So you’ve decided to take the plunge and become a freelance worker. If this is something you can do, you should definitely go for it! Like all jobs there are pros and cons, but many freelancers feel the benefits far outweigh the risks. Even though freelancing means different things to different people, most will agree the freedom you have when you work for yourself is the most important aspect of being an Independent Contractor. Listed below are some of the top reasons for embarking upon a freelance lifestyle.
1. Be your own boss – This is the most important reason for many people because being your own boss means never having to answer to anyone but yourself. You make all the decisions for you and your business. You don’t have to discuss anything with a higher authority. You won’t have to call anyone if you’re not feeling well or if you happen to oversleep. You won’t have to submit to periodic performance reviews. Though you may have to go over details with your client, you won’t have anyone to oversee or micromanage your efforts. All work will have your personal stamp, and the only one taking credit for your work is you. This also means, of course, that you have to take responsibility for any bad decisions, missed deadlines or general screw-ups.
2. Make your own hours – Sleep late and work well into the night, or wake up before dawn and work before everyone else in the house rises; it’s up to you. If the nine to five lifestyle isn’t for you, you’re a good candidate for a freelance career. You don’t need permission to take a day off or go on vacation, but you will need to make sure you’ve cleared your calendar and taken care of all of your commitments first.
3. Work alone – No co-workers, no office politics, no one stealing a promotion out from under you and no phones ringing off the hook. Sounds great, doesn’t it? You can work in the comfort and quiet of your own home without having to worry about co-workers in other desks or cubes chatting on the phone or telling off-color jokes while you’re trying to work. You won’t have to pick up the slack for lazy team members. Of course, this means that you’ll be lacking the camaraderie of an office or other work environment, but since you can make your own hours, you’ll also have time to meet friends for lunch or take part in outside activities.
4. Set your own rates – If you didn’t get the raise or salary you wanted with your previous employer, you can correct this by freelancing and setting your own hourly or per-project rate. This means researching the going rate on your services and adjusting them to your personal situation. This also means knowing what your clients can pay. Remember, you also have to be affordable. You may have to start out low, but once you’ve built up a good reputation, you can raise your rates as you see fit.
5. Choose your projects – When you’re a freelancer, you no longer have to work on projects you don’t feel right about. You can pass over unethical clients or lousy payers and choose the best tasks for your situation and lifestyle. This may not be the case when you’re just starting out and trying to build up a client base, but once you’re established and the money is flowing, you’ll be able to schedule your tasks by choosing those that interest you the most.
For sure, freelancing has its benefits. Where else can you go to work in your pajamas or sweats and take time out to watch your kids play soccer or do the grocery shopping?
There are downsides to freelancing as well. For instance, estimated taxes and making sense of all of the contracts and paperwork involved. Unless your spouse happens to have a job with a health care plan, you’ll have to pay for your own healthcare and set up your own retirement plans since you can’t count on a pension or 401K. It can be a solitary lifestyle as well and if you don’t get yourself out of the house, you may find you miss being around people.
You also have to remember that in order to build up a client base, marketing and promotion will take up half of your time, so you’ll have to know how to prioritize and schedule accordingly. Freelancers have to be disciplined to avoid the distractions the television, refrigerator, Internet or just the beauty of a great day have to offer. Work has to come first, even if that means staying home instead of going to the beach with friends or watching your favorite soap opera. Most freelancers will agree, however, the positive aspects of being an independent contractor far outweigh the cons. If you feel this type of career is for you, do the research first to find out what’s involved. Soon, you too may be waking up at nine and working in your pajamas. Nice work if you can get it.
