This article was originally published on goHyP
Continuing with our series of blogs on Freelancing, it is imperative to understand the pros and cons of Freelancing. The below blog carefully examines the various advantages and disadvantages of freelancing and helps identify the risks and rewards associated with it.
Advantages
Flexible Hours- You work when you want
Not everyone enjoys Working 9 to 5 and the lack of flexibility may be a dampener. Working early hours in the morning or working the graveyard shift and have the freedom of adjusting work schedule to take advantage of your most productive working hours is one of the biggest advantages as a freelancer.
The benefit of being a freelancer is that the degree of freedom one can experience in comparison to someone with a permanent position. Working as a freelancer means you can determine your own working hours, have your meals at home (or the location of your choice) and adjust the schedule so that you can live your life more fully. More time with family if you work out of a home office.
Work From Wherever You Want
One of the greatest advantages of freelance work is the ability to work from home. No more need for work clothing, commuting time, commuting expenses, sharing an office, working in a cubicle or inane chats during tea breaks.
Autonomy — be your own boss
More creative freedom and control of the direction a project should move in and not having to answer to anyone except your client.
Work-Life Balance
Helps prioritize “work” and “lifestyle”. Allows time for health, pleasure, leisure, and family, at the same time focus on career ambitions.
Disadvantages
Staying professionally relevant in the market and a constant need to upgrade skills in order to remain competitive one may end up working more hours and some freelancers have experienced distraction without the supervision.
Freelancers have to wear many hats like marketing, client relations, keeping online profiles up to date, business documents, taxes etc.
Freelancers will have to take care of health insurance and retirement plans on their own, group discounts may not be available for freelancers.
Freelancers may have to purchase their own software, computers, office equipment and so on.