Freelance Jobs vs Full Time Positions: Which is Right for You?
Freelance Jobs vs Full Time Positions: Which is Right for You? -
So you're thinking about making the switch from full-time employment to freelancing? Or maybe you're on the fence about taking that next step in your career? Well, you've come to the right place! In this blog post, we will discuss the pros and cons of freelance jobs vs full-time positions. We'll help you decide which option is right for you!
Pros Frelance Jobs
1. Hours that are flexible
A freelancer is not required to adhere to the same rigorous working hours that an employee is required to follow. Working from home gives you the flexibility to rearrange your schedule and work when you are at your most productive. This kind of flexibility is particularly beneficial if you are a student, a housewife, or just do not like getting up in the morning.
2. It saves you time
Because you don't have to travel to and from work, you may save a significant amount of time each month. With all of the extra time you have on your hands, you may spend it with family and friends, working on other projects, volunteering, or just resting and enjoying leisure activities.
3. Possession of financial power
While having a consistent source of income is something that should be taken for granted, the power over that money remains in the hands of your employer. Freelancing puts the power in your hands and gives you the freedom (and the responsibility) to make your own choices in your professional life. Price setting may be accomplished by self-evaluation and market research.
4. You are the only owner of all profits
Because you offer your services directly to your customers, there is no need for an intermediary to facilitate the transaction. In other words, the money you earn as a result of your effort is fully yours to retain, rather than being divided between you and your employer. Whatever you earn as a result of your hard work is yours to keep.
5. You Decide When and Where You Want to Work
Being allowed to work according to your own set of rules is maybe the most freeing aspect of being a freelancer. You are not required to follow the policies established by your employer; instead, you have the authority to develop and write your own terms, which you can then discuss with your clients in order to close a deal.
CONS Freelance Jobs
1. There is insufficient financial security
Freelancers do not have the same amount of financial security as workers, simply because their income is not guaranteed in the same way that employees are. You get compensated for your labour rather than for your time. Budgeting becomes more difficult as a result of this uncertainty, and ambitious freelancers may be discouraged from taking on the risk.
2. Workloads that are inconsistent
In your role as an employee, you are aware of the expectations placed on you, which means your workflow is solid and predictable. When working as a freelancer, this is not the case. You can find yourself overburdened with work for one month and struggle to locate tasks in the following months. You may lessen this inconsistency by encouraging your customers to remain loyal to your company.
3. Work-related pressure that is imposed on oneself
As wonderful as it is to be your own boss, there are some drawbacks. It is possible to fill the void left by the absence of a manager by taking on more responsibilities. Being able to enjoy your free time might become difficult if you constantly remind yourself, "I could be working right now." Make a timetable to assist you to stay on track and preventing this situation.
4. Isolated from the rest of society
Due to the fact that you do not have employees around to communicate with, freelancing might become isolating over a period of time. Even if you like your alone, losing sight of your social life might cause you to feel isolated and anxious, which can lead to feelings of depression. Setting aside time to spend with family and friends or to participate in volunteer work is an excellent strategy to combat this.
5. There are much too many responsibilities
If you work as a freelance writer, you will find that writing is just one aspect of your profession. As the sole proprietor of your company, you are responsible for all aspects of the operation, including marketing, information technology, client satisfaction, human resources, accounting, legal, operations, administrative, purchasing, and so on.
All of this may be quite daunting when taken together. If you have the financial resources, it is a good idea to outsource some of these obligations by employing qualified individuals to help you.
Also read: 15 Jobs to Take Up During the School Holidays
PROS Full-Time Position
1. A Consistent Paycheck
The most apparent advantage of working as an employee rather than as a freelancer is the financial stability it provides. A consistent income every month helps you to sleep well at night, knowing that your financial future is secure and that your finances are predictable. Even if the firm did not earn any profits this year, you would still get a salary and benefits package.
2. Budgeting Made Simple
Because your income as an employee is consistent and predictable, creating a household budget will be straightforward. You may set aside various amounts of your income for specific goals such as requirements, desires, savings, investments, and emergencies, amongst other considerations. In other words, you may arrange your life without having to worry about unexpected events.
3. Advantages and Disadvantages
Another advantage of working for a company is the variety of bonuses and perks that you are allowed to get. Benefits such as paid vacations, reimbursements, allowances, parental leaves, health insurance, retirement plans and pensions, and other benefits are available to employees. These perks are likely to encourage you to be a long-term customer of the organisation.
4. Consistent and Prolonged Growth
Consistent development may be seen as either a positive or a negative phenomenon, depending on your perspective. However, for the majority of people, the knowledge that they will receive regular increments in the form of raises is sufficient motivation and reassurance to remain with their current employer.
5. Promotes the development of social skills
Because you are continuously participating in interactions with your colleagues while working, improving your social skills is a natural byproduct of being an employee. It doesn't matter if it's about anything work-related or something completely unrelated; being an employee exposes you to an atmosphere where you can hone your social skills.
CONS Full-Time Position
1. Working hours that are set in stone
One of the most inconvenient aspects of being an employee is the fact that your whole schedule is controlled by your employer. You must adhere to a set of working hours that have been established. Unless your company has provided you with the option of working flexible hours, your employment will have a significant impact on how your day will unfold. The lack of freedom can be quite stifling for some people.
2. Fixed Salary and Slow Increment Compensation
Paying attention to the details of a pay negotiation during an interview and then having to keep to that amount for the rest of the year is not a pleasant experience. While having a steady income provides security, it also places a ceiling on your earnings, limiting your ability to grow because you must wait an entire year before receiving a raise is considered.
3. Traveling to and from Work
Commuting to work is inconvenient in three ways: it consumes your time, your energy, and your financial resources. There are no winners in this situation because not only do you waste valuable man-hours that could be spent doing your job, but you are also exhausted and forced to spend money on fuel. Unless you work from home, commuting will be a significant inconvenience.
4. Subject to Micromanagement
There are many instances where managers and supervisors micromanage their employees, which means they watch even the smallest of their employees' actions and criticise them for not doing something a certain way or failing to do something at all. This means they want everything done their way, not necessarily in the manner that's most comfortable and natural for you and your body type.
5. Constraints imposed by corporate policies
Your employer's terms and rules apply to you as an employee, and you are bound by them. While it is true that certain rules are more flexible than others, you often do not have much influence over the choices that are made in these situations. Furthermore, if you do not adhere to the rules of the letter, you may face legal consequences.
There are a number of factors to consider when deciding whether or not freelancing is the right career choice for you. Perhaps the most important factor is your level of self-motivation. Working from home can be lonely and isolating, and it can be difficult to stay motivated without the structure of a traditional work environment. In addition, freelancers need to be very organised and disciplined in order to manage their time and meet deadlines.
If you're the type of person who needs a lot of structure and supervision, freelancing may not be the best fit. However, if you're comfortable working independently and are able to stay organised and on track, freelancing can be a great way to make a living. Another important factor to consider is your financial situation. Freelancers often have irregular income, which can make it difficult to budget and save for long-term financial goals.
If you're comfortable with a little financial uncertainty, however, freelancing can be a great way to earn a good income without being tied to a 9-to-5 job. Ultimately, only you can decide whether or not freelancing is right for you. Consider your skill set, your personality, and your financial situation before making a decision.
1. Check job boards and classifieds websites
First and foremost, the internet is a great resource for finding freelance work opportunities. There are a number of websites that list freelance jobs in a variety of industries. Some of the most popular job boards and classifieds websites include Craigslist, Indeed, and Freelancer.com.
2. Network with other freelancers
Facebook and LinkedIn groups are a hotbed for freelance job postings. In addition, many freelancers find work through personal connections and referrals. If you know someone who is already freelancing, ask if they know of any opportunities that might be a good fit for you. Always make sure you add value in the form of skills, knowledge, or experience to the people you network with—this will make it more likely that they'll be willing to help you out.
3. Try social media sites
It's no surprise that social media sites are a great place to find freelance work opportunities. Twitter, in particular, is a great platform for connecting with potential clients and employers. Use hashtags to search for relevant job postings, and don't be afraid to reach out to potential clients directly.
4. Attend industry events and meet-ups
Another great way to find work as a freelancer is to attend industry events and meet-ups. This is a great opportunity to network with potential clients and employers, and to get your name out there. Industry events are also a great way to stay up-to-date on the latest trends and developments in your field.
5. Cold emailing
Finally, don't forget the power of cold emailing. This involves reaching out to potential clients and employers who you haven't worked with before. While it may seem daunting, cold emailing can be a great way to get your foot in the door with potential clients. Just make sure you do your research and personalise each email you send.
freelancing can be a great way to earn a living, but it's not right for everyone. Before making the switch, there are a few things you should consider. First, do you have the self-discipline to work independently? When you're a freelancer, there's no one looking over your shoulder to make sure you're getting the job done. You'll need to be able to motivate yourself and stay on task. Second, are you comfortable with uncertainty?
As a freelancer, your income can fluctuate from month to month. You may have months where you're flush with cash, and others where you're struggling to make ends meet. If you're not comfortable with that level of uncertainty, freelancing may not be the right choice for you. Finally, do you have a strong support network? When you're self-employed, it can be difficult to find someone to bounce ideas off from or vent to when things get tough.
Make sure you have a supportive partner, family member, or friend who can help you through the ups and downs of freelance life. If you can answer yes to all of these questions, then freelancing might just be the right career move for you.
1. Client kinds should be investigated
You should use this opportunity to begin thinking about the sorts of customers you would want to work with in the future. Is it more important to you that you deal with small firms, or does your background lend itself better to working with huge global corporations? Do you want to work in a speciality that is specialised? Do you have previous experience working in a certain area and would want to continue to provide services to that industry?
When developing your freelancing brand, it would be beneficial to have a concept of the sorts of customers you want to attract to your firm. Don't be concerned if things aren't completely obvious right now.
After you've worked with a few customers, it's often easy to determine what they are looking for. Which customers are a good match and which ones aren't is something you discover as you go along. You have the freedom to alter your mind and pivot anytime you choose.
2. Make a list of the services you want to provide
First and foremost, you will need to determine the services that you want to provide in your company. Do not rush this stage since it is the cornerstone of your company, so take your time with it.
You've already done your research, determining market needs, and, ideally, gained a better understanding of what's achievable in your field. Nonetheless, set aside some time for extra contemplation and investigation, if necessary. Be willing to acquire new talents or upgrade old ones when the situation calls for it—more on this in step four.
Remember that customers are seeking a solution to an issue, which is something that is beneficial to keep in mind. To be a successful freelancer, you must first understand your client's condition and then utilize your service to help them resolve their problem. What you come up with in response to these questions will serve as the basis for how you package your abilities as a professional service.
3. Decide on your charges
Following that, it's time to choose how much you'll charge for your services. To be honest, this can be fairly difficult, and to be really honest, it is something I still battle with!
Unfortunately, there is no precise method for determining the most appropriate pricing for your services to be provided. Isn't it true that it would make life easier? Because of this, it is critical that your pricing plan strikes a careful balance that takes into consideration your value, target clientele, and the greater competitive market.
When determining your prices, think about how much you believe your time is worth. Also evaluate how your expertise, talents, location, market worth, industry, and other factors influence the amount of money you may charge for your services.
As a result, while I am unable to provide you with a specific dollar amount for what you should charge, I can try to make things a little more straightforward by explaining two of the most common types of pricing: hourly pricing and project-based (fixed rate) pricing.
4. Have contingency money set up
Before you commit to freelancing and quitting your work, start putting money aside to build a rainy-day fund for emergencies. Calculate your monthly costs and save aside enough money to cover three to six months' worth of spending so that you have a safety net.
Before making the decision to work as a full-time freelancer, I made certain that I had enough funds to last at least six months if things didn't work out. I also relocated to South America, where living expenses are much cheaper than in Australia, allowing me to stretch my money for a longer period of time. If you want to work as a digital nomad once you begin freelancing, you may want to consider starting out in a place where the cost of living is cheaper than in your home country.
With this safety net in place, you can take some time and enjoy some peace of mind as you build up a steady roster of clients without having to worry about making your next invoice payment.
5. Make a commitment to yourself
It is critical that you have a clear understanding of when and how you will complete your assignment. If you're still employed full-time but dabbling in the world of freelancing, you'll have to make the most of the little time you have on your hands to succeed.
Many individuals (like myself) work part-time as freelancers while still holding down their full-time careers. Over the course of nearly six months, I worked every Saturday and also worked in the evenings after my day job. Even though it was difficult to balance both, my efforts were rewarded, and I was able to leave my work.
Your personal circumstances will dictate when and how much time you are available to devote to establishing your freelancing company. Instead of working on weekends or in the evenings, locate an option that suits your schedule and your needs better. In the mornings before work, some individuals are able to take out a few hours for themselves.
Working two "jobs" at the same time might be difficult. Setting attainable objectives can help you avoid burnout. Make a strategy for how you will complete your task while simultaneously handling the responsibilities of your present employment and other obligations. Set a time limit for how long you'll continue to work in this manner before transitioning to full-time freelancing.
Having previously resigned from your full-time work, you will find yourself with extra free time on your hands. Create a work schedule to assist you in making the most of your available time. More on this in the next stage, number eight.
There is no one definitive answer to the question, "Should I freelance or get a full-time job?" It ultimately depends on your unique circumstances. Consider your skillset, lifestyle, financial needs, and work-life balance when making your decision.
Whichever route you decide to take, remember that success takes time and consistency. So, be patient, build a strong foundation, and don't give up on your dreams.
I hope this article has helped to give you a better understanding of the pros and cons of each option so that you can make an informed decision about which is right for you.
Read More Articles
- How To Calculate Gross Monthly Income Singapore
- How To Find a Job in Singapore as a Foreigner
- How Long Should you Stay at Your First Job
- How To Answer Why Are You Interested in This Job
- Blue Collar vs White Collar
- How Many Part-Time Jobs Can I Have
- Sign You Didn't Get The Job After an Interview
Find Jobs in Singapore