Markets are increasingly nurtured by freelance workers, a working modality sponsored by the advancement of technology, business flexibility and the rise of remote work. But do you know its advantages and disadvantages?
If we look at the figures, 35% of US workers are freelancers and only in this country, won a trillion dollars by 2015. Last companies are becoming less reluctant to decentralize labor processes and hiring remote workers in Areas as diverse as web programming, SEO, digital writing or graphic design is the order of the day.
If you are thinking about betting on this type of work and becoming a professional on your own, either from your home or from a coworking space it is important that you weigh the advantages of being a freelancer and also the less grateful side. Some advantages are you can get more freedom of time, your income can be more volatile and you will be constantly renewed yourself to face an increasingly fierce market.
Pros and Cons of becoming a Freelancer
Let us see all the pros and cons that occur after becoming a Freelancer.
3 advantages of working as a freelance
Set your own schedules
Although you must meet the deadlines with your customers, you can set your work day according to the different projects. You can decide when to work and when to not. This type of work allows you greater freedom of hours and better reconciliation with your personal life. You can spend more time with your family members, where the people at MNC companies are missing.
Control over your projects and creative freedom
Being your own boss, you can decide which projects to reject and which ones to accept, differentiating you by your own seal or style and increasing your prestige by the hand of your personal brand and the portfolio behind you. You can design your strategy of work and use all your creativity working styles on projects which are needed to be approved by any other person.
Freelancers not only have more free time but also more flexibility to choose in which city to live or where to perform their work tasks, be it an office, a coworking space, a bar or their own home. Comfortability is your choice. This is one of the great advantages of being a freelancer.
In spite of the multiple administrative tasks faced by self-employed workers, it is also worth mentioning the access to certain bonuses and deductions of expenses.
3 disadvantages of working as a freelance
Tax burdens and burdensome obstacles
Freelancers face heavy tax burdens. Recently in our country, the new Tax called GST is released and it is applicable for all the purchases, income, etc. As a freelancer is a single person, he/she has to pay a heavy tax to the Government.
Lower economic stability
On the one hand, it should be noted that freelancers must assume all the technical and infrastructure costs, from enabling their home to paying for the Internet or renting a co-working space, which is not the case for employed workers. In addition, since there is no fixed salary a month, it is common for there to be much greater fluctuations in income and expenditure, something that affects savings or living standards, for example in times like summer. The more unpredictable nature of this job makes the freelance economy more unstable.
Problems of default and delinquency of clients
From the Public Administrations themselves to private clients or companies, many freelancers have problems of defaults or delays in the payment of their bills, something that can seriously damage their personal economy and their level of periodic income, since there are occasions when the payment of money is never reached.
There are few other disadvantages from the Government banks too. If you want to apply for a Credit Card or if you want to get some loan from Banks, you have to be a salaried employee of an organization.
These are the pros and cons of becoming a Freelancer. In some ways, it is most useful and in some ways it not much use to us.
If you have any queries in the above article, let us know them in the comment section below. We will get back you to solve all your queries as soon as possible.
If you are already a Freelancer, then share your experiences with our readers in the comment section to get more awareness on Freelance works. If you like to add any other important points to this list, then write them to us and we will include in our article in the next update.