CONS OF BEING A FREELANCER
With the pros being discussed last time, it’s time to unveil the cons of being a freelancer. (and you thought freelancing is all unicorns and rainbows!)
Jokes aside, if you are considering being a freelancer, you need to weigh the options before you make the final decision.
I mentioned the benefits of being a freelancer in the previous post, now take a look at another package and what it brings along.
Here are some cons of freelancing as a career that you need to know about.
- You are your own boss
For some, it may be a blessing and for some, it may turn into disfavour as being your own boss is hard. While working a 9 to 5 job, your money gets deposited into your account every month, in freelancing, you are solely responsible for your finances.
2. Complicated taxes
While you get to keep all the money you earn, one thing I know for sure is that the terms of taxes aren’t as simple for freelancers as they are for full-time workers.
In traditional jobs, the salary you get on hand comes after all the tax deductions. However, in freelancing you are on your own. And so, it becomes necessary to look out for all the expenses, income and miscellaneous costs to ensure you are saving enough for yourself.
3. Inconsistent workload
While there are many benefits of working as a freelancer, it also has its downfalls. Some days you might have high work while other days you might lack some. You may start a project and it may get cancelled.
Such inconsistency may lead some people away from freelancing because the workload can be a feast or famine! Some days you might be juggling between clients while on the other days you might not have even a single project.
4. Initial investment
If you have recently entered the world of freelancing, you might need computers, office equipment, office supplies, and other business necessities to set up your business. Such expenses plus marketing costs, and web expenses among others may cost up to hundreds in cash.
5. Risk of not getting paid
This is a lot common in freelancing, the risk of not getting paid. Unless you work by legal contract, there’s a chance you might not get the money easily.
There are many options to protect yourself from non-payment issues. Make sure the payment terms are clear for both parties to save yourself from clients’ excuses to not pay. Always ask for part payment upfront before starting the project.
As stated by experienced freelancers, it is advisable to charge 30% of the project amount before the project start, 30% after the agreed point, and the rest 40% when the project gets completed.
Wrapping up,
These are some of the pointers that show being a freelancer is not easy.
Well, nothing is easy. However, if you are dedicated and passionate to achieve your goal, nothing can stop you from being successful.