The Pros and Cons of Freelancing

And younger generations are freelancing more than older groups. In the 18-34 age group, 42% freelanced in 2018, compared to 38% in 2014. And the 35-44 age group increased to 35% freelancing in 2018 from 34% in 2014. Older age groups actually showed a slight decline in freelancing.

Pros

Compensation May Be Higher​

Because hiring a contractor may be cheaper for a company, it may be able to offer a higher rate of compensation. However, this is by no means always the case.

Flexibility

With such freedom over clients and workload, freelancers have the flexibility that most people dream of. If you want to work full-time most of the year and only part-time during the summer, you have the flexibility and control to make that decision.

Independence

Freelance jobs offer independence. Not only are you free of the cubicle and 9-to-5 work life, you also have the ability to work alone, and for the most part, where you are most comfortable doing so.

Cons

Cost of Running a Business

While it’s nice that the costs of running a business are tax deductible, it’s even nicer when someone else pays for your Internet connection, office supplies, and other business needs. Typically employers pay for these types of costs.

No Benefits

Benefits such as health insurance, vacation, retirement plans, etc. are offered to employees only,

Less Job Security

Companies hire independent contractors often because they have short-term projects or an irregular workflow. Contractors work may come in feast or famine stints.