7 Advantages and Disadvantages of Being Self Employed
Maybe you’ve been seeing pictures of digital nomads, traveling the world and having the time of their life. You want to join the club and have fun too. While freelancing comes with its awesome perks, not everything is as glamorous as some people make it appear.
Freelancing and being self employed in general has its own advantages and disadvantages.
If you’ve been thinking about getting started as a freelancer and quitting your day job, I hope this post will help you have an idea of what you are getting yourself into.
The laptop lifestyle has its pros and cons.
However, if you learn how to balance both sides, you should be able to find it as a healthy working option and probably better than a day job.
I hope after reading this, you’ll be able to make a decision on whether to ditch your 9 to 5 or not. Lets look at some of the self employed advantages and disadvantages.
Advantages Of Being Self Employed
#1 Flexible Working Hours
Waking up at 9 AM and starting my work day at 11 AM is my ideal job. This is one of the biggest benefits of being self-employed.
Before I started freelancing, I used to work 12-hour shifts. It wasn’t fun. I did it because I had no choice. Naturally, I’m not a morning person.
As a freelancer, you get to choose the time you work. You don’t have to worry about dragging yourself out of bed in the morning to get things done if you are a night owl
Tired of coming up with funny excuses every morning for being late? Freelancing may be a good option for you.
#2 You Earn More Money
While freelancing is not a get rich quick scheme, if you put in the work, you can increase your earning potential by 10X, 20X or even 40X what you are currently earning at your day job.
This won’t happen overnight, that’s for sure.
It took me 3 years to get a steady income.
You may take a year, or five years, but the truth is, if you put in the work, you’ll definitely earn a lot more as a freelancer.
If you keep improving on your current skills by taking some online lessons, and offering value to your clients, with time, you’ll earn more money as a self employed individual.
#3 You Get A Chance To Travel More
If you’ve always dreamed of becoming a digital nomad, becoming self employed is the best strategy to achieve your dream. A lot of people wish they had a chance to travel more, see the world and still stay productive. Unless you work for an airline as a flight attendant or a pilot, or you work for a multinational and your job involves traveling, you may not get a chance to travel as often as you would love to.
Freelancing on the other hand, gives you the freedom to be location independent. Your work doesn’t tie you to a specific location. With your laptop and an internet connection, you should be able to get work done from almost anywhere across the world.
#4 Spend More Time With Family
Growing up, you probably wished your parents could come home early enough before you slept. But due to their busy schedules this only happened once in a while.
Becoming self employed enables you to have more time for your family. As a freelancer working from home, its easier to set aside time to bond with your kids, spouse helping you to know your kids better and becoming a better parent.
Disadvantages Of Being Self Employed
#5 No Guaranteed Monthly Paychecks
While you may end up making a million in a month, well that’s a bit exaggerated, there are no guaranteed paychecks for freelancers. As a freelancer, you are more likely going to be moving from one client to another. Getting paid per project and having to look for a new one every now and then.
The best way to fix this is to look for long term clients. If you can find a freelancing gig with a company that has embraced remote teams you should be good to go. Alternatively look for projects that run for more than a year, this will give you enough time to close another project with a new client.
#6 You Have To Work Much Harder
While you have the flexibility to choose your work hours, running your own business comes with lots of responsibilities. You are responsible for updating your clients on their ongoing projects. You have specific daily targets you need to meet.
At the end of the day, you may find yourself working more hours than the normal 9 to 5. However, if you are doing something you love, you won’t even notice it.
#7 It Gets Lonely
While freelancing offers you the benefit to work at whatever location you wish, sometimes it can get lonely especially if you are working from home. Staring at a computer screen for hours with no one to talk to, can be depressing at times.
I hope this article has helped you helped you with a few pros and cons of being self employed and helped you make a decision on whether going the self employed route is for you.
