Lately, I have been thinking more and more about life after 30 — What I want, what I need to work on, and changes I need to make in my personal life and my freelancing business.
I have been a freelancer for almost 10 years now. I get to do what I love – my way! I don’t have to wear formal dresses and heels every day. Sometimes I work from bed, some days in a coffee shop in a foreign country. Some months I get a lot of work opportunities, and some months I cry and worry about how I will make it to the next month.
Freelancing Pros and Cons
If you are considering a freelance career, you should explore both the advantages and disadvantages of freelancing:
Pro: Casual Attire
When you work from home and don’t meet with clients in person, there is no need to dress up or commute. This can help you save money by not having to buy business attire – formal dresses, suits, or stressing about traffic and petrol costs.
Con: No Paid Leave or Benefits
Most employees get annual paid time off, national holidays, and sick leave. As a freelancer, especially one who’s starting you probably will not afford to take paid leave as your income solely depends on you.
Pro: Work from Anywhere
Location independence is important for me. Most freelance work can be done online, which means you can be fully remote—with clients worldwide—you may be able to choose to live anywhere as a freelancer and even travel while working. This is why I’ve been able to visit 36 countries since 2013.
Con: Lack Of Job Security
Being a freelancer means creating opportunities. For most freelancers, there will be dry seasons and fruitful periods. Income will rarely be consistent or the same every month. It can be stressful and it’s important to plan, pay things in advance, and always be looking for ways to increase your income streams.
Pro Tip: If you can build an emergency business fund as soon as possible so you aren’t suffering financially due to slow spells, a client paying late, or clients not paying at all.
Pro: Income Control
Your income is a direct reflection of your effort. Your salary cannot be capped, reduced, or eliminated by your employer. You have control to make as much as you want every month and it’s also your responsibility to manage your finances and learn about taxes or outsource and get help.
Con: Loneliness
Being a freelancer can be isolating. You spend most of your time alone, especially if you opt to be a digital nomad – travel and work from different countries. You will start feeling like you’re missing out on things happening at home – parents getting older, siblings having kids, and your friends getting married, etc.
Your successes and failures are yours to experience alone, and you have to keep yourself in good spirits. I do this by going to the gym every day, hiking once a week, working in different coffee shops, and trying to interact with different people.
Freelancing has its pros and cons. As a freelancer the success of your business rests on you, you’ll be in charge of all the accounting, sales, marketing and even making coffee. See this as an opportunity to learn every aspect of running a business.