A recent study mentioned that demand for freelancing work is rising and estimates that these opportunities will increase to 50% in 2020. Many professionals are working on freelancing basis these days. Here we are presenting the pros and cons of freelancer and full-time employee.
Flexible work schedule, flexible work hours and location; You are the boss ; Unlimited earning opportunities No transportation costs. Work on your passionate projects. No office politics, annual performance reviews, etc; Work on any casual work attire. Freedom to work on different projects and clients.
Isolated work environment Need to hunt for new projects Inconsistent work and cash flow; Need to work with multiple clients; Need to answer many clients No paid time off, no maternity/paternity leave; No company-sponsored health benefits, 401(k), etc.; Need to do multi tasking across works (sales and marketing, invoicing, signing contracts, troubleshooting technology, keeping track of tax deductible business expenses, making estimated tax payments, etc.);
Full-time Employee Pros
Regular salary Working in a team environment with fun, guidance and give feedback; Structure and consistency to your schedule, hours and location. Company benefits, 401(k), etc.; Paid time off; Consistent workflow; Well infrastructure for support like a technology help desk, benefits contact, etc.; Need to focus on one work instead of generating new work, sales and marketing, troubleshooting, etc.
Earning opportunities will be limited Need to handle office politics, gossip, etc; Need to work on single task Limited flexibility with schedule, hours and location; Lack of freedom; Transportation costs and time associated with it; Budgeting for work attire and meals/coffee breaks; Loss of energy to focus to pursue a passion project.
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