Doesn’t being your own boss and working when you want to sound like a dream job? How about working from home in your pajamas? All these perks can be yours if you dump your full-time job to start freelancing.
How does having to sell yourself to get more gigs sound? Can you stay organized enough to juggle billing along with the work itself? What if you get sick? How will you get paid? Do you know how much to put away to prepare for taxes?
In a nutshell, these are some of the pros and cons of freelancing. Before you leave your full-time job and go full-time to freelance, let’s delve into more detail about the biggest benefits and challenges of the freelance lifestyle and figure out what you can do to prepare to take the plunge.
🔥 What’s Hot About Freelancing?
Time magazine says 53 million Americans are freelancing. That’s one in three Americans. Forbes shared data from the Freelancers Union that suggested 37% of the population that freelances occasionally would like to go full-time. Clearly, freelancing is the way of the future!
Freelancing appeals to the entrepreneur living inside of us – it gives you the freedom and responsibility of running your our own business.
The benefits to freelancing
There are many benefits to freelancing or accepting freelance work that can be exciting for new freelancers.
- You can get up and work at any time of the day.
- You don't have to answer to a boss.
- You are free to take a day off whenever you feel like it.
- You may not need 40 hours in your week to complete your workload.
- You can travel anywhere with an Internet connection and still do your work.
Don't forget, the new "freelance economy" isn't just about "temp" workers. Most freelancers are strategic, experienced, and professional.
😱 What's Not Hot About Freelancing?
Don't quit your day job yet. 25% of all businesses fail in their first year. The good news is there are ways you can start to prepare for the freelancing lifestyle while you still have your full-time job.
drawbacks of being a freelancer include:
- You're not sure of your income. Freelancing income streams change frequently, so it can be hard to be sure of where your next check is coming from.
- Needing to work to pay your health insurance, taxes, and other bills. Your taxes don't automatically get taken out by your employer, and you will need to buy separate health care insurance.
- You can take time off, but when you do, you aren't earning. There are no paid days off.
➡️ Tips for Making a Change to Freelance
Want to take the plunge into the freelance pool? Here's what you "need to know before you go."
- Get your finances in order including eliminating as much debt as possible while also saving up a nest egg. Set a budget so you know how much you'll need to make to pay the bills.
- Create a business plan that will help you build toward your goal. Can you supplement the day job with freelancing as you build a book of business?
- Speak with your tax adviser about how to track and maximize any deductions that are available in order to stretch your money further. Remember – most freelance gigs do not collect taxes, so making sure Uncle Sam is paid is completely your responsibility.
- Consider your safety net such as health insurance. What will happen if you get sick? Will you need disability insurance? Can you get on your spouse’s insurance?
📲 Where to Find Freelance Gigs
These are some benefits and drawbacks to both full-time work and freelancing. Depending on how you want to live your life, one may better suit you than the other. Not sure which choice is right for you? We can help you decide.
Artisan Talent is a great resource for freelancers. We help match creative talent with full and part-time, contract, and temporary employment. We’re a one-stop shop for employment options and can help you build toward freelancing full-time if that’s your goal.
Before you consider taking the leap to full-time freelancing, consider talking with one of our Talent Representatives. Our team can provide you with excellent advice on the job market in your area, help you polish up your portfolio, and then begin to link you with the kinds of roles you're seeking.