Understanding Freelancing
One of the most important career decisions you need to make is whether to be a freelancer or a full-time employee. There are good and bad aspects to both routes. This guide will help you figure out what each is really like, and make your decision.
Freelance is synonymous with self-employment. You select your clients, your rates and how much work you do. You don’t have one employer, you work on several projects, possibly in different industries.
The attraction is clear: freedom. You choose your hours, workplace and workload. Want to start work at 10 a.m. or work at midnight? Feel free!
Freedom carries with it responsibility. You have to get clients, deal with the contracts, and pay your own taxes. No HR department to rely on and no sure paycheck at the end of the month.
Advantages of Full-Time Employment
What freelancing can’t offer is stability and a full-time job can. You won’t have the worry about availability and know exactly how much you will earn per month, which makes budgeting, saving, and planning so much easier.
Full-time positions typically include additional benefits such as health insurance, retirement contributions, paid vacation, and even bonuses. These benefits are tangible and valuable in addition to the salary.
There’s also structure. You’re surrounded by a team, a manager to develop you and defined expectations for the job. This structure alleviates stress to many rather than restricting them. There can be a more distinct career growth as well.
There are often obvious steps within a company that lead to promotions, raises, skill development and other opportunities, which may be difficult to trace as an independent freelancer.
Challenges of Freelancing
Freelancing doesn’t come without its challenges. Incomes can be fickle with some months being busy and others being not so busy. This irregularity makes financial planning more difficult than having a regular income.
You need to find clients all the time. Even professional freelancers invest actual time in promoting themselves, proposing themselves and following up leads. Projects never end and new ones are always being sought.
Another challenge is isolation. Freelancing can be lonely and can be difficult for those who like to work in teams or with coworkers every day. Then, there’s the administrative side, you’re responsible for your invoices, your contracts, your taxes and client communication. No one else can do this.
Making the Right Choice for Your Career
Well, how do you know which one to choose? The first thing you want to do is think about your priorities.
If stability, benefits, and structure are most important to you, full-time employment is probably the better choice for you. If flexibility and freedom, and having control over your schedule, is more important to you, freelancing may be a better choice.
Take money matters into account as well. Freelancing typically needs a safety net for the leaner months of the year and getting a full-time job gives you income from the first day.
Consider your personality, too! Are you interested in working autonomously and being self-employed? Or would you prefer to work in a team, and have guidance to follow? There is no one right answer.
Some people prefer to be independent; others prefer to work in the environment of a company. Some even mix them, working as freelancers on the side, yet having a full-time job.
Final Thoughts
There are both pros and cons to doing freelance work and to working full-time. The right one for you will depend on your financial requirements, your working style and the level of structure or freedom you desire in your life.
Be sure to consider both options, whichever one is right for you is the one you should choose!