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There’s a strong chance you’ve considered quitting your job to work for yourself. After all, it appears that everyone else is doing it lately. As the gig economy grows, this trend becomes more pronounced year after year.

 

On the other hand, if you’ve had a particularly rough month as a freelancer wishing you had a stable paycheck, you might be wondering if switching to full-time employment can be right for you.

 

After all, there’s no one size fits all approach you can take when it comes to deciding between employment and freelancing; what you can do, is weigh the pros and cons of each one, ultimately choosing which one fits your needs the best. 

 

Here we discuss the benefits and the drawbacks of both being a freelancer or an employee. 

 

The Pros of Freelancing

 

  1. You can work with diverse types of clients

Since you pick and choose your own clients, you may find that you’re working with all sorts of individuals and businesses, ranging from tech companies to local small businesses, which is an excellent opportunity to meet and know different businesses and people. 

 

  1. You have flexibility on your schedule

You’re your own boss, and you’re free to schedule things in whatever way fits your lifestyle. Are you feeling under the weather or simply not in the mood for work? You can quickly move things around the way you want. 

 

  1. You keep your profits

There is no need for a middleman because you sell your services directly to your clients. This means that the money you earn from your freelance work is fully yours to keep, rather than being split between you and your employer. Everything you make as a result of your hard work goes directly to you.

 

The Cons of Freelancing 

 

  1. You may not have significant financial security 

As a freelancer, it’s generally more challenging to have a steady income. Clients have the option to stop working with you, and it’s not always easy to get new ones. This implies that while some months may be fantastic work and client-wise, others may be challenging. Any freelancer should be able to cope with unpredictability and instability.

 

  1. Your line of work may not translate to freelancing

Depending on what sort of individual or business you do freelancing work for, you may find that certain jobs or work are harder to move over. Unlike big corporations, small businesses don’t necessarily need experts in unconventional fields such as duty drawback specialists, so, if, for instance, you do work in a sort of field where your expertise is only needed due to the size of your workplace, then you may need to think about how your line of work can translate into a smaller environment. 

 

  1. You may have to wear too many hats

Since you’re the only person managing your business, you’re also responsible for all the other departments of your work, such as marketing, client satisfaction, HR, and other aspects of a business. When all of this comes together, it can sometimes be really daunting. Therefore, it’s a smart idea to hire someone to assign some of these obligations if you have the cash for it.

 

The Pros of Employment

 

  1. You have a steady paycheck each month

Working as a freelancer means you never know when you’ll get a new client. Employees are unconcerned about these issues because work is constantly available. You can count on a steady paycheck. For people who work full-time, consistency and security are huge advantages.

 

  1. You can have room for growth

Consistent growth can be an advantage or a con, depending on how you look at it. However, for most employees, knowing that they would receive regular raises is enough motivation and security to stay with their current employment.

 

The Cons of Employment 

 

  1. You have less flexible working hours 

Full-time employees don’t have the luxury to take days off when they please or have flexible work hours. Your entire schedule is controlled by your work hours.  

  1. You have a fixed salary 

While having a steady paycheck – one you negotiated for at the interview before you started – can provide ease of mind for most, it also creates a limitation of sorts, making it more difficult for employers to strive for growth. Negotiating a pay in an interview and then having to stick to it for the rest of the year is not a pleasant experience. 

 

So, What Now? 

Both freelancers and full-time employees can enjoy a fulfilling life and enjoyable work. Choosing between the two requires assessing the benefits and drawbacks and determining which best fits your ideal lifestyle.

 

If you’re a full-time employee considering turning freelance, it’s a good idea to start with part-time side work and term projects before going full-time and committing yourself. This will offer you a true sense of what freelancing is like without risking your current stability.

 

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