Things to consider before going freelance

The number of people who preferred to ditch traditional 9 to 5 employment in favor of freelance work has grown considerably with the emergence of new technologies. According to Eurostat, in 2020 freelance workers constituted 13.6% of EU labor market, in the US this figure is even higher at 30%, and predicted to grow by another 20% by year 2027.??

The main advantage of being a freelancer is evident: it is Freedom. A freelancer is free to decide what jobs they do, where and when they work, and what equipment and strategies they use. They can structure their working schedule around family time, caring for kids or older relatives, getting education or just traveling. In general, freelance jobs are meant to provide a better work-life balance, with no managers to please, no meetings to attend and no office hours to stick to.??

And though we all know the stories of a highly successful freelancer who has contracts with the biggest companies in the world and earns a six-figure income by working two hours a day on a beach in Bali, the reality is completely different. I don’t want to say that it is impossible to be successful or to earn a solid income being a freelancer,?I just want to point out that not everything is that easy, and sometimes it is just not worth it. ?

Here are some things to consider before committing to self-employment:?

1.Freelancers are hit first in times of economic instability

All economies go through a recession from time to time. These times are hard for everyone involved in the economy. They mean rising prices and a risk of losing a job. However, the self-employed really bear the brunt of it, as the existing clients try to cut costs and place fewer or no orders, while new customers are really hard to find. In times of recession the number of contracts a freelancer secures, drops dramatically, and so does their income. And though jobholders who are officially employed by a company are also facing the risk of being made redundant, they are still better protected by law and can at least avail of a redundancy payment. Moreover, in most cases, they can just go to the mattresses and weather out the storm.?

2. Most freelancers are overworking

Freelance work is often viewed as an escape from the 9 to 5 routine, but in reality, many of freelancers end up accepting more orders than they could handle if they were working 8 hours per day. And though they have an opportunity to choose the time and place to work, they still have to meet deadlines, which can lead to working long hours, staying up at night or missing out on recreation time. It becomes evident, that too often a freelancer’s work-life balance scale tips more towards work than life.?

3. No holidays, sick leaves or company benefits?

Another reason why a freelancer has to do more work is because they don’t have a paid annual leave and they cannot go on a sick leave. As a freelancer you have to be very organized and plan your income carefully, so that you could have a holiday or take some time off work if you get sick. Moreover, if a freelancer already took on a job, they are expected to finish it in time, no matter what, or they risk losing a contract (which is equal to losing income), even if they have a legitimate reason for a delay. ?

4. No workplace support network?

As a freelancer, you have no boss. You don’t have to pursue their whims and to let them dictate how you do your work. On the other hand, if you are the one responsible, you have no back up. If you make a mistake, you lose a client, and lose money. You are also responsible for your own professional growth and development. You are your own boss, but you are also your own marketer, HR and accountant, which takes up a lot of time and energy and does not necessarily bring the desired outcome.?

Remote work can be a decent remedy for the problems outlined above. If a person is legally employed for a remote position, they are protected by law, supported by the employer, have all the social benefits, and enjoy a great deal of freedom. In the modern world it is even possible to work for a foreign employer, while being legally employed in your country. But of course, every situation and every person are different and in the end we all choose and decide for ourselves.?