Advantages And Disadvantages Of Being Self-Employed

Self-employment and freelancing are not as glamorous as most people believe. It possesses both benefits and drawbacks.

Read this post for a list of the pros and cons of self-employment if you’re considering starting a freelance career or returning to a full-time position after struggling with freelancing. This list will hopefully assist you in making a decision.

If you’ve seen pictures of digital nomads traveling the world with their laptops, you’re aware of their lifestyle. Or Facebook posts claiming that freelancing is a lonely path. Let me reassure you, it’s all true.

Freelancing has numerous advantages and disadvantages. I see a healthy balance of both, though. It is unquestionably superior to the disadvantages of a day job. Here’s why.

1. Never Having To Answer To A Boss

Before starting freelancing I worked at 3 different day jobs. I am grateful for the experience despite the fact that it was a terrible time filled with moments of depression.

Because it enabled me to recognize the advantages of freelancing and appreciate being my own boss.

You can never produce outstanding work while working a day job.

How can you work when your boss hovers over your shoulder every few minutes, criticizing your work, not appreciating your creativity, never listening to your ideas, and causing you anxiety?

As a self-employed individual, you won’t need to worry about any of the above. Your clients will be open to listening to your ideas, will value your opinions, and will give you the freedom to complete tasks as you see fit.

But, You Have To Answer To Clients

Naturally, you will still need to deliver work on time, meet deadlines, take constructive criticism from clients, and make revisions when working with clients.

However, do not mistake your clients for your boss. As a freelancer, you are your own boss!

If you feel that a client is abusing, manipulating, or depressing you, you can fire them. And find a new client. It’s as simple as that.

2. You’ll Earn A Lot More Money

Currently, I am earning 20 times more than what I was earning at my day job. My parents continue to wonder if I am operating some sort of illegal drug distribution network. They have absolutely no idea how this is even possible.

It may take some time to get there (it took me four years of hard work), but you will earn significantly more doing freelance work than at any other day job you can imagine.

As long as you don’t get comfortable and keep learning new skills and improving your services, you will eventually earn more money being self-employed. I promise that.

But, No Monthly Guaranteed Paychecks

Unless you land a full-time freelance position with a startup or remote team, there is no guarantee of payment when freelancing.

For the first four years of my career, I lived from client to client. After completing one project, I sought out another. This describes the majority of freelancers. There is always the possibility of not acquiring a client in time.

However, this can be resolved by focusing on long-term clients and projects. This is how I resolved my problem. Once, I served the same three clients for more than two years.

3. Flexibility In Working Hours

One of the greatest benefits of being self-employed is waking up at 10 AM and starting work at 1 PM.

I have never enjoyed waking up in the morning because I am not a morning person. I was slow to realize that I am a night owl. I do my best work at night.

As a freelancer, I can work whenever I choose. I do not have to worry about being late to work and making up a story to explain my tardiness to my boss.

I believe that having to wake up in the morning is one of the reasons why I have always disliked my day job.

However, you must work much harder.

Being your own boss entails a great deal of responsibility. You must complete daily tasks, manage multiple clients, keep clients informed of progress, issue invoices, and manage expenses, among other responsibilities.

Consequently, you will likely end up working longer hours than a 9-to-5 job. There are occasions when I work until 12 or 1 a.m. However, I do not consider what I do to be work because I genuinely enjoy it.

4. Future-Proof Your Career

As a result of the recent pandemic, an increasing number of businesses are adopting 100% remote work systems. This means that all of their employees work from home or they employ remote workers from abroad.

This is excellent news for freelancers, as it will increase the number of remote positions and job opportunities available to remote workers from around the world.

In the coming years, the number of freelance workers and available jobs in the industry will undoubtedly increase.

But, You’ll Be Stuck At Home

Obviously, as a remote worker, you will be unable to visit the office and socialize with your coworkers and friends.

This is the ideal setting for introverts. However, extroverts will struggle to adapt to this change. However, if you survived the pandemic lockdowns, switching to a remote position will be simple.

5. You’ll Be More Productive

Studies indicate that working from home improves employee productivity by 13 percent, reduces stress, and boosts morale.

You will be able to approach projects at your own pace once you become self-employed. Take your time and don’t rush through tasks. And work from the convenience of your home while interacting with your pets or playing video games.

There will undoubtedly be deadlines and project schedules to contend with. However, when you are at ease in your workplace and have the option to work flexible hours, you will be less concerned.

There Will However Be Distractions

There will also be interruptions, such as an unannounced visit from a friend or the need to be a good host to family and friends. Or when your children return from school and run around the house screaming.

Of course, there’s nothing a good noise-canceling headphone can fix.

6. Freedom To Travel More

As an introvert, I have always enjoyed my own company, and I enjoy being at home. Staying at home, reading a good book, writing, playing my favorite games, or watching a movie are my definitions of having a good time and enjoying life.

However, many individuals wish they could travel more, see the world, and discover new places. Freelancing is an excellent way to realize this goal. It is possible to work and travel at the same time.

Self-employment is the optimal path to becoming a digital nomad.

But, You Probably Won’t Be Able To

As I’ve stated, freelancers must also manage numerous responsibilities. Therefore, even when traveling, you will be required to work long hours to meet deadlines.

Obviously, it is difficult to work and be productive while traveling between locations. However, there are numerous individuals who travel while working in a comfortable manner.

7. Start Your Own Business

Freelancing is a lot more like running your own business. Probably because of this, many freelancers start their own businesses.

One of the freelancers I admire is Brian Casel. He was a freelance web designer in the past. He then transformed his service into a product business by offering web design and marketing services to restaurants and hotels. He profitably sold both businesses and is now operating a content marketing business.

In addition, starting a business is on my bucket list. In a sense, I feel that my experience as a freelancer has prepared me for the challenge, and I am ready to accept it.

But, Are You Willing To Take A Risk?

Starting a business involves a lot more responsibility than being self-employed. Managing a team of employees being the biggest responsibility of all.

Also, most people are unwilling to take the risk of leaving their comfort zone of earning a living and investing in a business.

8. Spend More Time With Your Family

I recall, as a child, staying up late to speak with my father. See if he brought any treats. Or, describe all the exciting events that occurred at school. The majority of the time, he arrives home late, frequently in a terrible mood, and goes straight to bed.

I am certain that the majority of parents regret not being able to spend quality time with their children due to their demanding jobs.

Self-employment will help you resolve this issue. You can spend additional time with your children, spouse, and pets. You will also become a better parent and/or partner.

However, it can also be lonesome

A disadvantage of freelancing is that very few people will understand what you do. Consequently, it can become lonely at times.

Sometimes, my friends question how it is possible for me to become tired while sitting at a computer. They do not comprehend how mental energy can be depleted by creative work.

Especially in my country, having a permanent job and a monthly paycheck are the only factors that people consider when judging a person’s character. As long as you receive a paycheck at the end of the month, they don’t care how miserable you are working a low-paying government job.

9. Pursue Your Passion

You will have the freedom to find and work with clients of your choosing when you are a freelancer.

If you enjoy writing about travel, you can find work in the niche of travel blogging.

If you enjoy creating hand-lettered designs, you can also find work in this niche.

Simply put, being self-employed entails choosing to engage in work that you enjoy.

But, You’ll Have To Listen To Clients

Even if you land your dream job and get to do things you’re passionate about, you will be required to follow instructions the majority of the time.

The client will almost always specify the desired appearance of the project. Therefore, you must frequently adhere to their guidelines. This provides you with very little creative freedom to complete the work as you prefer.

However, if you manage to establish a reputation. Customers will seek you out for your creative output. Similar to how large corporations approach highly skilled individuals.

10. Find Financial Freedom

Freelancing enabled me to achieve financial freedom.

Due to working online, I was able to earn 10 times as much as I would have at a normal job. As a result, I was able to purchase a home and a brand-new vehicle without incurring any debt.

It’s a dream realized. I cannot fathom where I would be if I had not begun working online.

But, it will require a great deal of effort.

This ability to purchase the finest items you desire does not come easily. It requires a great deal of effort.

Prior to earning my first $500, I worked every day for very small amounts of money. But I was consistent and diligent in my pursuit of a single objective. I eventually arrived.

You can achieve financial independence while working online, but it will require commitment and effort. Are you prepared to accept the challenge?

Another Point To Consider

However, none of these advantages or disadvantages are as significant as your happiness.

It is impossible to place a monetary value on the joy and satisfaction that come from working from home and doing work you love.

You need not sacrifice your own happiness to support yourself or your family. You can live a happy life as a self-employed individual.