Working as a freelancer, the advantages and disadvantages
The increase of freelance professionals
Figures state that worldwide, an increasing number of professionals is working as a freelancer. By 2027, roughly half of the workforce will consist of freelancers. Most freelancers have worked on a permanent contract before, or have gained a substantial amount of working experience. Huxley provides you insight on the advantages and disadvantages of working as a freelancer.
Advantages of working as a freelancer
You are your own boss
The reasons why a professional on a permanent contract would switch to self-employment are evident, there are a lot of benefits of working as a freelancer. As you are your own boss, you can decide on the projects you want to work on, and the amount of hours you spend on it. You can decide if you work on a variety of projects in one go, or if you wish to take a break in between. Then we haven’t even spoken about office politics and the tremendous amount of meetings you now don’t have to attend. What a timesaver! Speaking of time, depending on if you have a couple of clients to work for, you have hardly any colleagues to take in account when you plan to go on a holiday, so you can nearly always go whenever you please.
Freedom and happiness
The freedom the life as a freelancer provides is one of the most important reasons professionals choose to switch. With work-life balance being an important factor on the agenda, this is the solution to find that balance. You can choose to commute less, work flexible hours, and try out a company before you decide to move in for a longer period of time. Freelancers usually feel more acknowledged, depending on their skills the variety of projects makes their work more vibrant and they can work with the latest technologies across all industries. They experience more space for creativity. The latter especially causes the professionals who have a creative edge in their work to flourish. Figures show that freelancers overall are happier than other professionals. (Wisebrand, 2018) This provides more reason to work as such.
There is a monetary reward too. As you are your own boss, you are the one who decides on your salary, this can be an hourly rate or per project. Your salary is higher than if you were to work on a perm contract, as you are an expert in your field, you have a level of insecurity build in and you have to pay your own taxes and pension. If a project takes a little longer, you will often keep getting company benefits. But beware, a project can’t take a lot longer than you have initially agreed upon, provided that no severe circumstances have arisen.
Disadvantages of working as a freelancer
It sounds like the ultimate goal, more freedom and more money generated from the time that you actually work. But you must take in account that life is not always full of sunshine. Working as a freelancer can bring with some irregularity in the jobs you have, and it might take time to build a steady clientele. Also, you have to take care of your own paperwork and insurances. These are administrative tasks you have to do to succeed and have a safety measure build in. The bright part is, that we are here to help you out. Huxley has more than 20 years of experience in working with freelancers, we are aware of the tax regulations and we offer you the fastest gateway to interim jobs. We are the person in between you and your client, so we can raise the concerns you might have in a conversation and negotiate a salary that is reasonable for both parties. We have a common goal to get you your newest challenge as soon as possible, but we should be honest that we can’t fully take away the risk of an in-between gap. On the other side, this risk is usually calculated in your salary and if you manage your admin well, you don’t need to feel any insecurity about this. If you wish to learn more, contact us for an open conversation. Also, have a read on our article ‘Top six financial tips for freelancers!’ We are happy to assist you.