With the ongoing threat of the coronavirus pandemic, more and more Americans are turning to freelance work as a way of earning extra money and staying safe while working. Since the coronavirus pandemic began, freelance job postings rose 41% to 605,000 in the second quarter of 2020 compared to the same period in 2019. Also, freelance job openings increased over 25% during the April to June quarter of 2020.
If you are thinking about becoming a freelancer, here is everything you need to know:
What is freelancing?
A freelance job is a self-employed role. Work is usually carried out on a flexible basis, and is often provided to multiple companies. A freelancer can work in almost any kind of field, and can work on any kind of project- whether that be short-term or long-term, depending on the freelancer’s availability and the work required by the employer.
Almost every job can be outsourced to a freelancer, but it is particularly common in fields such as:
- Graphic design
- Marketing, media and PR
- Writing, editing and proofreading
- Photography and videography
If an employer wants freelance work, they will usually begin by posting a job on a freelance website. Freelancers will then contact them, explaining why they would be perfect for the job and how much they charge. It is then up to the employer to pick the right person for the job.
Pros and Cons of Freelancing
If you are thinking about becoming a freelancer, you need to first work out if it is the right fit for you. Here are some of the positives and negatives of freelance work:
- Complete freedom: when you are self-employed, the only person you have to answer to is yourself. This means that you have complete control over your hours, your workload and the projects you work on.
- Unlimited earning potential: when you work as a freelancer, you don’t have a salary. Rather, you have the potential to earn as much money as you like depending on how long and hard you want to work for.
- No commute: one of the biggest advantages of freelance work is the fact that you can do it from home. This means that you no longer have to suffer through a horrible commute every morning and evening.
- Complete control over every aspect of your business: when you work freelance, you get control over every aspect over your freelance business, such as invoices, taxes, billing and much more. This means you will always know what’s going on within your business.
- Safer than working in an office: with the ongoing spread of COVID-19, working at home is one of the best ways to keep your family safe during this pandemic.
- Isolated: although you will be able to work from the freedom of your own home, freelancing can often lead to people feeling isolated, as there are no fellow workers to chat with.
- Inconsistent work and cash flow: although freelance work can be financially rewarding, it is entirely dependent on whether or not you are the one chosen for a project. This means that you could experience long periods of time without any work, meaning that your cash flow is inconsistent.
- Higher utility bills: if you work from home, you are immediately going to notice that your electricity bills will rise as you spend more time at home and using electronics. To avoid higher than normal bills you will need to be diligent about conserving energy by implementing energy efficient practices such as turning off lights, utilizing drapes and blinds to cut down cooling costs, and if possible investing in smart products like the nest smart thermostat can help save a bundle. Another great way to keep your bills down is to be an active in researching prices and GA natural gas rates to make sure you are getting the best bang for your buck.
Freelancing can be a great way to do work that you love from the comfort of your own home. However, it is not for everyone, so make sure that you are certain before you make this lifestyle change.