Is freelancing a viable career path?
One of the biggest work trends to date are the rise of freelancers. With the increase of co-working space facilities, freelancers have embraced the world of remote work. Also known as independent contractors, freelancers need to be proactive individuals that can work collaboratively with many clients at a time.
Even though freelancing has become extremely popular, like everything, it comes with its pros and cons.
Pros
Flexibility
Sick of the constraints of your office and 9-to-5 working life? Freelancers have the flexibility that most people dream of. If you want to work full-time most of the year and only part-time during the summer, you have the control to make that decision. You’re also able to work from wherever you want, whether that’s a co-working space, your couch, or a banana lounge.
You choose your clients
Getting to a point where you can afford to select your clients is one of the greatest advantages. This can take a while and a bit of trial and error, but there are few things more rewarding at work than setting your own terms and choosing who to work with.
Broadening your experience
Being a sole contractor means you are your own business in every aspect such as sales, marketing, invoicing, and lodging taxes. These skills may take some time to learn, but it's a rewarding experience once you master these skills.
Cons
Inconsistent workload
Although freelancers have flexible work hours, it also means that jobs might not come in as often as you’d like. As an independent contractor, there’s no way of knowing if you’ll have enough clients at any given time.
Solo responsibility
As listed in the pros section, being a freelancer means you need to juggle all aspects of the business, often at the same time. You’re solely in charge of business development, getting clients, managing your clients, billing and paying your taxes. While you’ll undoubtedly learn a lot, consider that you’ll need to be sourcing clients and chasing payments while working on projects.
Lack of benefits
You’ll need to pay your own superannuation fees, and any student loan contributions. Any annual leave, sick leave and family leave you take is either unpaid or something you’ll need to account for. When considering freelancing as a full-time option, be sure to work in these leave benefits as part of your financial comparison.