Here is a helpful guide to know if you are more suited to being a freelancer or a corporate job.
Many employees dread their regular 9 to 5 job. They constantly complain about their boss or colleagues. They dream about being their own boss and working for themselves. They hate the thought of going to work every day. They look forward to living their life on the weekends.
Freelancing is an option to help you escape from the 9 to 5 routine. However, being a freelancer is not meant for everyone. It is largely dependent on your personality. Different people are suited to different roles. Here are a few differences between being a 9 to 5 employee and being a freelancer -
As a 9 to 5 employee, standard work hours are 40 per week. You may or may not get paid overtime for any additional work. As a freelancer, you can expect to work less than 40 hours per week or way more than that. It is never fixed.
As an employee, your work is largely limited to your role with specific responsibilities. Additional responsibilities may mean additional pay. As a freelancer, you are your salesperson, administrator, marketer, accountant, etc. You handle all areas of your business until you can afford to hire help.
As an employee, unless you are in the sales or marketing team - your role may not involve obtaining clients or ensuring client satisfaction. As a freelancer, you need clients which means getting out of your comfort zone and approaching them offline/online. You also need a solid strategy to win and retain them for continuous business.
As an employee, income is stable and guaranteed as long as you hold the job. It is also more or less fixed unless you have a raise or added commissions. As a freelancer, income is not stable, fixed, or guaranteed. It varies every month.
You get sick leaves, annual leaves, and a whole lot of other benefits as an employee. As a freelancer, you get nothing. Insurance and medical expenses come out of your pocket.
When you are an employee, income remains fixed for a long period of time. Salary hikes are usually lower than inflation rates. As a freelancer, with the right strategy - you can earn way more than a regular job.
Losing more money than you make will largely be based on poor financial choices when you are an employee. In the initial days of being a freelancer, you are most likely losing money rather than making any money.
Some people are more suited to a 9 to 5 as it has an external schedule with regular timings and corporate pressure. As a freelancer, you need to set your own schedule. This is where many fail as they lack the discipline to do so.
In the corporate world, you are more likely to get things done when someone holds you accountable to them or when you have to report to someone. As a freelancer, you are not answerable to anyone but yourself. You are only responsible for delivering the work to your clients.
The corporate world is a safe environment for many as they know their daily routine and expectations. They rarely have to give a second thought to what they should be doing at any given point in time. The freelance world is completely different. You get to set your own routine along with client expectations. If the client expects more work, you have the liberty to charge more.
Apart from this, there are some added benefits of being a freelancer -
Working from any part of the world for anyone is possible.
It is cost-effective for businesses to hire a freelancer vs a full-time employee.
You learn things about a business that you otherwise may not as a full-time employee.
With enough experience, you can double your rates, half the working hours, hire others, and outsource work.
Remember that choosing between the two is entirely up to you and what you are more comfortable doing.
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Ready to dive into the world of freelancing? The Ultimate Guide To Freelancing And Remote Work is a guide to help the user in being an independent and effective freelancer or remote worker.
This book will help you in -
- Understanding the approach to being a freelancer.
- Learning the type of freelance that works best for you.
- Knowing how to set up your freelance business.
- Creating contracts.
- Setting prices and ensuring you get paid.
- Learning the different types of clients and how to effectively deal with them.
- Managing all your expenses and running a successful freelance business.
*BONUS INCLUDED*
- Contract Template that you can use to create contracts with your clients.
- List of over 30 websites to help you find remote work.
- List of over 40 Facebook Groups to help you find freelance and remote work.
- Printables and other additional resources to help you get up and running.
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