Pros and Cons of Full-time freelancing
If we take a quick look at the world of the gig economy in the United Kingdom, it is not surprising that the numbers are rapidly skyrocketing.
In 2001, there were just 3.3 Million people registered as self-employed. In 2017, that number had jumped to 4.8 Million people and in 2020 the number has been more clearly defined, taking freelancing and self-employed as 2 distinct categories of employment. There are over 2 million people dedicated to the freelance community and millions more self-employed and running their own business full time.
In a 2014 report by Gen Y and Freelancing mentioned in a FreeTrain article, 87% of students with first and second degrees are more attracted to freelancing than a full time career.
The gig economy is known for providing flexible working schedules, providing a life where you don’t deal with a boss, have enough time to discover your passion, run a business, and spend time with the family. There are many positives to the Gig Economy, but also some drawbacks, like with any chosen career. It is always useful to spend some time thinking about the positives and negatives of a job, before embarking on the journey.
Pros of Full-time freelancing
- You choose your own working hours. Whether it is an eight hour shift, a two hour burst sporadically through the day, or pulling all nighters, you ultimately have the freedom to choose which hours you’ll start and end.
- You choose where you want to work. Whether you are on a beach or in the countryside, at home or in the office, as long as you can provide your clients the output they need, you are good.
- You choose which jobs to work on. As a freelancer, you are in control of what jobs or tasks you are willing to do and how much time to spend doing it.
- Autonomy and control are 2 of the huge pluses of the Gig Economy.
Cons of Full-time freelancing
- There is less separation between work and home life which can cause stress for some people who would have a hard time dividing time for work and personal matters.
- Although being a full time freelancer might give a good income, the pay structure can be unstable. It has its own ups and downs; as your income totally depends on the client you find. You can be a millionaire one month and a pauper the next.
- You are on your own when it comes to managing your savings, insurances, and taxes. Your benefits are not covered, you have less security and less guaranteed income.
So the question that you need to ask yourself is if the pro’s outweigh the cons and if the life of a freelancer is a dream or a nightmare.
