As the workplace evolves with the rise of remote, hybrid, and part-time work setups, full-time employment is no longer the only sustainable option for employees today. Statista predicts that by 2023, 64 million people in the U.S. will engage in freelance work, a notable increase from 53 million in 2014. While full-time jobs offer benefits, paid leave, and a clear career development path, freelancing provides flexibility and independence. If you're considering trying freelancing, here are three reasons why it might be right for you:
1. **Create Your Schedule**: Freelancing allows you to set your own schedule, freeing you from the traditional "9-to-5" workday. You can choose the hours that work best for you, whether that's early in the morning or late at night. This control over your schedule also lets you balance work and personal life more effectively. Furthermore, freelancers have the autonomy to choose projects they find interesting and decline those they don't, enabling them to make decisions independently without managerial approval.
However, consider whether you can manage tasks without supervision, establish a productive routine, and have a dedicated workspace to separate work from personal life. If these aspects are manageable, freelancing could be a viable option for you.
2. **Income Control**: Properly managed freelancing can expand your income streams. Freelancers in the U.S. can earn up to $87,000 annually, compared to the national average of $64,000, making it an appealing alternative to full-time roles. You have the power to set your rates, potentially earning more per hour, and diversify your income by working with multiple clients. This reduces financial risk, especially when entering higher-paying markets.
Building a strong portfolio through varied experiences with different clients can also justify raising your rates to reflect your growing expertise. Plan to manage the variability and uncertainty of freelancing carefully to maintain financial stability.
3. **Change of Pace**: Freelancing suits individuals who thrive on variety. If this describes you, freelancing might be ideal. It allows you to focus on tasks that align with your passions and directly impact clients and projects. Each project presents unique challenges, keeping work engaging and diverse. Expanding your client base helps prevent monotony and develops new skills. Working for yourself also offers more freedom to implement creative solutions than traditional roles typically allow.
If you find diverse projects, a flexible environment and continuous learning opportunities appealing, freelancing could be right for you.
With 40 million digital nomads worldwide and 17.3 million in the U.S. alone, freelancing opportunities are growing competitive. Carefully consider if this path suits you, as the flexibility of working anytime and anywhere comes with both pros and cons. Whether you choose freelancing or a full-time role, let your personal goals guide you to the best career path.