Freelancing sounds like a dream, especially for people who are feeling uninspired, stressed, or burned out. Who wouldn’t want to work on your own schedule, right inside your own home, doing what you really love to do, without horrible bosses? However, before you send out your notice of resignation, you must know that freelancing is not always a bed of roses. There are also disadvantages to working independently that you should be prepared for.
With freelancing, you can earn so much more than you ever earned when you were gainfully employed. You can also earn less, or even nothing, depending on the number of clients you work with or the number of projects that you land. Your monthly income will vary a great deal, which will prove to be quite challenging when it comes to setting your monthly budget and paying the bills. Income will be unpredictable because it will rely on new business coming in and new clients signing up.
Given that you will be working as an independent contractor, the amount of work that you will receive will also vary depending on the client and the project requirements. You may find yourself working longer hours and even being on-call 24/7. You may also find yourself doing tasks that you normally did not do while employed, like having client presentations, making a sales pitch, or cold calling prospective clients. With freelancing, you must work around your own schedule and learn to prioritize tasks, all while being able to meet various deadlines.
Freelancing allows you to work from your home office or anywhere that you can have some peace and quiet. Unlike working in a real office, there will be no interaction with other people, apart from your usual Skype calls or phone calls. There will be no opportunity to share a joke with a colleague from the other cubicle or catch up with each other’s lives in the break room. It can sometimes get lonely, especially if you’ve been so used to being surrounded by a lot of people.
Lack of Benefits
Unlike being employed and receiving a monthly salary, freelancing also means you get no bonuses, allowances, health insurance, paid vacations, or paid sick leaves from your clients. You can still get to enjoy the same benefits, but you will have to shoulder the costs yourself.
Lack of Resources
If you’re just starting out your freelancing career, you will have to spend money to build your own home office. Supplies and equipment that were readily available to you when you were working in an office will now be something that you need to purchase on your own. The same goes with having your own internet connection and phone line.
As an independent contractor or a full-time freelancer, you will be running your own one-man show on a daily basis. Your success or failure will solely be your own doing. When there’s something that needs to be ironed out, you must deal with it yourself. You are the CEO, COO, CFO, and executive assistant rolled into one. You are the decision maker, and you are responsible for taking your freelance business to new heights.