If we look at the post-pandemic culture of work, many will believe that freelancing is the future of work. And we don't doubt that at all.
We see millions of people switching the work desk for a laptop in bed; there is a new wave of virtual workers ready to go. During the pandemic, we saw many people losing their jobs or facing reduced hours. On the other hand, with nothing to lose, many opted to freelance as a means of sustenance. Nonetheless, this trend is here to stay, and we are all for it! In order to know more about this trend, we are about to take a deep dive into both benefits and negatives of working as a freelancer.
Freedom To Choose The Project and Clients
This has to be one of the most significant and most important benefits for someone who likes to work independently. Giving you an opportunity to show your individuality and own up to the results. It also gives you an opportunity to choose the type of work and the kind of clients you want to work with.
Flexibility of Location
Opting for freelancing empowers you to lead the much sought after laptop-lifestyle. You are getting the freedom of working anytime, from anywhere in the world as long as the job is done and is done well. The key here is to deliver quality work and gain the freedom of choosing the location with the flexibility of timing.
Break The Monotony
Being a freelancer allows you to experiment and break the feeling of doing the same kind of work every day like you are stuck in a never-ending loop. Allowing you to try new areas of interest and explore yourself.
An Opportunity to Experiment With Your Craft
Yet another advantage that one gains by opting for freelancing is to play around with their skillset. You are motivated and pushed to stretch your own horizon in terms of versatility and to reach your best version. You are exposed to new terms and phrases, which will only help you achieve higher goals.
The Permanent Work From Home Lifestyle
If you have gotten too comfortable with the WFH lifestyle and are finding it difficult to get back on the grind, freelancing will help you stick to the WFH lifestyle. It is a super flexible work style that offers one a flexible schedule. The best part is if you are a working mom and have to stay home due to certain responsibilities, this is a great deal for you!
These are definitely some of the top benefits of becoming a freelancer. But like we all know, no fruit is only sweet. It has to have its bitter side to it too.
There are some negatives of freelancing that you must consider before choosing freelancing as your career path.
Taxes and Tax filing
Freelancers come across the responsibility of paying self-employment taxes. They also have deductions that employees don't qualify for. This for sure can be a disadvantage of freelancing. Therefore, one must be careful while setting their rates and also consider laws and regulations.
Employee Benefits
Freelancers rarely receive any benefits compared with full-time employees. As freelancers are self-employed, they are responsible for funding and finding their own benefits like medical insurance, PF, etc.
Sporadic Work
To find steady work can be the real and biggest con of freelancing. There are chances that a project might begin and then get shelved really quickly, or a client may end a contract earlier than decided.
Ultimate Responsibility
When you are a freelancer, there comes a huge responsibility. So huge that you might get overwhelmed with it. Looking after the development of the business, getting and managing clients, billing and collecting, and paying taxes. The list is endless.
Cash Flow Issues
This is one of the biggest issues that revolve around freelancing.
A. Sometimes, you don't have back-to-back projects leading to cash flow issues.
B. Freelancers don't always get full payment upfront and hence could lead to payment-related disputes or even no payments at the end of the project.
Mukta Bendre