The Freelance Path: Pros and Cons for Fresh Graduates and Experienced Professionals

As some professionals in the current era less consider working on the traditional 9-to-5 job models, many of them are more preferring to work as freelancers.

The growth of freelancing has become a global phenomenon. According to Payoneer's Global Gig Economy Index, there has been a significant surge in freelancer earnings worldwide. For instance, the U.S. experienced a remarkable 78% increase, followed by the U.K. with 59%, and Brazil with 48%.

Countries across Asia, such as India, Pakistan, and the Philippines, have also seen substantial growth in freelancer earnings. In India, for example, there was a 46% increase in new freelancers in 2020.

Freelancing offers diverse opportunities and challenges, varying wildly depending on one's career stage.?

Therefore, this article explores the pros and cons of freelancing for fresh graduates and seasoned professionals. We provide insights to help you determine if this path aligns with your career goals.

Pros for Fresh Graduates

As a freelancer, it can offer several advantages. For instance:

1. Flexibility and Independence:

Freelancing offers fresh graduates unparalleled flexibility in managing their work schedules and environments.?

They can decide the time and place to work, accommodating personal and lifestyle preferences.?

This freedom allows them to pursue personal interests, travel, or even continue their education while earning income.?

For those who thrive outside the traditional 9-to-5 structure, freelancing provides the freedom to structure their day according to their productivity peaks, potentially leading to better work-life balance.

2. Diverse Experience:

Freelancing exposes fresh graduates to experience diverse projects and clients across various industries and sectors.?

This diversity more than enriches their professional portfolio. It also accelerates skill development.?

They can gain practical, hands-on experience in problem-solving, client management, project execution, and more.?

By engaging with different projects, from short-term gigs to long-term contracts, freelancers can rapidly expand their skill set and adaptability.?

This breadth of experience enhances their marketability and prepares them for future career opportunities.

3. Immediate Income:

As we know, entry-level positions are the beginning of every fresh graduate's career and they will receive standard minimum salaries.

To get this position, some fresh grads have to start from unpaid internships as part of their work experience. This method has worked for many decades in gaining working experience in growing the career. Nonetheless, they may lose the opportunity in gaining income in their first career step.

In the current era, fresh grads have the opportunity to gain working experience as freelancers while receiving income. Freelancing offers fresh graduates the potential for immediate income based on their skills and market demand.

By effectively marketing their abilities and leveraging platforms or networks, freelancers can secure competitive pay rates from the outset.

This financial independence empowers them to manage their finances, save for future goals, or even start investing early in their careers.?

Moreover, freelancers can adjust their rates as they gain more experience and expertise, increasing their earning potential over time. Freelancing can also become a bridge to get full time job.

Cons for Fresh Graduates

Although freelancer has some advantages, this working model also has disadvantages. For example

1. Lack of Stability:

Freelancing typically lacks the stability of traditional employment. Fresh graduates often prefer the predictable structure of a regular job with a steady income.?

For this reason, freelancers may face fluctuating workloads and income, which can be financially stressful and emotionally challenging for someone new to the workforce.

2. Limited Mentorship:

In a traditional job, fresh graduates benefit from structured mentorship programs and opportunities for professional development.?

These often need to be more present in freelancing, where individuals must navigate their careers independently.?

Without experienced mentors to guide them, young professionals may find it harder to learn industry-specific skills, network effectively, or advance their careers at a similar pace.

3. Administrative Burden:

Freelancers must handle various administrative tasks typically managed by HR departments in traditional workplaces.?

This includes managing contracts, invoicing clients, tracking expenses, and understanding tax obligations.

?The administrative burden can be overwhelming and time-consuming for fresh graduates unfamiliar with these responsibilities.?

It requires learning new skills and may distract from focusing on professional growth and skill development.

Pros for Experienced Professionals

From a professional experience perspective, Freelancing can offer several advantages. For instance:

1. Higher Earning Potential:

Freelancing allows experienced professionals to leverage their extensive knowledge and skills into higher earnings.?

Unlike traditional employment, where salaries are often fixed or incrementally increased, freelancers can set their rates based on market demand and their expertise.?

Established professionals with a strong reputation can command premium rates for their specialized services.?

Moreover, freelancers can take on multiple projects simultaneously, increasing their income potential beyond what a single job might offer.

2. Autonomy and Control:

One of the primary attractions of freelancing for experienced professionals is the autonomy it provides.?

Instead of adhering to corporate structures and hierarchies, freelancers can choose the projects they work on, the clients they collaborate with, and their work hours.?

This control allows them to align their professional endeavors with their personal values and long-term career goals.?

They can steer their career trajectory in a direction that offers the most satisfaction and fulfillment, whether exploring new industries, focusing on passion projects, or scaling their business.

3. Work-Life Balance:

Many experienced professionals transition to freelancing in pursuit of a better work-life balance.?

Traditional corporate roles often have demanding schedules and limited flexibility, making prioritizing personal time and commitments challenging.?

Freelancing allows professionals to design their workday around their personal lives, whether that involves caring for family, pursuing hobbies, or simply enjoying downtime.?

This flexibility can significantly reduce stress and burnout, contributing to overall well-being and job satisfaction.

Cons for Experienced Professionals

From a professional experience perspective, Freelancing has also face many disadvantages. For example:

1. Risk of Isolation:

Freelancing often means working alone, without the daily interactions and colleagues in traditional workplaces.?

For professionals who get used to collaborative environments, this isolation can lead to feelings of loneliness and a lack of social support.?

The absence of team dynamics and face-to-face interactions can hinder professional growth and creativity, as brainstorming and feedback are limited.

2. Inconsistent Income:

Despite their expertise, experienced professionals can face financial unpredictability as freelancers.?

Income stability is often challenged by market fluctuations, seasonal demands, and the low season and flow of client work.?

Unlike full time positions, where income is typically more stable, freelancers must contend with the reality of variable paychecks.?

This variability requires careful financial planning and the ability to weather lean periods without the security of a regular salary.

3. Continuous Hustle:

Freelancing demands ongoing self-promotion and business development efforts.?

Even seasoned professionals must consistently market their services, network, and pitch for new projects to sustain their income.?

This perpetual need to secure new clients and projects can be mentally and emotionally taxing, especially for those accustomed to traditional employment's relative stability and structure.

The pressure is to maintain a steady work flow while managing administrative tasks like invoicing. It includes contract negotiations and adds another layer of responsibility.

In conclusion, freelancing offers a unique blend of freedom and challenges.?

Fresh graduates can benefit from the flexibility and diverse experiences. Nevertheless, they must brace for instability and administrative tasks.?

Experienced professionals can enjoy higher earning potential and autonomy. Nonetheless, they might face isolation and financial unpredictability.?

Ultimately, the decision to freelance should align with your career goals, personal circumstances, and professional temperament.?

If approached with preparation and resilience, freelancing can be a rewarding and fulfilling career path for fresh graduates and experienced professionals.

Are you ready to take control of your career and explore the exciting world of freelancing? At Elabram, we support your choice to seek flexibility, independence, and diverse experiences.?

Freelancing provides distinctive opportunities to craft your career path, whether you're just starting out or already have years of experience.

Visit us to discover more about how we can support your recruitment endeavors. If you're looking for new opportunities or HR services, head to elabram.com.

Article by Sibil Aina Azka