Freelancing is a term that we often come across in the corporate world and currently the term freelancer seems to be taking the world by storm. A freelancer or freelance worker is a person who is self employed and not necessarily committed to a particular employer for a long time. Fields, professions and industries where Freelancing is predominant include music, writing, acting, computer programming, web designing, graphic designing, translating and illustrating, film and video production and others. Depending on the industry, freelance work practices vary and have changed over time. Payment for freelance work also depends on industry, skills, experience and location. Freelancers may charge by the day, hour, a piece rate or on a per project basis. Making the decision to go freelance is a very personal choice. But before making that decision, it is imperative to be well aware of all its pros and cons.
THE PROS OR BENEFITS OF FREELANCING :
The growth of freelancing, especially among younger generation can be seen all across the globe. The important benefits of freelancing includes:
• Freedom of choice – Freelancers have the freedom and the authority to choose the clients they work with. They also have the liberty to work with many clients or only a few selected clients. They are their own boss and hence free to decide which projects they will take on. They can design the projects and implement the changes the way they want.
• Flexibility – With freedom over clients and workload, freelancers have the flexibility that most people dream of. If you want to work full time for six months and part-time for the remaining six, you can do so. You can wear informal clothes if you want to, or wear formal ones. Thus being a freelancer means you enjoy a lot of flexibility.
• You get to keep all the profit – One of the saddest feelings when working as an employee, is doing all the hard work for some project and then getting paid the usual salary. In freelancing, if you manage to land a big project, you will get to keep all of the spoils.
• Exposure – Freelancing is definitely a way to broaden horizons. Working as a freelancer opens up the avenues to work on various projects and topics. This variety can help create an environment that is less rigid and less boring.
CONS OF FREELANCING :
There are several drawbacks of freelancing. These includes:
• Lack of steady work flow – Lack of steady workflow is the real disadvantage of freelancing. Projects can begin and get shelved, clients may end a contract early or you may suddenly find it difficult to get more projects. Thus this uncertainty factor is always there.
• Lack of benefits – While an employee is always eligible for benefits, a freelancer is not. Freelancers rarely receive benefits because they are self employed. Thus they are typically responsible for finding and funding their own insurance and bills.
• You will need to fight hard to earn the profits – Directly dealing with clients and getting your dues paid can sometimes become really nasty. If you are the kind who falls for vague assurance and empty promises, you will end up spending more energy on collection of payment than on your actual job.
• Isolation – Another big disadvantage of being a freelancer is that you remain isolated from a team or company. You never become a part of any organisation. In most of the cases you will have to work alone and this sometimes can make you feel isolated.