The 6 Pros and Cons of Being an Online Freelancer
Many people who are working in 9 to 5 jobs dream of breaking free from the corporate prison. They think that by becoming an online freelancer, they can earn a good living while being able to do anything they want.
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You usually have no control over your work schedule when you’re an employee. You have to work at the given working hours; usually, Mondays through Fridays, from 9 am until 5 pm.
Pro: You Have Control Over When to Work
If you’re a project-based online freelancer, you can work when you want to. As long as you’re able to submit your output before the deadline, you can start working when it’s convenient for you. You can even work as much or as little as you want.
For example, if you have a project due Friday, and you’ve already finished it by Tuesday, you could submit your output and spend the rest of the week off.
Con: Your Work Could Go Beyond 9 to 5
If you’re an employee, you’re guaranteed to have continuous work. But if you’re a project-based freelancer, once the project-based is finished, there’s no guarantee you’ll have another project. So, even if you’re not working, you’re able to’t help thinking about how you’ll get your next project. This is especially true if you’re just getting started and have no portfolio or work history.
Furthermore, if you’re working on multiple projects or a deadline is looming, you might have to spend extra hours to ensure you submit on time.
2. Earnings
Money is also one of the primary reasons why employees want to switch to freelancing. Because, based on the success of the online freelancers they know, they see people in this industry earning more money.
Pro: You (Possibly) Make More Money
As an independent contractor, you can usually make more over employees. That’s because companies don’t have to spend and invest in you, so they are typically willing to pay more for quick projects. Furthermore, as a freelancer, you can set and negotiate your rates, which is usually impossible as an employee.
Con: You Have No Benefits
While you have a larger take home compared to employees, you also get fewer or no benefits. As an independent contractor, your clients aren’t obligated to provide paid leaves, insurance, or retirement. So, if you want to prepare for your future, you must pay for these yourself.
3. Equipment
When you are employed, companies usually provide you with equipment, like a work computer, a desk, and a chair. But you usually can’t pick what you want. You’re typically using things provided to the company by the lowest bidder.
Pro: You Can Get What You Want
you could choose the tools you need if you’re an online freelancer. If you want to buy a powerful gaming computer that you can use for both work and play, you can do so. If you want towork from your smartphone, it won’t be a problem. You don’t need to justify anything to your boss.
Of course, you’ll have to spend on your equipment, but it will be an investment. So, you can splurge on high-end equipment and make the office you desire—no one will complain.
Cons: You Don’t Have Tech Support
When you’re setting up equipment, there are times you’ll run into problems. If you’re working for a company, you’ll have an IT department to help you solve issues like this. Even if you’re a remote worker, they’ll either solve the issue remotely, ask you to send the equipment in, or make you return to the office to fix your problem.
But if you’re an online freelancer, you’ll have to rely on forums, tech support, Google, and your own determination to fix your hardware and software problems.
4. Clients
When you’re an employee, you can’t pick who to serve. If your company has a client, you must work with them, even if you don’t like them. And if they’re rude or arrogant, you typically can’t do anything about it unless your manager backs you up.
Pro: You Can Choose Your Customers
But as a freelancer, it’s up to you to whom you want to offer your services. If you determine that you don’t like a customer during an interview, you can go ahead and decline their offer. Even if you’re in a middle of a project and your client is being unreasonable and difficult, you can politely end the contract.
There areseveral places where you can find your clients, most of which are non-exclusive. So you can find clients on different platforms, ensuring you’ll find the type of customer you want.
Con: You’ll Experience a Lot of Rejections
You’ll never land all the clients you offer services to as a freelancer. On average, only 31% of potential clients respond to offers, and only half of those responses become clients. So, less than ten will respond if you talk to 30 potential clients. And of those ten, you’ll only get five paying clients.
Furthermore, since online freelancers rarely see their clients in real life, most of them based miles away or even in other countries, you’re more likely to get scammed. That’s whyfreelancers must protect themselves.
5. Experience
When you’re working at a specific department in a company, your tasks are typically the same, day in and day out. Even if you get promoted, and your responsibilities expand, they’re most likely related to the things you already do.
Pro: You’ll Learn a Lot of New Things
As a freelancer, you’ll have to do everything. Even if you’re a graphic designer, you must know how to invoice your clients, manage your finances, and create documentation. More than that, you must also figure out how to improve your craft, learn new tools, and keep track of trends.
Con: You Have No Guide or Rule Book to Follow
If you’re an employee, your employer will generally provide a guide to meet their standards. However, you’ll have no guide if you’re working for yourself. While your clients might tell you what they expect, that’s it. How you’ll create and deliver what your customers need is up to you.
6. Mentoring
Unless you’re working for a small startup, you generally have senior colleagues, managers, and company leaders who’ll train and mentor you in their fields. That means you’re not starting from a blank slate, and you can pattern your career to those who are ahead of you.
However, you can’t choose who they will be. The company will assign your supervisor and manager; unless your bosses make a massive mistake, you usually cannot replace them.
Pro: You Can Pick and Choose Who’ll Guide You
If you’re a freelancer, you can actively search for people who are already experts in your field to guide you. In most cases, a good number of people who’ve been there and done that are now offering their experience and expertise. So, all you need is to find someone you like and respect and see if they’re willing to mentor you.
Cons: You Have to Invest in Yourself
However, most of these coaching programs will cost you. If you want to improve yourself, you have to spend on it. Most entry-level programs will cost you $1,000 to $5,000, while high-level coaching could set you back by $10,000 or more.
You also have to ensure you’re getting a good deal. Not all programs are created equal, so you must do due diligence to ensure you’re not getting scammed out of your hard-earned money.
Greater Risk, Greater Reward
Online freelancing is an excellent opportunity for many. Although it has more significant risks than employment, it also offers better rewards. By knowing the pros and cons of online freelancing, you’ll be better prepared to enter it.
So, if you’re going to jump into freelancing, don’t dive into it feet first. It’s crucial you know what you’re facing before making this huge decision in your career.
Want to quit your job, but not sure how to start a freelance career? Here’s the ultimate guide to becoming a freelancer with no experience.
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