Pros and Cons of Freelancing

I’m currently writing a book on freelancing in the creative economy and I wanted to create a list of pros and cons of being a freelancer as I think it’s important that people considering going freelance have a realistic view of what it entails.

This is not an exhaustive list, but what’s missing? Use the comments or reach out to me with other ideas from your experience about the pros and cons of freelancing in 2024.

PROS

• You get to be your own boss, meaning you get to make the decision about which clients you will work for, what kind of work you will do, how much you will charge, etc.
• You have the potential to earn more money, or at least to keep more of the money you earn from your work. When in employment, you receive your salary, but if you hustle hard or get bigger/better clients, your income doesn’t necessarily go up; however, as a freelancer, you must cover your own business overhead, but are able to keep more of the profit for yourself.
• Creative freedom. You can tailor your freelance offering to be specifically the kind of creative work you want to do with clients who are looking for that special kind of creative work. Online working and our global economy mean that even highly specialised practices can find clients (with the right marketing) for what they offer, which allows you to be more niche in what you offer.
• Flexibility with your time. You might decide you only want to work 4 days a week. Or take summers off. Or go surfing every morning and work afternoons and evenings. You can work around childcare or parental care or adapt your work schedule to help you accommodate a disability. You get to decide how your time is allocated.

CONS

• In giving up a regular salary, you must accept that you will never be entirely sure where your next money is coming from. This can be unnerving for some. There are strategies to help balance this, but you need to consider that money will not necessarily come in regular instalments, and you will have to manage that.
• In some freelance areas there is a lot of competition from other freelancers. If you aren’t careful and strategic this can drive the prices down to unsustainably low levels for your work. To combat this, you will want to be sure you stay abreast of industry developments, are able to offer more highly skilled work, develop a loyal customer base, and commit to regular marketing of your work to targeted audiences. This can help to overcome this downward spiral.
• When you work for clients, you need to be able to respond to their timelines. Sometimes this might clash with your own needs or timelines. How you will handle this is crucial. If you absolutely can’t work past 4pm because you must do school pick-up, you will need to be sure this is communicated clearly to any clients you engage with. Or have back-up. Or both.

What else – what’s missing from this list?