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What Are the Pros and Cons of Freelancing?

Freelancing. Will it ever go away? I think not. The business world is way different than it used to be, and the workforce is adjusting alongside it. I don’t think we should fight it either. Freelancing is a flexible and healthy approach to your workday if you do it correctly. Job security may be shaky at times, but if you’re looking for full work-life integration, then maybe you should be a freelancer. 

Let’s take it back to 2019 — before lockdowns, office closings and everything else we had to deal with. There were 59 million freelancers in the workforce, an increase of about six million since 2014. Then 2020 happened. Offices went remote, we worked from our homes, and everyone got a tiny taste of the freelancing life. People aren’t flocking back to offices anytime soon, and if you found yourself loving the work-from-home lifestyle, becoming a freelancer might be a good opportunity for a career change.

The biggest perk: freedom

Freelancing comes with plenty of perks — the biggest being freedom. You have the ability to create your workday in your image: You control your hours, clients and workload. This is a version of independence you will never find in a corporate office. It gives you the ability to design a job you love on your terms.

Choosing your clientele

You can also take on your preferred number of clients. If you want to freelance as a side gig, take on only a few clients. If you want freelancing to be your full-time job, you can grind out your workload all day. You can station yourself in the city to connect with your clients or work from the country to avoid the expensive city lifestyle. Freelancing allows you to tailor your job to fit your life.

Taxes and benefits

There are some negatives that you should be aware of before you jump into freelancing. Taxes become a little trickier: Freelancers have to pay self-employment taxes every quarter. But there are some deductions you can get as well. Also, you’ll most likely be without benefits, meaning you’ll have to work through sick days or not get paid. The odds are you’ll have to find your own health insurance, too. 

The grind of being a freelancer

Becoming a freelancer means putting your entire success on your shoulders. Some people thrive in that type of environment. But all projects, deadlines and responsibilities fall on you. You may have to deal with busy and slow weeks, causing interruptions in your cash flow, but other part-time jobs can supplement that. 

Despite the possible negatives, freelancing can help you take the cap off of your career ceiling. You earn as much as you work, and you get out of it what you put into it. If this type of freedom and responsibility sounds enticing to you, then it’s time to get started!

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