Pros and Cons of Freelancing

There's a common misconception that freelancing is something you 0:00 do if you're in between jobs or can't find a real job. 0:03 On the contrary, freelancing is a legitimate career. 0:06 And if you're good at it, you can make more than a regular nine to five. 0:09 But like every job, there are things that are wonderful and 0:13 there are other things that aren't so great. 0:16 Let's start with the [SOUND] pros first. 0:18 You have a lot of [SOUND] freedom in freelancing. 0:20 You're your own boss and if you don't want to do something, you don't do it. 0:22 You can pick and choose the work you do. 0:27 Now, you don't have to work on mundane, 0:28 boring projects that a boss may force on you. 0:31 You can blend your passions and hobbies into your work. 0:33 With freelancing, you can seek out clients in industries that excite you or 0:37 take on projects that further your skill set. 0:41 You can work whenever and wherever you want. 0:43 You can work ten hours a week or 80 hours a week. 0:46 It is all up to you. 0:49 As a freelancer, you can also set up [SOUND] multiple income streams. 0:51 You don't have to restrict yourself to one paycheck. 0:54 You can get paid from client work or for 0:57 blogging, speaking, or even writing a book. 0:59 There's plenty of options. 1:02 Freelancing also [SOUND] gives you the time to develop and enhance your 1:04 knowledge and to make it a priority where before, you were doing it on the side. 1:08 Freelancing essentially gives you the freedom to do whatever you want in 1:12 many aspects of your career, but 1:16 before we get too excited, [SOUND] let's look at the cons as well. 1:18 Now, [SOUND] freelancing is very different from being an employee. 1:21 The biggest difference, and one that takes a little bit of getting used to, 1:25 is that you don't have a steady paycheck. 1:28 As an employee, you have a regular wage. 1:30 And even if you do only half as good a job as you usually do, 1:33 you can count on getting paid. 1:36 When you are a freelancer, however, you have to make sure you have money coming in 1:38 by consistently producing top notch work, seeking out clients and 1:42 handling all the admin stuff as well. 1:46 On [SOUND] top of that, there's business development. 1:49 Business development is hard, and 1:51 as a freelancer, you will have to wear many hats. 1:53 You're good at web design? 1:56 That's great, but you also have to be good at networking, bookkeeping, invoicing, and 1:57 client services. 2:02 Expect a good portion of your week to be devoted to such tasks. 2:03 There are other things that come with being an employee that you 2:08 will quickly miss. 2:10 You're not [SOUND] going to have basic benefits like health insurance. 2:11 That will be your responsibility to account for. 2:14 You also won't have any software or hardware paid for, and 2:16 you know how expensive it can get. 2:20 You also won't have someone else paying for you to go to that conference and 2:22 learn all those new things. 2:25 It all falls on you to plan and set aside resources for these things. 2:27 If you want to freelance, 2:32 you have to be [SOUND] okay with working on your own as well. 2:33 As a freelancer, you won't have coworkers to bounce your ideas off of and 2:36 you won't really have anyone to get feedback from. 2:40 Working in isolation will be a big part of your life, and 2:43 to some people, that's okay. 2:47 They work best that way. 2:48 Deciding whether you want to freelance means deciding which of 2:50 those factors are more important to you. 2:53 To lots of people, the desire to be in charge of their own livelihoods far 2:56 exceeds the stability of their everyday job. 2:59 If you do decide to freelance, you will have to be determined and disciplined. 3:02 It's easy to get distracted and not have people or 3:06 a boss to remind you to do things. 3:09 You will have to force yourself to stick to deadlines that you set and 3:12 get out of bed to work every day. 3:15 It's hard, but 3:17 sticking to a routine is essential if you want to succeed on your own. 3:18 Now, I read somewhere that the key to getting started in freelancing is 3:21 planning, then planning some more, and then once you're done planning, 3:25 you plan even more. 3:29 Now, I'm sure you get the picture. 3:30 If you're just thinking about freelancing, take your time and 3:32 seriously go over the points we just discussed. 3:35 Freelancing sounds great, but it can get difficult and it's not for everyone. 3:37 Don't just dive into it. 3:42 Let's plan for it. 3:43