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10 advantages and disadvantages of becoming a freelancer

For many reasons, you may be considering becoming a freelancer, and while there is great freedom in becoming your boss, you also take on a great deal of responsibility and risk.

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You already know the signs of when it’s time to quit your job and become an entrepreneur. But before you start your own freelance business, you should be aware of the pros and cons for your decision. After all, this type of decision has the potential to be life-changing, in either a positive or negative way. But we’ve done the work for you. Here are the top five positives and the top five negatives of becoming a freelancer in lieu of a full-time, 9-to-5 employee.

5 advantages of being a freelancer

1. Flexible Hours – The first advantage of becoming a freelancer is that you can work whenever you want. You get to choose your own hours. If you want to sleep in until noon, you can do that. If you want to take the weekend off so you can explore the city, by all means, go for it. As a freelancer, you can actually work during your most productive hours, and those hours don’t have to fall in during regular business hours.

2. Control over Jobs and Clients – When you work for someone else, you don’t get a choice of who you work with. You can become stuck with unprofessional or rude clients. But, when you’re a freelancer, you can choose with whom you work. If you don’t mesh well with a client’s personality or business or payment philosophies, you can pass on the opportunity and wish them the best. It’s as easy as that.

3. Work Wherever You Want – Whether you prefer consistency or shaking things up when it comes to your work environment, you can choose to work wherever you want, whether you choose to work in a local coffee shop or while you’re on vacation in Europe.  You are no longer stuck in an office or even in your home. Find a place in which you work best. You could work in a park, at the library, or in your living room while you’re wearing your pajamas.

4. You’re the Boss – You no longer have to answer to anyone but your clients and yourself. No one is hanging over you or micromanaging you. You are free to do as you please, when you please. Making all the tough decisions just became your responsibility; you have all the control.

5. You Keep All the Profits – No longer do you have to work for a flat rate, no matter how large the projects are that you complete. Now, you get to allocate or keep all the profits from your large and small projects and clients. This gives you the freedom to then use that money to improve yourself and expand your business.

5 disadvantages of freelancing

1. Not Steady or Reliable Workloads – Unfortunately, being a freelancer means that your income and your workload are unstable and inconsistent. For the most part, you won’t be able to depend on any regular project, client, or profit, whereas you would know the exact pay you’ll receive at a traditional job.

2. Distinguishing Between Work and Personal Time – Being your own boss and working from your home also means that it can be difficult to distinguish between your work time and your personal life. This means that you can work long hours and never make time for your personal interests.

3. A lot of Legwork – You are now in charge of finding all your own clients and projects. When you worked a traditional job, your projects were probably handed to you. But now, you’re the sole person responsible, so that means a lot of legwork on your part.  And that means you have to wear many hats, including marketing, advertising, and sales.

4. Not Getting Paid – Being a freelancer also means that you run the risk of not getting paid. This is fairly common in the freelance world, and one more hat you’ll have to wear is that of a debt collector. There are ways to protect yourself from non-paying clients, but sometimes you won’t realize you’re at risk until it’s too late.

5. No Employer Benefits – Health benefits are expensive. Depending on your current health, switching to a freelance lifestyle might not be in your best interest. Also, starting your own freelance business means you no longer have paid sick days or vacation time to use. Every day you don’t work is a day you won’t get paid.

The takeaway

Freelancing is equal parts positive and negative. You just have to decide if you’re willing to take the risk that almost always accompanies it. Freelancing means professional freedom, but it also means instability and the risk of failure. And that may not be what you need in your professional life. But if you risk your stability for something more in tune with your professional goals than a traditional job, you have the opportunity to build your name and reputation and reach your professional goals.

This editorial was first published here in 2012.

The American Genius Staff Writer: Charlene Jimenez earned her Master's Degree in Arts and Culture with a Creative Writing concentration from the University of Denver after earning her Bachelor's Degree in English from Brigham Young University in Idaho. Jimenez's column is dedicated to business and technology tips, trends and best practices for entrepreneurs and small business professionals.

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20 Comments

20 Comments

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  3. Sabrina

    August 29, 2015 at 5:26 pm

    I started freelancing in June after graduating from college. Prior to that I was unemployed for 2.5yrs. Honestly, freelancing was the best decision I ever made. Sure, I ran into problems with non paying clients but perseverance paid off and I’ve not looked back.

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  5. Christopher

    December 30, 2015 at 2:25 pm

    I was a hotel general manager for sixteen years. In 2008 I was laid off due to the financial crisis with nothing more
    than a severance package which was laughable. Since then I have been a freelance teacher specializing in Business English. My students are located throughout France, Germany and Japan, I have never felt more happier than at this moment. At the beginning it was difficult understanding what I was teaching, however, after a few months the light came on and things became easier. It has been 7 years since I began freelancing and from my heart, I am truly happy and my experience has been absolutely positive and life changing. It has been a zen like feeling and I have new friends
    all over Europe and an education no masters degree can provide. Freelancing has been a life changing experience and I no longer look back to the financial crisis or the past.

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  15. Rosie Beckett

    June 5, 2018 at 11:23 am

    My sister is really good at graphic design and illustration and she is thinking of doing freelance work but doesn’t know much about it, so I am glad that I found this article. It is interesting that you say you can choose the jobs and clients that you want to work with. This will be great for my sister because she can choose to only take jobs that interest her! Also, I think that my sister will enjoy being the boss and having control over all of her projects.

    • Lani Rosales

      June 5, 2018 at 12:12 pm

      With great risk comes great reward. Peter Drucker said, “Whenever you see a successful business, someone once made a courageous decision.”

      Good luck to your sister!

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Business Entrepreneur

Google makes it easier to identify veteran-owned businesses

(BUSINESS) Finding veteran-owned businesses just got easier thanks to a new feature from Google (one that veteran business owners can easily take advantage of).

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Google My Business (GMB) is the main database for search engines. It’s a powerful tool used by consumers and businesses. To help customers and business-owners, GMB added a very important category last fall. Businesses can now be identified as veteran owned.

The U.S. Small Business Administration estimates that there are 2.5 million businesses majority-owned by veterans in the United States. In one report, these veteran-owned businesses employ over 5 million people and have an annual payroll of $195 billion. Texas ranks #2 in having the most veteran-owned businesses, following California.

The support that Americans give vets is inspiring. The cool thing about this feature from GMB is that it helps consumers find businesses to support. The men and women who gave service to our country deserve support once they’re civilians. Look for veteran-led businesses when you use Google.

Customers aren’t the only ones who will take advantage of knowing whether a business is owned by a former service member not. Fellow vets often go out of their way to support each other. Who better to provide information about resources and opportunities than someone whose been there?

If you’re a business using GMB, it’s easy to add this attribute to your listing. It’s under the About category. The instructions for mobile and desktop can be found here. The only other attributes currently available are family-led and woman-owned.

It’s unknown how many people actually seek this information out or will actually use it. It’s estimated that about 10 percent of small businesses in the U.S. are veteran-led. These businesses aren’t just providing an economic impact on communities. Veteran-owned businesses hire fellow vets in higher volume than non-veteran-owned companies. USA Today reported that vets thrive in the small business world, attributing success to their core values, such as discipline and organization that make vets able to commit to a business and serve customers.

We applaud Google for adding this attribute to their database of information.

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Business Entrepreneur

How to know when it’s time to go freelance full time

(ENTREPRENEUR) There may come a point when traditional work becomes burdensome. Know how to spot when it is time to go full freelance.

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freelance productivity

Freelancing is often thought of as a mythical concept, something that is almost too good to be true. While it isn’t all about hanging out at home in your pajamas all day, being a freelance is something that is completely possible to be successful – assuming you do your homework.

Recently, a friend of mine who is a licensed esthetician was no longer happy with her position at the salon and spa she worked for. The set hours were becoming a burden, as was having to divvy up appointments between another esthetician within the salon.

She noticed an increasing number of people asking her if she could perform services (eyebrow and lip waxing) from her home, as they preferred not to go into the hectic salon. My friend also found an increase in requests for her to travel to bridal parties for their makeup, rather than the parties coming into the salon.

It was around this time that my friend began to seriously consider becoming a freelance esthetician, rather than a salon employee. After about six months of research and consideration, she decided that this was the best route for her.

Below are the reasons she felt ready to pursue this option, and if they resonate with you, you may be ready for a full time freelance career.

1. She had a number of built-in clients and a list of people she could contact to announce her at-home services. Doing this at the start of one’s career would be very difficult without a contact list and word-of-mouth references, so it’s important to have…

2. …experience! My friend had worked for a number of salons over the years, and had the experience of working with all different types of clients. She also learned what she liked and didn’t like about each salon, which were pieces that factored into her own work-from-home space.

3. Since she had years of experience and had done all of the necessary aforementioned research, she knew what was expected of her and knew that getting a freelance career off the ground wouldn’t be a walk in the park. Operating a freelance career is completely on you, so you have to be 100 percent dedicated to making it work – it won’t just happen for you.

4. Once she began thinking about this idea nonstop and became more excited, she knew it was time to move forward. At first, the “what ifs” were daunting, but became more positive as time went on. If the idea of being a freelancer elicits more smiles than frowns, definitely take the time to consider this option.

5. In addition to the clients she already had, she also had an amazing support system who helped her develop her freelance brand and get her at-home business up and running. Having a solid group of people in your life that will help you is crucial, and any offer for help should be appreciated.

Other things to consider are: do you have enough money saved in case the freelance venture takes longer than planned to take off? If not, maybe stick with the day job until you feel more financially secure.

Jumping into something too quickly can cause you to become overwhelmed and drown in the stress. Make sure you’ve covered every single base before making this leap. Good luck, freelancers!

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Business Entrepreneur

Teach kids music and they’ll learn entrepreneurship

(ENTREPRENEUR) Sowing the seed of music education and appreciation in your child when they’re young is a great way to produce the fruit of entrepreneurship when they’re older.

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entrepreneurship

With all the focus sports gets as the petri dish for producing driven adults, I’d like to offer up a different extracurricular activity for your consideration: music. Supporting your child as they learn how to harmonize with others will help set them up for success later in life, as music cultivates many of the characteristics that entrepreneurs rely on every day.

Iteration

Anybody who’s played an instrument or been a part of a choir can tell you that the number one thing you’ll learn in a musical group is that you won’t make it unless you practice, practice, practice. Although in the moment it’s not that great to hear little Timmy or Ginny run through their C-scale a hundred times, a few years down the line when all those hours of iterating result in the lilt of Beethoven through your household, you can be sure that your kid has learned that repeating the little steps helps them achieve large goals.

Showmanship

A large part of being a successful entrepreneur is knowing your markets, or your audience, and able to keep their attention so that they come back to you when they need your business. Being a part of an ensemble not only teaches children to be comfortable in the spotlight but to crave putting on a show.

Teamwork

When young musicians come together to play in a band or raise their voices in a choir, they’re learning a lot about how to collaborate with others in order to achieve a goal. When a young alto sings alone, her notes may sound strange without the soprano tones filling out the melody. The duet that comes from them learning to work together and complement each other builds a strong foundation for any team venture your child will encounter later in their careers.

Competiveness

Although music provides a solid foundation in harmony, it also contains just as much grit and competition as the football field. Music groups compete in regional and national championships just as athletes do, and solos offer opportunities to self-select and advocate. Hell hath no fire like a second seat musician who dreams of being first chair.

Self Confidence

Unlike sports, music is accessible to those who might struggle with finding confidence. There are no “best” requirements to play—regardless of height, weight, and other characteristics that nobody has any control over—nearly anyone can pick up an instrument or find their voice. This perhaps may be the greatest gift that you can give your child, the confidence that no matter what they look like they can excel.

As your child begins to consider the different activities that will help them build toward their future, don’t discourage them from pursuing a musical path. When they have to stand in front of an audience of their peers and deliver a presentation with an unwavering voice, they’ll thank you for the years they spent getting comfortable in the spotlight. Especially if they pursue entrepreneurship!

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