for Medicare when they turn 65 (and Social Security), but there are no guarantees that you’ll receive the benefits in your lifetime due to changing regulations around eligibility.

The same goes for Social Security disability coverage you can apply for benefits if you’re disabled and meet specific criteria, but the process is long and arduous with little clarity on whether or not your claim will ultimately be approved.

Freelancing is a demanding career path that can often trigger impostor syndrome. It’s crucial to recognize and overcome these feelings. Discover effective strategies in our article: Freelancing Is Hard, Impostor Syndrome Is Harder.

Slow Periods And Busy Periods Happen At The Same Time

One of the drawbacks to freelancing that people always talk about is that when you’re busy, you’ll often be busy at the same time as everyone else.

When it comes right down to it, there is no such thing as an easy period for freelancers.

Some people might say that this is a good thing it means you’ll always have work and never miss out on an opportunity to make more money.

But if your goal is to make enough money so that you can quit your job and live off of freelance work exclusively, then this can be very frustrating.

The problem lies in how clients tend to hire freelancers: they will rarely hire someone who has no experience working with them before (and sometimes even if they do).

So when one client hires multiple freelancers, those freelancers will all get hired at once.

Meaning instead of having lots of different projects going on at different times during each day/week/month (which would allow some downtime), every project becomes critical because it brings in cash flow!

To thrive as a freelancer, there are essential skills you need to develop. Discover the key skills that every freelancer should possess in our comprehensive guide: Freelance Skills Every Freelancer Should Have.

The Job Market Is Always Changing

It’s a fact: the job market constantly shifts, and freelancing is a great way to stay on top of those changes.

If you’re currently working as an employee somewhere, the nature of your work may not change all that often, or at least not in ways that require new skills or perspectives.

But when you’re self-employed and able to pursue jobs that interest you, it’s easy for your career path to evolve.

Freelancing also allows you to gain new skills by taking on different types of projects and experimenting with different kinds of clients.

Maybe there are some tasks at work that aren’t challenging enough for how quickly they pay off and maybe freelancing could help make those tasks more interesting!

Or maybe there are some things about your company culture that leave something lacking in terms of meaning or fulfillment; freelancing might give you an opportunity for personal growth outside this environment

Freelancing Is Not For Everyone

Freelancing isn’t a job, lifestyle, or career for everyone. It can be hard to identify if freelancing is right for you, especially since many people view it as a viable option after they have been laid off from the workforce.

The truth is that most people should not freelance full time, because they don’t know what they are doing and won’t survive long in their first few months out on their own.

If you are an introvert with low self-esteem and no friends who get together at least once a week.

Then it might be better for your mental health to find a job at Starbucks than working from home by yourself all day long with no human interaction whatsoever except maybe some emails here or there (and maybe even those will go ignored).

The shift to freelancing can lead to unexpected changes in the way you work and perceive your professional life. Explore the intriguing effects of freelancing on workers in our insightful piece: Freelancing Is Causing Workers to Change in Really Weird Ways.

Conclusion

If you’ve decided to launch your freelance business, it’s important to be prepared for the challenges that lie ahead.

After all, if you want to be successful at anything in life, you need to be aware of the obstacles that are likely to prevent you from achieving your goals.

This article is a great starting point for understanding what some of those obstacles might be and how they can affect your career as a freelancer.

Frequently Asked Questions

What Are The Pros And Cons Of Freelancing?

Pros: You get to work on projects that you’re passionate about, you have more freedom in choosing when to work (and where) and what kind of work you want to do, and you can make as much money as you want.

Cons: You don’t have as much stability or guaranteed income as a full-time job would offer, it’s hard to find clients who’ll pay well enough for your time and skill set, and it can be difficult to find clients who value your work.

.What If I Don’t Like Freelancing?

If you’ve been a freelancer for a while, you’re probably wondering why this is even a question. But if you’re new to the lifestyle, it may seem like a legitimate concern.

If you’re not sure whether or not this is going to be your thing, it’s important to know that there are plenty of people who do love freelancing.

And even more, people who end up loving it once they try it! You’ll get used to the freedom and flexibility of working on your schedule, and before long you’ll be able to work from anywhere in the world just by bringing your laptop along with you.

Is There Room For Growth?

Freelancing isn’t for everyone, but if you have an entrepreneurial spirit and are looking for ways to grow as an individual (and as an entrepreneur), freelancing can be very rewarding.

If you’re ready to take charge of your career and see where it takes you next, freelancing may be right for you!

How Do I Get Started Freelancing?

You need to figure out what you want to do, and then find clients who need that service.

You can find clients by putting ads on sites like Craigslist or Upwork (or other freelancing sites), or you can network with people who are already working in the field that interests you.

How Much Money Will I Make As A Freelancer?

That depends on how much work you take on, how good your skills are, and how often people hire you (and whether or not they keep hiring you).

You may make more than you did at your old job or less… but no matter what, it’s yours: no one else gets a cut of what you earn!

What Kind Of Equipment Will do I Need?

Depending on what kind of work you’re doing, it could be anything from a laptop to specialized software to an expensive camera (if photography is your thing).

Most people get by using their phones these days though!

Costantine Edward

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.

Major ‘Drawbacks’ To Freelancing Everyone Talks About