When your boss is always on your back and work is getting you down, nothing sounds better than leaving it all behind to become your own boss. From flexible hours to an unlimited income potential, the reasons to consider freelancing are many and varied. However, like most things in life, this venture isn’t without its downsides. Before you jump right in, you should be aware of these pitfalls and build a clear picture of your future. Here are five downsides for you to consider.
Having total control over your work hours may lead you to believe that freelancing offers a better work-life balance. Unfortunately, this isn’t always the case. Because you’re working out of your home, it can be difficult to separate your personal life and your professional one. This is especially true when dealing with inconsistent and unstable workloads. However, that doesn’t mean it’s impossible. To build a better work-life balance, visit medium.com for some helpful tips.
Working for yourself means wearing many different hats and having sole responsibility for your small business. This requires you to handle marketing, sales, and accounting, as well as your individual projects. You also have tax consequences and laws to consider. Thankfully, there is help available out there, like QdosContractor.com, who can offer support with IR35 and other tax issues. You may also want to outsource certain tasks to take the pressure off a little.
Freelancers tend to work at home, which means that you’ll spend most of your working days completely alone. Although this can have its benefits, it can also leave you feeling incredibly lonely and isolated at times. You can easily go days without having a face-to-face conversation or even seeing another human being. To combat this, you should make more of an effort to get out of the house. Spend time networking and finding new contacts, as well as enjoying hobbies.
Unlike regular jobs, your freelancing income will depend completely on the work that you do. This means that, if you have a few days out of the office or face a lack of orders, you’ll be left with little to no money to live on. This instability can make it difficult to pay your bills or plan for the future. To feel more financially secure, you need to learn to manage your money well. Rather than spending money as you receive it, you should put some aside and build an emergency fund.
Working for a company means receiving a few different types of benefits. Depending on where you work, this might include health insurance, paid days off, and discounts on anything from gym memberships to restaurants. Because you work for yourself, you won’t receive any of these things, which can cause increased living costs, as well as an unstable income. Thankfully, by managing your money well, you can reduce some of the stress that comes with this.
The rewards for freelancers are many but don’t be fooled into thinking it will be easy. Before you decide to take the plunge, make sure that you consider the full picture.
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