Why are so many people freelancing? Here are 7 personal freelancing benefits.
I’m sure you’ve noticed the rise of freelancers in your industry. When did this shift happen? What’s causing so many people to switch gears and become freelancers? The benefits are countless when you start thinking about it. Once you leave your job and start freelancing, the concept of going back to a full-time position becomes daunting. Here are seven reasons that will show you the personal benefits of freelancing, and maybe even give you the boost you need to make a move.
7 Freelancing Benefits:
1. You Can Be Flexible with Your Work Schedule
As a freelancer, you’re your own boss and your hours can be dictated by when you’re ready to work. You can change from being part-time to full-time, dependent on how many clients you take on.
2. When You’re Freelancing, You’re In Control
Have you ever felt trapped in your current job? Holding onto a feeling that you may not be reaching your full potential? What better way to get past this than by moving into the wonderful world of freelancing? Your potential will be put to the test in ways you can control. The projects that you take on will be based on what you would like to do. The way projects are completed is dictated by deadlines that you typically set for yourself. The clients that you work with do have expectations of you, but often, these expectations are very reasonable.
3. Freelancing Makes You Love Your Job
When you start freelancing, you will start to see a measure of freedom to your work. This makes you more creative, hard-working, and focused on quality. Personally, I experienced this when I realized I was working not only for myself, but to impress my clients. Over time, you will see that you’re starting to reach the potential that you always knew you had. Before, you thought that you loved your job, now, the feeling will overwhelm you.
4. You Can Spend More Time with Family, Hobbies, and Other Interests
Freelancing will give you the lifestyle to support the things that you love the most. It may be that you love your job, but with freelancing, you will love it more because of other things it will allow you to do. Want to take a vacation? As a freelancer, you can still work and travel the world without losing income. It may take you some time to feel comfortable being away and still working. If you are like me and love to work, it may be hard for you to get away. There is a way to balance both worlds when you are freelancing. However, when you work from home, you can be there for your kids, get away on errands when you need to, and overall have more freedom to take care of tasks with less stress.
5. The Gig Economy Favors Freelancing
Technology is at the forefront of the economy. This has changed the economy in ways we could never have imagined. Freelancing is part of that change. Many small and large businesses alike look for freelancers to complete tasks. They may not have enough work to hire a full-time employee for a particular project. When you are freelancing, you are the professional and employers will treat you as such.
6. Freelancing Allows You to Set Your Own Pay
The thought of being able to assess what you’re worth might be a bit difficult at first. As you become more confident and see that clients appreciate the work you do, it becomes easier to increase the rate that you charge. When you’re starting out, you may wonder what you should charge. There are many theories as you will see when you are reading online. It may seem like a lot, but when you consider the different factors that go into freelancing, it balances out. Remember that you no longer have paid vacation, benefits, or workers comp. The higher pay rate will allow you to cover unexpected expenses when they arise. So be reasonable with assessing your value.
7. Freelancing Generally Has a Small Overhead
At first, you may be reluctant to get into freelancing because of all the questions that you may have. Chances are though, many of the things you need are right at home. The startup of freelancing will generally cost you very little. Since many freelancers start with abilities that they already have, they also have the software and tools that they need to complete the job.
When you think about freelancing the other question that you may have is, what about taxes? Try researching and asking an accountant to make sure you have all your bases covered. One thing is for sure though, work on establishing a workflow to track your expenses and income. Depending on your situation, you may want to look at your income and expenses monthly, Bi-weekly or weekly. The IRS looks at employees of a company and independent contractors differently. Work-related expenses can be deducted from your income and in turn reduce your taxes. If you work from home, you might be able to deduct a percentage of energy costs, water, cell phone, and technology that you buy to keep your business going.
Generally, I have heard from many freelancers that taxes and managing contracts are the most daunting part of freelancing. This is because its unknown to them. When you work full-time, you don’t have to worry about accounting and billing. Don’t let the stress of these tasks get to you. There are many resources online that help with this. One of these great resources is SimpleForms. This resource allows you to create forms, sign contracts, invoice, store contracts by the job, and build your workflow all in one place. This cuts down a lot on the stress of managing your gigs. The key is to stay organized. SimpleForms is a tool that can help you with that.