Is Freelancing Fit For You?

Do you feel tired of the daily commute and are you fed up working in a cubicle for eight hours? Are you dreaming of working on your own terms, when you want to? If that’s the case, freelancing might be what you’re looking for.

What is a freelancer?

A freelancer is a self-employed individual who provides services for multiple clients or organizations and earns income on a project-by-project basis. Freelancing has become a popular career choice over the past few years. According to a report by Inquirer.net, there are at least 1.5 million Filipino freelancers registered on international online platforms. If you’re entertaining the idea of testing freelancing waters – whether as a side hustle or a full-time job, here are the advantages and disadvantages that might help you determine if freelancing is a perfect fit for you.

What are the benefits of freelancing?

Autonomy at work: Time, rates, and people you work with

A great advantage of embarking on a freelancing career is enjoying more freedom compared to a traditional job. You choose the clients you want to work with, unlike in a traditional job where you don’t have control over who you’ll work with.

Adjustable time is another perk of freelancing. While others thrive in a 9 to 5 office environment, as a freelancer, you have the privilege of choosing the work hours that are most productive for you.

In terms of earnings, a freelancer has a more flexible income compared to a traditional employee with a fixed salary. You set the rates according to the value that you offer and leverage your skills to negotiate higher rates. It’s up to you whether to charge an hourly rate, per project basis or set a retainer fee for long-term projects. Part of the job autonomy is screening prospective projects. If one doesn’t align with your expertise or fit the appropriate compensation, you can choose to decline it.

Location flexibility

Freelancing enables you to find jobs from different parts of the world and enjoy the convenience of working remotely. You can work from home or another setting of your choice. Many Filipinos who have 9 to 5 jobs struggle through traffic to get to the office. Whereas, as a freelancer, you can skip the exhausting daily commute and have more time to accomplish work tasks and tend to the needs of your personal life.

Career self-management

Nothing beats being your own boss because you decide how to run things. You’re in control of your salary rates, work hours, workplace, and the number of projects that you want to handle. You have autonomy in decision-making and more freedom to promote professional growth.

Working as a traditional employee often limits you to specific job roles and you don’t usually get a lot of opportunities to expand your skills. As a freelancer, you can try out new things and grow at your own pace.

Better work-life balance
Outside of work, it’s healthy to have time for family, friends, personal interests, and hobbies, but that’s not always the case. Let’s face it, with the long and exhausting hours at the office, plus travel time, it’s no wonder many office workers feel that their work-life balance is out of whack.

According to a study conducted by JobStreet titled “What Job Seekers Wish Employers Knew: Unlocking the Future of Recruitment”, 73% of Filipino jobseekers prioritize finding a stable job that allows work-life balance.

Freelancing can help you lead a better work-life balance because you dictate your work hours. This enables you to smoothly transition between work and personal time.

What are the drawbacks of freelancing?

No employee benefits

Most employees receive benefits and perks as part of their contracts which may include health benefits, leave credits, retirement benefits, bonuses like 13th month pay, sometimes even 14 month pay, and more.

In contrast, if you’re a freelancer, you’ll be paying your government contributions yourself because these won’t be automatically deducted to your salary. You’ll also be the one paying for health insurance because there’s no company that will cover the expenses for you. No paid time offs too.

Fluctuating income

Since projects come and go, your income may fluctuate. Sometimes, you may be busy with multiple projects, and other times, you may not have much work. That’s why it’s important to always hone your skills and have a professional work ethic. Good results will yield more clients for you. Although working from home is one of the top benefits of freelancing, it may make you feel isolated. With no colleagues to have a quick coffee break or eat lunch with, working alone can get lonely sometimes, especially for extroverts. If you crave human interaction, you can check out co-working spaces or occasionally work in a different setting such as a library.

Conclusion

In this evolving job market, it’s good to evaluate your career options. Freelancing offers promising benefits and exciting opportunities for individuals who value professional autonomy and flexibility but it’s not everyone’s cup of tea. It’s up to you to weigh the pros and cons of freelancing to determine if it’s a good fit for you.

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