Your Business of One - What are the Pros and Cons of Freelancing?

March 13, 2022

We know that Freelance work is now a viable employment option.

So, What are the pros and cons of freelancing?

Pros of freelancing

1.   Flexible working hours – You pick your hours, work from anywhere

2.   Good work-life balance – With no rules,you can take regular breaks

3.   Control over your workload – You can be selective about which tasks to take on.

4.   International clients – As the majority of freelance work is done online, freelancers can work with people from around the world

5.   Potential to make a lot of money – With the right reputation, the amount of money you can earn is limitless.

Cons of freelancing

1.   Keeping up with tax – Filling out self-assessment tax returns is confusing, registering for VAT is impossible, also do you need a business name? We can help with all these queries and more as we are the expert back office providers for freelancers.

2.   Unstable income – You might have to deal with late payments and it's not always easy to find commissions

3.   Work is competitive – Plenty of people will be applying for the best projects, so you'll have to work hard to gain experience and make your application stand out