Overview Of Freelancing

Overview Of Freelancing


Disclaimer


This blog post is for informational purposes only. I tried to make the content in this post as accurate as possible, but I cannot guarantee that this post is completely reliable or free of errors.


What is Freelancing


Freelancing is a flexible form of employment that allows individuals to use their skills by offering their services to businesses that need them.


How Freelancing is Different From Regular Employment


Working Hours: In a job, an employee is required to work specific working hours for his or her employer throughout the week. As a Freelancer, you can choose your own working hours and do not have a specific work schedule.

Getting Paid: In a job, an employee is paid a fixed salary. As a Freelancer, the amount that you get paid depends upon the project that you are completing for a client.  This amount can greatly vary with each client.


Examples


Here are some examples that illustrates this:

1. Employee:

Hourly Wage: $10/hour  (8 hour work days)  (Work 5 days a week)

Working Hours: 960 hours (6 months)

Weekly and Monthly Salary: ($400 a week) ($1600 a month) ($9600 for six months)

2. Freelancer:

Clients: 2 Clients (2 Projects)

Length of Each Project:

1st Client: 2 month Project

2nd Client: 4 month Project

No Required Working Hours: Work whenever you want

Total Payout For Each Project: 

1st Client: ($3000 for 2 months) ($1500 for 1 month)

2nd Client: ($5000 for 4 months) ($1250 for 1 month)


Should you become a Freelancer


Generally Speaking, being a freelancer is more risky than being employee. There are a variety of reasons for this:

Contract Length:  Contracts made with clients as a Freelancer tend be short in length and usually last around 3 to 6 months. These short term arrangements with clients make it difficult to always have opportunity as a Freelancer. You always have to anticipate your next client as you are working with your current client. Being an employee is less risky. As an employee, your working hours and salary are arranged by your employer and are fixed.  You adhere to a certain schedule every week and your hourly wage rate is fixed. Contracts that are arranged between employees and employers are on average longer than contracts between freelancers and clients. Having long term employment is less risky than short term employment.

Discipline: Since you don’t have scheduled working hours as a Freelancer, you really have to commit yourself to your own working hours. Having a schedule helps provide structure to your work day. Not having organized working hours makes disciplining yourself more difficult.

Distractions: Unlike a regular office setting, the potential of being distracted is higher. If there is no one looking after you, then its easier to be less efficient with your time. Being a Freelancer could mean much more time on Youtube or Netflix and less time spent on getting work done.

I hope you found this information helpful. Feel free to leave any questions or comments in the comment box below. Please let me know if there is something you would have liked to have seen in this post or in a separate post.

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