A recent study mentioned that demand for freelancing work is rising and estimates that these opportunities will increase to 50% in 2020. Many professionals are working on freelancing basis these days. Here we are presenting the pros and cons of freelancer and full-time employee.
Flexible work schedule, flexible work hours and location;
You are the boss ;
Unlimited earning opportunities
No transportation costs.
Work on your passionate projects.
No office politics, annual performance reviews, etc;
Work on any casual work attire.
Freedom to work on different projects and clients.
Isolated work environment
Need to hunt for new projects
Inconsistent work and cash flow;
Need to work with multiple clients;
Need to answer many clients
No paid time off, no maternity/paternity leave;
No company-sponsored health benefits, 401(k), etc.;
Need to do multi tasking across works (sales and marketing, invoicing, signing contracts, troubleshooting technology, keeping track of tax deductible business expenses, making estimated tax payments, etc.);
Working in a team environment with fun, guidance and give feedback;
Structure and consistency to your schedule, hours and location.
Company benefits, 401(k), etc.;
Paid time off;
Well infrastructure for support like a technology help desk, benefits contact, etc.;
Need to focus on one work instead of generating new work, sales and marketing, troubleshooting, etc.;
Earning opportunities will be limited
Need to handle office politics, gossip, etc;
Need to work on single task
Limited flexibility with schedule, hours and location;
Lack of freedom;
Transportation costs and time associated with it;
Budgeting for work attire and meals/coffee breaks;
Loss of energy to focus to pursue a passion project.