Freelancing means professional freedom – you can choose with whom you want to work, when you want to start your work day, and many other work related items. But to get opportunity of choosing, you must build your name and reputation. The way to become well-paid freelancer, who has time for family and free time activities, isn’t short and easy. Freelancing also means instability and a risk of failure in the beginning of your career. But if you work hard and know about freelancing disadvantages in advance, you can easily manage all risks. We provide you with a lost of5 risks of freelancing, which are the most prevalent in the industry.
1. Unstable Income
The income isn’t fixed, and it is difficult to make a plan for your future. Depending on what orders are available, your income can increase or decrease two or more times in a week. One week, there may be 10 orders with a good income, the next week you can get only one little order. If you want to feel financially secure, you need to learn to manage your money. When you always spend all money as quickly as you get it, freelancer lifestyle isn’t for you.
2. Work-Life Balance
Being a freelancer also means that your workload is unstable and inconsistent. When you are your own boss, it is difficult to separate your work time and personal life. It is natural that when you have many orders, you need to work long hours. Time tracking can help boosting your productivity by showing where your time was spent, and identify where you can save your work time, so you get more time for yourself.
3. Social Contacts
Freelancers usually work at home or rent an office, but you will often be alone, you won’t have colleagues. You will have less contact with people, your smartphone and laptop might become your best friends. Freelancers can spend a week without ever seeing another human, and having a face-to-face conversation. You need to find social activities, where you could find new contacts because networking helps to do business a lot.
4. No Permanent Employee Benefits.
You need to care about health insurance. Freelancing means that you don’t get paid sick days, or vacation time. But if you manage your income responsibly, this won’t be a problem. To do that, you need to work extra time to feel secure in such situations. Thus, even if you had 10 great orders, continue to work in the same pattern to earn and save for the down periods.
5. Responsibility for Everything
Marketing, accounting, client development, sales – in all areas you must have some knowledge. When you have a traditional job, you usually get tasks, and work. When you work as a freelancer, you need to find tasks and projects yourself. Also, you need to care about your work equipment.
As you can see, freelancing is by far not a dream job for everyone. It involves plenty of ambiguity and uncertainty, self-discipline, and time management. In order to enjoy the full benefits of freelancing, be aware of the dangers that await in your career path, and prepare yourself to deal with them. However, if you get it right, the opportunities that freelancing and a freelancer lifestyle offer, are endless, and worth considering for every professional.