The Pros And Cons Of Freelancing

For those who dream of becoming their own boss but do not have the capital or inclination to put up a full-scale business, freelancing may be the best option. But before resigning from your regular job and going into a full-time freelancing career, you must give careful thought to the advantages and disadvantages of working as a freelancer, because contrary to popular notion, freelancing is not just about sitting comfortably on your couch, sipping coffee, and working at your own pace during the day.

Why go freelance

The promise of potentially bigger profit. The profits you get from freelance projects are all yours. However, do not forget that clients would not just walk in—it takes a lot of effort and expense to do sales and marketing, and there are no guarantees of success. You must learn to negotiate your service fees depending on the different aspects of the project, and you have to know how to cost and price correctly so that you can factor in all your expenses along with your desired profit.

Flexible working hours. You can work while you are eating pizza and watching daytime game shows. You can work in a coffee shop. You can work literally anytime, and you can bring your materials anywhere because you control your working hours. The only thing that you have to mind is the deadline set by your client. Rest when you feel tired, and work straight till the next morning when you feel like it, but always remember that you have to finish and polish up everything when deadline comes.

The ability to choose clients and projects. As a freelancer, you can be picky with your jobs, and only choose to accept certain types of projects or to work only with people you get along with. Understand first which projects really sell.

The setbacks

The risks are all yours. You may have the luxury of choosing your clients, but do remember that once you choose, the risks and possible losses carried by them are all yours. When you buy the materials you need and build the project wrong, the expenses incurred for replacing those materials are yours. The time and energy you spend on a project could have been used properly and effectively, but instead, you have to do it all over again.

The lack of a stable income. Unlike being employed under a company where salary can be counted on to come regularly, your profit as a freelancer is unpredictable. It is dependent on 1) your ability to find and deal with clients; 2) your ability to finish the projects before deadlines; and 3) your quality of work. If you fail in any of these qualities, expect a hard time getting clients and having a decent pay. You must also have the discipline to set aside funds to serve as a buffer during lean times or for emergencies.

Work as a one-man army. As a freelancer, you have to exert extra effort to market yourself to clients, source and buy your supplies. You’re also all alone when it comes to customer support, so if there is any problem, you won’t have any staff to help you fix it. As a freelancer, this means that you have to be a jack-of-all-trades in marketing, selling, drafting contracts, managing time and customer relations, and ordering materials. It’s hard work, but it’s possible. The biggest problem for freelancers is in complying with requirements of government agencies as they are often complicated— professional help is recommended to avoid penalties.

Giving up a regular job to be a freelancer is a big decision and should not be made lightly. It is not easy, nor is it for everyone, but for those up to the challenge, it can be very rewarding.

*Originally published by the Manila Bulletin. CC-4 , Sunday, April 19, 2015. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.