3 Benefits Of Freelancing And The Pitfalls To Look Out For

Do you find yourself thinking that your day job just isn’t cutting it? 

 

Many people are finding freelance work to be a great way to start a side hustle and even transition full time away from the corporate world. As a career coach to Millennials, I have worked with clients time and again who want to make the shift from the 9-5 office life into freelancing. It is an exciting option to consider and something I recommend as an alternative to seeking a different full-time corporate career.

There are some major perks associated with this style of career. But here’s the thing, this path isn’t for everyone, it will take a great deal of dedication and lifestyle adjustment to make freelancing a success.

Here are three benefits that come with freelancing and the downfalls to watch out for. If you find these perks align with your goals, it might be time to try out freelancing.

1. You are your own boss.

In freelancing, you are officially your own company, and you make the rules. The days are gone where you report into someone else or work for clients you don’t vibe with on a schedule that doesn’t fit your needs.

2. Your earning potential and opportunities are limitless.

With the expansion of technology and platforms such as Upwork, your earning potential and client reach is vast. I started a publishing company  for freelance writing and was able to gain clients not only from around the country but around the world.  

In freelancing, your income and success are the direct results of the efforts you put forward. If you are hoping to make more money to fund a special trip, you have the opportunity to pick up more work. And vice versa, if you need to cut back for health or personal reasons it is completely up to you.

Be mindful, it isn’t all roses and wine, freelance work can have periods of highs and lows. Not to mention, there are now added expenses to your life that didn’t exist before. Being self-employed, you need to fully support the cost of health and dental insurance, business taxes and contributions to 401(k) and retirement. This can all add up and needs to be calculated into your hourly or flat rate fees.

3. Your office takes on a whole new life.

With this freedom, you can work at home in comfortable casual clothes, or head to a coffee shop or cowering space to enjoy some company while not being bombarded with work-related questions.