Going freelance represents one of the most straightforward ways to become your own boss. Provided you possess an in-demand skill, the freelance model allows you to get up and running relatively quickly – especially if you already have a list of possible clients.
However, as with any business endeavour, there are challenges. In this article, we look at the pros and cons of going freelance. Let’s get started.
The pros of going freelance
1. Do the work you want
“Find a job you love, and you will never have to work a day in your life.” Freelancing is a fantastic opportunity to turn a skill you enjoy performing into a job.
In conventional employment, there are likely aspects of your role that you enjoy and parts that you dislike. Whilst it would be foolish to claim that freelancing allows you only to do work you love, you undoubtedly have more of a say regarding the clients and projects you work on. And unless you’re remarkably good at a job you detest, you’re unlikely to go freelance in an industry you find dull.
As a freelancer, if you’re concerned about a client’s demanding nature, or are indifferent to a project, you can ultimately say no and turn the work down. You are the boss.
2. You choose when and where
One of the most significant benefits of going freelance is choosing exactly when and where you work. Of course, you’ll have deadlines that you need to meet, but provided that work is delivered on time, you can be flexible.
Are you more productive in the mornings? No problem. Wake up early, get cracking, and save the afternoons and evenings for yourself. Do you thrive in a more buttoned-down office environment? Freelancing doesn’t necessarily mean homeworking. Find a suitable co-working space where you can surround yourself with fellow professionals.
Unless face-to-face client meetings tie you down, you don’t have to be based in any place. You can be a digital nomad, travelling the world and working at the same time. As a freelancer, you have the freedom of choice.
3. Big earning potential
It’s obviously not all fun and games. Freelancing requires discipline and hard work. However, if you possess a strong work ethic and are good at what you do, you can make a good deal of money.
Furthermore, consistently delivering excellent service will attract regular clients who can provide job security. You’ll also find that your best clients will generally be all too happy to provide excellent testimonials, a helpful resource in growing your client base.
Under full-time employment, there’s very much a ceiling on what can and can’t be achieved (and earned). Freelancers enjoy full autonomy and are only held back by their limitations. Essentially, the sky is the limit.
4. Opportunities for self-improvement
Staying still is not an option as a freelancer. To be competitive, it pays to stay one step ahead, be aware of the latest trends, and be mindful of what’s on the horizon. If you’re passionate about the industry in which you work, this need to always be relevant can be thrilling.
You’ll be exposed to different methodologies as you work with various new clients. Some approaches might not work, and others will open your eyes to new ways of thinking. All of this, the good and the bad, will provide valuable experience that can help you improve your work and service.
When it comes to improving your skillset, you have the final say. You don’t have to wait for anything to be signed off. Want to take that training course? Sign up for it now. Need that latest bit of industry-leading kit? Buy it now. Need to speak to an expert? Email them now. The opportunities for self-improvement are so much more vivid as a freelancer.
5. Variety of work
The very nature of freelancing is to move from one client to the next, providing your services to a wide range of different people and businesses. Projects may share similarities, but in essence, everything will be different.
One of the primary reasons people give for leaving a role is that they want a new challenge. As a freelancer, every new project you pick up represents something new – whether it’s the work itself, the places you might need to visit, or the team you’ll be collaborating with.
This is compared to corporate employment, where you commute, operate from the same place, sit alongside the same people, and perform the same tasks. Dare we say it… freelancing can be exciting.
The cons of going freelance
1. Finding your clients
One of the biggest challenges that most freelancers encounter is finding customers. Whilst it would be diligent not to take the step into freelancing until you have built up a client list, this isn’t always possible (for example, you might have been thrust into freelancing because of redundancy).
Every freelancer must become an expert in their industry and develop a sideline in marketing themselves. This involves building a website, getting active on relevant social media channels – particularly LinkedIn – and signing up for dedicated freelance platforms such as Upwork, PeoplePerHour, and Fiverr.
Unless you’re lucky, this can take time, effort and initially quite a bit of compromise, as you take on work that, ideally, you wouldn’t. As this would suggest, early life as a freelancer can be disheartening and often leads to people stopping before they start.
2. You still have bosses
As a freelancer, you are the boss when it comes to setting when, where and who you work with, but as someone providing a service to someone else, you do enter into something of an employee-employer situation.
Some clients will be a pleasure to work with, and some…won’t. Poorly written briefs, inadequate feedback, constant emails (or worse, phone calls), and the threat of non-payment, can bring on the Sunday night dread that you wouldn’t typically associate with freelancing.
As you become more experienced, you’ll spot the red flags and recognise when to say no (if you can afford to), but it can still be a disconcerting experience, with every freelancer having their own horror stories to tell.
3. Lack of security
Freelancing provides very little security, especially in comparison to full-time employment. When you’re employed, failing disaster, constant poor performance or gross misconduct on your part, you generally know there will be work to do on Monday and a payslip at the end of the month.
When freelancing, every client could be your last. Even if you’re working on several projects simultaneously, there is no guarantee that another project will come knocking once you’ve completed the final piece of work. That could be it.
For some people, this chase is part of the fun. Constantly being on your toes, always looking for new opportunities – it’s stimulating. However, for others, this uncertainty and overall lack of security can prove to be highly stressful. Just like any form of business ownership, freelancing isn’t for everyone.
4. It can be isolating
While freelance work can involve collaboration, it is often completed in isolation. This juxtaposition can be jarring and lonely for individuals who are used to office life, with its regular meetings, dramas, and Friday night socials.
Over the past few years, a large portion of the UK workforce has become familiar with remote working to some extent, but not necessarily fully remote. Freelancing could be a disaster if you excel in team environments, but are not so hot when carrying out individual work.
To succeed in freelancing, you must be self-motivated, disciplined, and resilient. And you need to be able to demonstrate all these qualities, more often than not, on your own.
5. Scant benefits
One of the perks of full-time employment are the many benefits offered in addition to your regular salary. Businesses are offering more and more to retain their best performers and attract new top talent.
Expected benefits such as paid holidays, bank holidays, sick leave and pensions are now often accompanied by private healthcare, sabbaticals, gym memberships, ride-to-work schemes, and more. When you opt to go freelance, these either become unavailable to you, or you need to cover them with your own earnings.
For some, the sacrifice is just too much, despite the benefits of going it alone and being your own boss.
So there you have it
That was the pros and cons of going freelance. Now, for a ‘bonus’ point in the pro column…
If you are thinking about starting a business, but are mindful of the commitment and risk involved, freelancing provides an invaluable way to test the waters of entrepreneurship without giving up your current job.
Initially, you don’t have to go all-in; you can work around your current routine and find out if freelancing is a viable alternative to traditional employment. Simply put, it’s a fantastic way to determine if working for yourself is right for you.
Are you about to go freelance?
Congratulations! Whether you’re going freelance full-time, as a test, or to supplement your existing income, you’ll need to pick the correct business structure.
In the UK, this is likely to be either as a sole trader or through a limited company. Read this blog to help you pick the appropriate structure for you: Sole trader or limited company?
We hope you found this blog insightful. Please comment if you have any questions and we’ll reply as soon as possible.
