Freelancing is considered to be a very popular profession these days. Everywhere you go you hear stories of people quitting their jobs and taking their careers into their own hands. In this case, you often wonder if you should do the same. Because who doesn't want to be their own boss and have a flexible schedule?
But before changing your career you must consider some of the risks of freelancing. In our today's article we will discuss in detail some of the risks of freelancing.
Unstable Income
One of the biggest challenges you face as a freelancer is unstable income. This is the biggest difference between a freelancer and a traditional worker. A working person gets a fixed salary every month but a freelancer will earn monthly based on the number of clients he has and how many projects he has worked on and charges per project.
If you are planning to become a freelancer then you need to be able to tolerate this risk and financial volatility. Even experienced freelancers who have been freelancing for many years sometimes face problems in the financial sector. To minimize the risk of this problem you should first start freelancing as a sideline career. This allows you to earn extra money from freelancing in addition to a fixed salary every month. In this case if you are successful in freelancing then you can choose it as main profession.
Unbalanced Workload
Almost all types of freelancers complain too much about one thing. That is disproportionate workload. One month it may be that you don't even have time to rest while working but another month it seems that you can't find any work. Fortunately this is a solvable problem. Because there are many project management tools available today that can help you organize your tasks and avoid wasting time to maximize your productivity.
You can use this tool to create a schedule as per your needs depending on your goals and lifestyle. Besides, you can charge extra from those clients who ask you to submit the project as soon as possible. Also offer a small discount to those who can push back the deadline to schedule you.
Additional Benefits?
As an employee you get many additional benefits like paid leave, health insurance, retirement plan and many more. But in case of freelancing you don't get this advantage as you will have a short time meeting with the client until you work. When the job is over, so is your relationship with them. When and how long you take leave is up to you. Besides, you have to make your own plan after retirement.
Highly Competitive Industry
Many platforms like Fiver, Upwork, and Freelancer make it much easier for your freelancers and clients to meet and work. They make freelancing so much easier that it becomes more difficult to stand out from the crowd. Due to the ranking system of these websites, experienced freelancers often get new projects, whereas it becomes difficult for new freelancers to get work.
Isolation and loneliness
The isolation that comes with being a freelancer over time can be detrimental to your mental health. As a working person you can talk to your colleagues every day about work and many other things outside of work that fulfill your social needs. But as a freelancer you have to work alone at home most of the time.
Increased Responsibility
Being your own boss is a great feeling, but it doesn't come for free. While you'll enjoy greater control over your time and income, you'll also need to find new clients, negotiate deals with them, set your own deadlines, and do a lot more on your own, including deciding how much to charge.
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You have to build your own portfolio, make yourself available in the market, negotiate with clients, manage your plans and update your skills in between. If you find all these tasks too stressful then freelancing is not for you. You are more suitable for general jobs.
Price Efficiency Mismatch
Pricing for freelance projects is difficult. If your fee is not commensurate with your skill and experience level, it becomes difficult to get clients. Your primary priority is to build a solid portfolio and get positive client reviews.
Buy your Own Equipment
As an employed person, your employer provides you with all the tools you need to do your job. But as a freelancer you have to buy everything yourself. This means that starting your freelancing career will be a big expense. And this cost will depend on what kind of freelancing career you want to build.
If your work is such that it requires a lot of computing power then you need to purchase a more powerful computer. If you are a graphic designer, you need to buy a good monitor which is very expensive. Also if you have to setup a home office then it will cost money to maintain it.
For most people, working with a fixed salary can be better than being a freelancer and has fewer problems. But if you can handle all the risks mentioned above then freelancing can be more profitable for you. But dealing with these risks requires you to learn skills that you didn't feel the need to learn as a professional.
The more skilled you become, the easier freelancing will become for you. Let us know what you think of our today's article on the risks of freelancing jobs through our comments.
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