Should You Go It Alone? 8 Pros and Cons of Freelancing

Do you dream of leaving the 9–5 behind and setting up shop as a successful freelancer? You’re not alone. According to recent predictions, there will be over 90 million freelancers in the US by 2028 — that’s an increase of over 50% in just ten years.

Freelancers work for themselves. They get to choose which projects they work on — and turn down anything they don’t like the sound of. Plus, the potential income you could make as a freelancer is pretty much limitless.

If you’re one of those people who’s always dreamed of becoming a freelancer, you might be wondering what the catch is. But the truth is, while freelancing comes with some big advantages, there are some major downsides to the freelance lifestyle too.

Quitting your job and becoming a freelancer is a big decision — and you shouldn’t go into it without proper consideration. That’s why we’ve put together this list of some of the biggest pros and cons of freelancing, to help you make sure it’s the right path for you before you take the plunge.

Let’s dive in 👇

8 pros and cons of freelancing to consider before making the leap

Here are some of the biggest pros and cons of freelancing:

1. Pro: You control your own schedule

Are you a night owl that prefers to work in the small hours while most of us are snoring? Or an early bird that wants to be at your desk before the sun comes up? As a freelancer, your time is your own, and it’s up to you to decide when to get your work done.

Obviously, an exception is when you’re working with clients who need you to be available during their office hours — but you’ll still usually have far more flexibility than you would as a full-time employee.

1. Con: Work might be sporadic or inconsistent

When you work as a freelancer, some months will probably bring more work than others. In fact, you might find that you’re rushed off your feet one month, and then twiddling your thumbs (and worrying about the bills) the next.

This doesn’t have to be a disaster: most freelancers quickly learn to set money aside from the busy months to see them through leaner times. However, this way of managing your finances can take a bit of effort if you’re used to having a set salary coming in each month.

2. Pro: You have complete independence

Once you start freelancing, you’ll be free from overbearing bosses, performance reviews, and even office politics. All you have to worry about is finding clients, improving your skills and getting your work done.

Of course, that doesn’t mean you don’t have to have discipline: most clients won’t stick around very long if you’re missing deadlines or delivering poor-quality work. But as long as you’re willing to work hard when you’re working, freelancing can give you the freedom and flexibility you need to actually live your life as well.

2. Con: Freelancing can be isolating

While office politics can be annoying, going to work every day also gives you the chance to interact with colleagues and meet new people. If you’re the sort of person who prefers to have daily contact with other people, you might struggle with isolation as a freelancer — especially if you live alone.

Of course, this depends on the type of work you’ll be doing: some freelancers do see people every day as part of their work. And if you don’t, there are still other ways to get your daily dose of human contact, like working from a cafe or local co-working space a few days a week.

3. Pro: You have the potential to increase your income

When you have a full-time job, you might be able to increase your take-home pay with overtime, bonuses, and the occasional pay rise. But otherwise, it’s more or less fixed. As a freelancer, on the other hand, your income is only limited by how much work you can do and the price your clients are willing to pay.

That doesn’t mean all freelancers earn more than all full-timers, of course — and many people find that it takes a while to build up to their previous income level. But the point is, there are opportunities to earn a great living if you work hard and find the right clients (more on this later…).

3. Con: Taxes and administration can be complicated

Unlike employees, freelancers are responsible for declaring and paying their own taxes. And if you’ve never done this before, it can be a bit intimidating. That doesn’t mean it’s impossible — but it might be worth thinking about whether you can afford to pay an accountant to help you out, at least the first time around.

There are also certain formalities involved with setting up a business, although this varies from country to country. In the UK, for example, the easiest way to get started is to set up as a sole trader. You’ll also have to keep detailed records of your accounts and might have to register for VAT if your income is high enough.

4. Pro: You’ll get the opportunity to work with a diverse range of clients

We’re sure you love your colleagues, but let’s be honest: do you ever get bored of seeing the same faces every day? As a freelancer, you can keep things fresh by working with lots of different clients.

In fact, over the course of a freelance career, you could easily work with hundreds of people — who are all from different backgrounds and have different stories to tell. This can make freelancing a really interesting and rewarding experience.

4. Con: You’ll have to hustle to market yourself and find work

Many new freelancers make the mistake of thinking they can sit back and wait for work to come to them. But in reality, this is rarely how it works, and most freelancers have to spend time finding clients for themselves. That might mean signing up for platforms and keeping your profile up to date, or just reaching out to potential clients that might need your services.

This can take up a lot of time, taking you away from the work you actually want to be doing. It can also be a bit intimidating as a first-time freelancer, and it can take a while to get used to the idea of marketing yourself. It’s a good idea to think about what methods you’ll use to find clients before you launch your freelance business, so you’re ready to get started.

5. Pro: You can work from anywhere

Have you ever dreamed of working from a beach in Bali, or a sunny balcony in Barcelona? Many freelancers travel the world while they’re working, staying in each destination for just a few weeks or months at a time. After all, when you’re a freelancer you can work from anywhere, so you might as well make it somewhere fun. The good news is, it’s now easier than ever for freelancers to move to exciting, exotic locations: many countries are now offering ‘digital nomad visas’ specifically to attract freelancers. If this adventurous lifestyle appeals to you, then building up a freelance career that you can do from anywhere could be a good move.

5. Con: You’ll miss out on employment benefits like PTO

Employees receive all sorts of benefits in addition to their salary, from sick pay to maternity pay to paid holiday time. As a freelancer, you won’t have access to any of these benefits, which means that you’ll need to account for the extra cost when you’re setting your prices.

For example, if you want to take six weeks' holiday every year, you’ll need to make sure you earn enough in the months you’re working to cover those weeks without income. It’s also a good idea to have an emergency fund stashed away in case you ever get sick and have to take unplanned time off work.

6. Pro: You can choose which projects you work on

Have you ever had to work on a project at work that you just… didn’t care about? As a freelancer, you have the freedom to say no. Of course, there might be times when finances mean you have to take on projects that you’re not thrilled about. But for the most part, you can fill your time with work that you actually enjoy doing — and stop wasting your energy on the boring stuff.

6. Con: You might have cashflow issues

When you work as a freelancer, your income usually changes from month to month. While this is totally normal, it can cause cash flow problems if you earn less than expected one month and haven’t prepared for it.

If you find yourself in this situation, you might end up having to say yes to projects you wouldn’t usually take just to make ends meet — which goes against the reason many people get into freelancing in the first place. To avoid this, it’s important to be sensible with money and set cash aside in months when you earn a lot so that you’re never caught short if you unexpectedly lose a client, for example.

7. Pro: You can skip the commute

If the last two years have taught us anything, it’s that life is better when you don’t have to sit in traffic or on a crowded train every morning just to get to work.

And, while a lot of organisations are now operating remote work policies, many still require their employees to work from the office at least a couple of days a week. Plus, even if you’re in a good situation right now, there’s no guarantee that your next employer will have the same relaxed attitude to remote work.

If working remotely is important to you, then setting up as a freelancer could be the way to go. Most freelancers can work wherever they want — whether that’s from home, a nearby coworking space, or even the local park.

7. Con: You’ll be on your own with limited resources

Companies typically have all sorts of resources for their employees, from software to office supplies to colleagues you can turn to when you have a problem.

When you’re a freelancer, you’re all on your own. That means you need to pay for any supplies or subscriptions you need yourself and figure out any problems you run into without much help.

8. Pro: You’re the boss

When you’re a freelancer, you’re in charge. That means that you’re free to decide how, where, and when you work — but it also means that you’ll be fully responsible for the success of your business. Achieving great results for yourself and your clients can be very satisfying since it's all down to your hard work.

8. Con: You’re solely responsible for the success of your business

One of the biggest benefits of freelancing is also one of its biggest downsides: you are solely responsible for your business's success or failure. This can give you a great sense of achievement when things go well, but it can also be stressful. It’s important to build a network of professionals in similar fields so that you have people to ask for advice if you’re struggling.

So, should you go it alone?

As long as you’ve got a solid plan and you’re prepared to put the work in, working as a freelancer can be a rewarding experience that comes with huge benefits. While it might take some time to get your business fully up and running, the potential results are well worth the hard work.

Deciding whether or not to take the leap into freelancing is a big decision and not one you should make quickly. Before you take the plunge, be sure to take some time to set out your business plan, including the clients you’ll target and how you’ll approach them.

It can also be a good idea to make sure you have some money set aside at the beginning of your freelance journey to see you through the potentially lean months while you’re getting started.