It's an inevitable decision: do I brave it going freelance, or do I go for the safety and comfort of a full-time job? And most people end up never knowing for sure. This is whether you're a beginner looking for their first career move, or you're in one and thinking of switching.
There almost always is an answer though, and it's really contextual to your preferences. The purpose of this article is to really give you much more information so you can gain clarity on what you really want to do. So let's get straight into it.
- Are you someone who is happy to deal with clients on a daily basis?
- Are you happy cold calling and dealing with a lot of rejections on projects? (unless of course you go to a freelance marketplace)
- Do you mind being solely responsible for all the work you put out?
- Are you able to deal with an inconsistent income and cashflow for at least the first few months?
- Are you happy chasing clients for invoices? (Although you can get an accountant do to this)
- Am I driven enough to consistently look for work in a competitive marketplace?
If your answer is no to any of those questions, chances are, you simply aren't suited for freelance work. You can develop these skills, but you need to put a concious effort into working on all the things that revolve around it:
- Dealing with rejection
- Cashflow management & budgeting
- Invoice terms & how to chase effectively
- Selling your services to cold leads or Optimizing freelance bids within online marketplaces
So now you understand what it takes to be a freelancer, let's look at some pros and cons of each so you can weigh up what you really value.
- You can work on your own schedule
- You can earn a lot more money when you get a steady flow of clients (full-time employed will generally have a lower hourly rate)
- You can take breaks when you want (if you have earned the money)
You don’t report to anybody so aren’t dealing with managerial issues that might arise
Clients can be difficult to deal with, sometimes
Invoices will get paid late
Income can be inconsistent if you haven’t found enough work
You’ll need to gain a reputation first and this will mean far, far more rejection when applying for jobs or finding leads in the beginning
You can actually end up working far more hours if you’re not smart about the types of clients you take on board and don’t manage expectations properly
Being fully responsible for your success can become a strain if you’ve not developed the emotional intelligence
- Consistent income - you know when your money is coming in and how much
- Health insurance (US specific, and not with all jobs)
- You don’t have the full weight of a business on your shoulders - there is generally a team to share responsibility with
- You will usually have direct mentors to work with that will help you progress in your career
You’re stuck to a specific work schedule, although some jobs do offer flexitime
You’re sometimes at the mercy of difficult managers - although if you find yourself in that situation, we recommend you act and try and find a different job. most people begin to feel stuck in this situation
You can only have a certain amount of time off, unless you take time off unpaid
Your earning potential isn’t as much as with freelance contracts and the salary rise may be slow (varies from company to company)
You may have to deal with ego in the workplace if you’ve joined a difficult team
There are a lot of “Ifs” in these pros and cons, so take it with a pinch of salt, but these are the general benefits / difficulties found in both paths.
So there you have it - hopefully you have far more information to base your decision off than before you read this post. There's one more important thing though
Just because you decide "today" that you want to become a freelancer or full-time employee, doesn't mean that will always be your decision.
You need to make the best choice in the context of the present moment. Perhaps you have the tenacity it takes to make it freelance but you have a family to provide for right now so need consistent income. In this case, maybe you should work towards saving so you can give freelance a go.
Or maybe you want to gain some experience in the workplace before going freelance...
Maybe you need to work on your self-confidence before making a decision because you still feel completely unsure about yourself.
Just remember this; your choice isn't set in stone, and you can always switch if you need to.
We hope this article helped, but if you need an answer more specific to you, please leave a comment down below - we reply to absolutely everything.
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