Why life as a freelancer is (not) for you
Considering becoming self-employed? Not entirely sure whether you feel entirely comfortable with all the rights and duties of a freelancer? As a freelancer you set your own work pace and tariffs, but you also need to be able to cope with uncertainty and follow up on your admin. Find out more about the benefits and downsides and their impact.
While life as a freelancer has several benefits, it has just as many downsides that may keep you awake at night. To find out whether you are cut out for life as a freelancer, you need to live by the age-old motto: to measure is to know. List the benefits and downsides of freelancing and determine which points you find most important, both in the negative and the positive sense.
BENEFITS OF FREELANCING
Not everyone is cut out for doing business. Some people feel more at ease in a employer-employee relationship while others feel more energised in the knowledge that they are fully independent. There are numerous benefits to freelancing.
– More freedom: not a morning person? Start your day an hour later in that case. You determine when you work, after all. If you feel sluggish at lunch, take a longer lunch break and work later in the evening.
– Independence: you don’t have to answer to a supervisor. Obviously, you need to keep your clients satisfied, but you still get to decide how you do your work.
– You determine your worth: as a freelancer you are often free to set your rates.
– Lots of variation: as a freelancer, you often work for various clients and can thus perform a wide range of very different assignments. There is no such thing as a dull working day for freelancers.
– Less stress: No dreary train commute or long hours in traffic. You work when it suits you best. You feel more energised, are in a better mood, and are more productive. Your private life also stands to benefit. You can coordinate your working hours with school hours, for example.
DOWNSIDES
Obviously being a freelancer also has its downsides. We list a few below:
– Drawing up your own planning requires perseverance: planning your own working hours is nice but you need to be able to cope with the additional freedom. You may be tempted to have a lie in in the morning if you don’t work under supervision but if you put off your work too long, you may find that you’re behind on your work later in the day.
– Uncertainty: as a freelancer you need to be able to live with the unpredictability of your status. Some months, you’ll be snowed in under the assignments. Other months, you will have to actively search for work. No work also means no income. You don’t earn anything when you’re sick, pregnant or unfit for work.
– Accounting: one of the most hated aspects of freelance life (unless you’re an account, that is). You need to do your own billing and keep up with your admin. You can also rely on a good accountant but they can be very expensive.
– No company resources: at home, you may not have the luxury of working on an ergonomic office chair that protects your back. Your printer may not work as it should or you may have a slow internet connection. If you freelance from home, you cannot rely on company resources.
– Bad payers: some clients do not stick to the agreement and pay too late or in some cases don’t even pay at all. As a self-employed entrepreneur, you need to resolve this yourself and try to convince your clients to do the right thing and pay you.
You can limit the risks of freelancing by surrounding yourself with the right partners.
By freelancing through Tentoo you make life easier for yourself and eliminate several risk factors. You have more financial security and you avoid a number of risks that other entrepreneurs have to contend with.
- You accrue social rights (disability, pension, …) just like employees
- You don’t have to worry about billing and debtor management.
- You receive your income even before your invoice has been paid.
Would you like some personalised advice? Contact us, our experts are at your service!