My Top 5 Pros and Cons of Freelancing
Have you got a freelance business idea percolating in the back of your mind, but you’re not sure whether to take the plunge or not? Read below where I weigh up the pros and cons from my own personal experience.
It takes a lot of time
I’m not going to lie, you’ll be very busy! Often you will be launching a business when you have a day job and other commitments too. Freelance side hustles take excellent time management skills and sacrifice. You may not have time to watch TV some nights and maybe you’ll have to say no to a coffee catch up with a friend on a Sunday afternoon. In short, you’ll need to be prepared to make sacrifices and prioritise your business endeavours.
It might take a lot of your time, but it is virtually a risk-free way of dipping your toes into the business pool. So it takes time to launch and run a freelance business – nothing worthwhile ever came easy! I believe in my service and have found the whole process of starting a business really interesting and I’m thrilled I took a chance! The pay-offs are not just financial. I have worked with some amazing people and learnt so much along the way.
There’s no step-by-step guide
You do need to be very resourceful to ensure you’ve considered everything you need to, both from a regulatory and legal standpoint and also in regards to making the decisions that are going to put you in the best position going forward. Do you know exactly what you need to create a website for example?
Whilst there cannot be a step-by-step guide that covers all businesses, there are heaps of great resources available. From deciding what business structure to use to industry-specific requirements – the internet is your friend! Some great resources I’ve used include the ATO website, local government websites and industry contacts. If you want to work in a more complex industry, seek legal advice to ensure all your ducks are in a row.
There’s a lot more admin than expected
You’ll be IT, Sales, Finance and more – it’s just the way it is. I had heard rumours about this, but it is true; you need to work ON your business just as much as you work IN the business.
The flip side is you have 100% control over your business baby! It’s quite a refreshing cultural shift when you’ve worked for large organisations for a long time. You’ll soon determine what your personal strengths and weaknesses are in order to decide what you can out-source and when. Bookkeepers and virtual assistants are there to help you!
Wow – so much unpaid work
Yep – not everything is about earning a quid, but we all have bills to pay. Having an irregular income can be quite a shock to the system. This is one of the reasons I’ve opted for the side hustle approach to start my small business.
When times are tough, you need to remember that it’s all leading somewhere. It’s about taking opportunities when they arise. What you think is a fruitless email sales campaign, is anything but! Not everyone (maybe no one!) on your contacts list will be in the market for your product or service the day you hit ‘send’. They might be next week, next month or next year though. That’s when you want them to remember you!
When you’re used to working in a large organisation and being able to bounce ideas around a room and seek immediate feedback, it’s quite the wake-up call when it’s just you staring at a blank notepad.
No more seeking approval! Freedom! Plus you get to choose what clients you work with – even better! Still lonely? There are so many things that you can do such as; seeking out a co-working space, join networks, create a network of your own or attend personal/professional development seminars
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