The number of people that are freelancing in the workforce today can be measured in the tens of millions in the United States alone. Freelancing presents numerous opportunities and perks that a conventional job does not and for many it is the ideal life for them. Is it right for you? That is something that only you can decide.
Be Your Own CEO
Owning a business is the American dream. By freelancing you are your own CEO. You work on what you want to work on when you want to work on it. If you don’t want to start working until 1 AM and then sleep all afternoon you can do it. You can take a day off when you need to, take a sick day without having to consult with HR (you are HR after all) and you can take a vacation or a long weekend to the beach when you want to.
As a freelancer you set your own schedule. Need to take an hour to drop off the kids at school or take them to the doctor? Need a break to take them to soccer practice or karate? Or do you want to step out and grab a meal? Don’t worry about it, you can do it. You are the boss after all.
No More Hourly Wage Slave
Since you can work how ever many hours you would like to you have the potential to earn much more income. If you work a regular salaried or hourly job you will make whatever wage you are making no matter how much effort you put into a project all the while your company is making potentially 10 times what they are paying you for it.
As a freelancer that is a thing of the past. You can charge whatever you want and you will make every cent of it. You are making what you are worth.
Tax Time Benefits
On the financial side as a freelancer you are self-employed. That opens up numerous deductions that are not made available to normal employees when it comes to tax time. You can reasonably write off office equipment, travel expenses, your internet costs, your cellphone bill and many other items. This may require you to consult with a tax professional so save those receipts!
Drawbacks
There are drawbacks too. After all if freelancing was easy and lucrative everyone would do it and we don’t want to make it sound like it is all rainbows and unicorns. The cost of insurance, particularly health insurance will skyrocket as you now have to pay for your own. Paid vacation time will be a thing of the past and any retirement investment will have no employer match.
Of course you are now the CEO but you are also the CFO, CIO and all of those other acronyms that come with the business world. It can be a delicate balancing act that is not for everyone. There will also be times when your income will slow but those bills will still need to be paid. You are responsible after all for bringing in the work and if it slows you have no one else to blame.
Is freelancing right for you? That can only be answered by you. Financial independence is something that everyone strives for and this can be the first step towards reaching that goal. Nearly every major corporation from Microsoft to Google and Amazon started small and humbly. That is not to say that every freelancer will become Bill Gates or Jeff Bezos as success does not come easy but freelancing can be extremely rewarding and the best part is that anyone can do it. How much you succeed depends on you! Are you up to the challenge?
If you are up to the challenge and need a place to work, come visit us at Freelance York. Click here to schedule a tour or give us a call at 717-424-9219 today!