A year ago I would have probably laughed at the idea of working freelance. I was a workaholic, loved my job, loved the team and the clients. I had started off as a part time video editor during my University years and 6 years later, I was managing office operations and marketing. But change has a way of catching you off guard and due to company changes I decided to part ways. So there you have it, change. Which is something not necessarily scary. You have to look at it from a different perspective and take it as an opportunity; which I did with arms wide open.
I figured that I am resourceful. It’s not going to be easy, I thought to myself. It was much easier for me to get a full time job. In fact, I already had a couple of job offers until the end of my notice. And another 2 job offers just last month. Crazy for not accepting, you say? Maybe.
But I have this tendency to walk past the shortcut and up the hill. After 7 years working for the same company (something I wouldn’t change because I learned a lot from that experience), this was my break. A chance to fulfil my true potential because I always knew I was worth more, that I can do more.
There’s always that one nagging thought though, evilly conjuring images of failure. But honestly, isn’t that one of the definitions of life? Failure, after all, is “the opportunity to begin again more intelligently.” Or so Henry Ford said. But I think he was right.
So, to get to the point. Freelance Work vs. a Salary Job. What are the pros and cons? For each person, it’s a different story and this is not about what is wrong or right because what might work for you might not be the best way forward for me. But, based on my experience so far, there are 3 main areas which I thought worth covering in this post:
- Financial Security & Stability
Although you cannot really foresee the future; one minute you have a full time job and the next you don’t, it is safe to say that a salary job is more stable and financially secure than freelancing.
In general, full time salaried employees get a monthly paycheck as long as they get the job done. They (should) get paid for their off days, are allowed sick days and some even enjoy health benefits.
Freelancing on the other hand is quite unstable. One month you are overflowing with work and the next, you can kiss your wage goodbye. But, on the bright side, if you eventually have multiple clients, if you lose one, you can gain another.
- Motivation & Job Satisfaction
One of the hardest things is to stay motivated (and focused). In reality, you simply need to have your goals clearly stated and an action plan to achieve them. If you love what you do, then there you have it! If you put your heart and soul into what you’re doing, there is a high chance that others will see it too. And if that doesn’t work, an empty pocket will probably be motivation enough!
As for salaried employees, I think that motivation is linked to job satisfaction which in turn goes hand in hand with appreciation. Regardless of how much you love your job, if you feel unappreciated, job satisfaction and motivation go out the window.
So if you’re doing a good job and your employer acknowledges that with a promotion, a bonus or sometimes even just a “thanks-for-all-the-effort-and-dedication-you-put-into-your-work”, your motivation level shoots up. If not, there is probably something not quite right. Either you’re doing something wrong or else, you’re doing everything right and more, and they just don’t give a flying hoot about it!
Although you can achieve a work-life balance when working full time, freelancers have even more flexibility because they are in control of the projects they undertake. Although I’m just starting out as a freelancer, I enjoy the fact that I am able to attend conferences, set up meetings, go to seminars and lectures without having to ask for a day off because I can schedule around an agenda that I created for myself.
And this, not taking into consideration that my work space is different every week! So far: the desk, the couch, on the floor (!), in a garden , in a café (correction – several cafés), at a client’s, at the beach. Endless. The options are endless!
There is so much more to say and I can go on forever! But I will leave you with my favourite places I go to for inspiration and sometimes to simply clear my mind from the everyday clatter. It doesn’t matter if you’re working freelance or full time; you still need to unwind 🙂