The Pros And Cons Of Freelancing in 2020

Perhaps you’re considering moving into 2020 with a new goal in mind. Maybe you’d like to increase your earning potential and job satisfaction by going freelance. Becoming a freelancer could be a good idea if you have a skill that you know people want, but going from working with others to working alone does have a set of pros and cons. Below, we’ll talk about the pros and cons of freelancing in 2020. Take a look:

Con: Lacking Structure/Feeling Unfocused 

The first thing you’ll need to consider is how easy it is to feel unfocused. With no structure to the work day and nobody ‘telling’ you what to do, it can be tough to get everything done. You’ll probably still need to have a schedule and act like you’re at work. 

Pro: Set Your Own Schedule

There’s flexibility in setting your own schedule. You can have an afternoon nap if you wish, eat lunch when you want, and even go to the gym when it’s quiet.  

Con: Can Be Isolating 

Many people find working alone isolating. You may need to make more of an effort to see your friends and family and speak to people in general so that you don’t get lonely. 

Pro: Selectivity With Who You Choose To Work With 

You don’t have to take on every client or job. Maybe you feel like you do at the start, but eventually, you can get a little pickier and do only the work you want to do. 

Con: You Have to Find Your Own Work

The hustle never stops when you’re freelance, because you have to pretty much find your own work all the time. Eventually people may come to you if you build a reputation. 

Pro: No Commuting Costs/Fewer Overheads

Unless you plan on going to work in a coffee shop or shared space, you will have no commuting costs to worry about, as well as fewer overheads. 

Con: Inconsistent Work And Cash Flow 

You may not get work constantly, and some months may be quieter than others. This means you have to have a handle on your cash and savings so you can keep going

Pro: Casual Work Attire 

You don’t have to dress up every day. You can work in whatever you like. 

Photo credit: Andrew Neel

Con: Chasing Payments 

Unfortunately, freelancers rarely get paid on time. In cases like this, you may need to consider Invoice Factoring to help you get the money you’re owed. Chasing payments can be a pain, so coming up with a great way of invoicing your clients is recommended. 

Pro: Higher Earning Potential

There can be higher earning potential as a freelancer, and some may say unlimited. You will likely get paid more than in employment providing you’re getting consistent work. 

Con: No Paid Time Off 

You’ll have to plan for any time off you want to make sure you can afford it. You won’t get paid time off for vacations, sick days, or even having a baby. 

Is freelancing for you? Leave a comment!

This is a contributed post