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Strengths and Weaknesses of Freelancing

Strengths and Weaknesses of Freelancing

The decision to be freelancing is a very personal choice. Considering the strengths and weaknesses of freelancing, being a freelancer can help guide your choices.

If you want to join a growing group of freelancers, consider these strengths and weaknesses of a freelance job to determine if it suits you.

Advantages of Freelancing:

1. Customer freedom:

Freelancers have the unique ability to choose clients to work with. You also can only work with many or a few selected clients. According to a FlexJobs survey of over 1,000 freelancers, work sites like networking (56%) and FlexJobs (47%) are the two most common ways freelancers find clients.

2. Workload control:

Another advantage of the freelancer is the ability to choose workloads. You can work as much as you want and choose projects that make sense to you. You can focus on your favorite work without being distracted from full-time work such as meetings, office politics, and office distractions.

3. Flexibility:

With so much freedom for clients and workloads, freelancers have the flexibility most people dream of. If you want to work full-time throughout the year and part-time during the summer, you have the flexibility and control to make that decision.

4. Independence:

Self-employment provides independence. Not only do you have no cubicles or 9 to 5 workstations, but you can also work alone. In most cases, you will feel more comfortable working.

5. Exposure:

Many jobs provide diversity for employees. However, working as a freelancer allows you to work on a variety of projects and topics. Working for a company within the company may not provide experience in other industries or professional areas. This versatility helps create a less redundant and less boring environment.

Disadvantages of Freelancing:

1. Taxes:

Uncle Sam receives a portion of your income, whether you are a freelancing person or an employee. However, the freelancer is responsible for paying freelancing taxes and paying them quarterly. However, the freelancing also has deductions for which employees are not eligible. Taxes can be a disadvantage for freelancers, so carefully consider regulations and laws when setting rates.

2. Lack of Benefits:

Employees are (mostly) eligible for benefits, but freelancers rarely receive benefits. Freelancers are self-employed and are generally responsible for finding and financing your insurance.

3. Sporadic Work:

Finding a stable job is a real drawback for freelancing. You can start the project and then archive it. The customer can terminate the contract early. It can be difficult to finish the project and find more work. The biggest challenge reported in the FlexJobs freelance survey was finding clients (65%). Using a job service like FlexJobs, you can find the following jobs.

4. Ultimate Responsibility:

When you are a freelancer, you have a business. You are responsible for business development, customer acquisition, customer management, billing/collections, and tax payment. Many decisions must be made, such as how to track and accept payments (QuickBooks, PayPal, checks, etc.). Programs you need to buy (Adobe Suite, Microsoft Office, subscription platform, etc.). Necessary promotional tools (business cards, websites, and even logos).

Not everyone is ready for these tasks. You are the master of your brand and you need to develop your career as a freelancer as a business.

5. Cash flow problems:

When weighing the strengths and weaknesses of freelancers, one of the most annoying issues revolves around cash flow. Freelancers can set their rates to meet the needs of their income (and clients), but they are also responsible for recovering payments. Unfortunately, some freelancers are faced with clients who do not pay.

Additionally, freelancers will want to ask prospective clients what their expectations are for their position and whether it is simply projected, seasonal, or ongoing.

6. Separation:

Another common downside to becoming a freelancer is that you end up isolated from your team or company. Most of the time, you work alone, unless you have someone close to you to work with. (But for some, this is like a blessing in disguise!)

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