The Pros and Cons of Freelancing

In August 2020, amidst the twin storms of a global recession and the covid-19 pandemic, my business Add Salt was born. I told myself that some of the big names we know, the likes of Uber, WhatsApp and AirBNB all started during the global financial crisis in 2008. In truth, I didn’t know whether Add Salt would be a success, but I figured that if things didn’t work out then I could always find a job.

You can read in my blog starting out as a freelancer that it has been a steep learning curve and I had my fair share of good and bad days. During my bad days, my resolve would weaken, and I’d find myself applying for jobs. Then, when making the shortlist for interviews, I’d invariably withdraw my application, determined that I could make freelancing work! It would have been all too easy to crawl back to the comfort zone of being an employee again. I chose to stick it out and I’m still here today embracing life as a freelancer. A word of advice though, it’s not for everyone. Here are some of the pros and cons I have experienced.

What are the Pros?

Flexibility

Work does not have to slot into the traditional 9-5 working week. You work when it suits you and choose your working hours. You can even work at the weekend or well into the night if you wanted to. If you have the joys of raising a young family, then the flexibility of choosing your work hours to fit around family life can be invaluable (not to mention cost saving).

You have full control of your workload. You get to decide whether you want to take on more clients or whether you have reached your capacity. A fellow freelancer and mum in one of my marketing groups said that her freelance mantra is taken from the film Pretty Woman: “I say who, I say when, I say how much!” This hilarious mantra neatly sums up the flexibility aspect.

Work from Home

Since the onset of the pandemic, many of those that can, are now working from home. If that’s now your life, you will relate to the benefits of no more commuting. That certainly saves time and fuel costs.

You could save money on workwear. When I first worked from home, I favoured comfortable clothes…loungewear. You only need to look smart from the waist up. As time has gone on, I have found that I needed to differentiate my weekend lounge wear from my work attire.

Nowadays, I dress smart when I am working. I then change into my loungewear after I finish work. I have found that making more of an effort with my appearance puts me in a “work” frame of mind. Ironically, I personally haven’t saved any money on clothes, instead I chose to update my “working from home” wardrobe! This is optional of course.

Be Your Own Boss

For me, this is the best perk! You are the boss. Your raison d’être is more than just to make someone else richer. You are in control of all the factors which affect your work-life balance, job satisfaction, freedom, and flexibility. You oversee your own destiny. However, I will acknowledge that this doesn’t suit everyone, you will need to be confident and be able to cope with rejection if you want to succeed in the freelancing world.

More Variety

It’s a cliché to say that no two days are the same, but it is true. You get to work with different clients, this gives you an insight into their world, their business, their sector. This ultimately increases your breadth and depth of knowledge and gives you exposure to sectors you may not have worked in previously.

More Money

The amount you charge is dependent on your experience and geographical location. A market study of freelancers found that in 2019, 61% of freelancers cited that they earn more money compared to full time employees. [1] I’d say to the 25% who don’t earn more money that you may not be charging enough.

What are the Cons?

Uncertainty

For many freelancers, this is one of the biggest drawbacks. There is always uncertainty on where or when your next job will land. My advice to overcome this is to try and win some retainer clients, then at least this will provide you with work security and reduce the strain of always hunting for the next job.

No Colleagues

For me, this has been the biggest negative. As an extrovert, I get energy from liaising with other people. I have a creative role so it’s important for me to bounce ideas off colleagues. There isn’t anyone to talk to. I use my husband as a sounding board nowadays and he’s not actually a marketer. I should start paying him soon.

Lack of Employee Benefits

You can wave goodbye to any employee perks. I’m due for an eye test soon. This year, I won’t have an eye care voucher from work. There are no employer pension contributions. If you want to put money away into a pension, then all contributions must come from you. Similarly, with paid annual leave and sick pay. To put it bluntly, if you don’t work, you don’t get paid.

You Wear Multiple Hats

You must wear multiple hats as a freelancer. It’s not a case of I am a “marketing consultant” therefore I only do marketing work. You are also business development, IT, web developer, you do the invoicing and collect payments. You do your tax return. To quote a former boss of mine John Pike who is one of my greatest career mentors, “You have to keep the plates spinning all the time.” Also, the work never stops. Whether you are undertaking client work, business development, marketing or training, there is always more work to do. Sadly, for me, marketing my own business gets neglected and client work always takes priority.

In conclusion, is it better to be employed or is it best to go solo as a freelancer? I’d say that neither is better. It depends on several factors. Some personality types are better suited to freelancing than others. Whatever your personality type, you must learn to sell if you want to thrive in the freelancing world. It also depends on your financial situation. If you are in a fortunate position to be financially secure and are not reliant on a regular income, then the uncertainty associated with freelancing won’t be an issue. Within my first quarter of trading, my business had taken off and I won some amazing clients. I look to 2021 with optimism and positivity. Perhaps one day in the future, people will say “Did you know that Add Salt started during the covid-19 pandemic?”

"You oversee your own destiny. You will need to be confident and be able to cope with rejection if you want to succeed in the freelancing world."

[1] https://www.freelancermap.com/blog/freelancers-employees-survey/