Are you bored of your 9-to-5 job and wish to freelance because your growth appears stagnant?
Or
Do you wish to get a steady 9-to-5 job since freelancing appears to be too unstable for you?
Or
Are you still in university and deciding which one of them is better for you?
Well well, I will guide you through. This article tries to list the pros and cons of both freelancing and 9 to 5. And then the choice is all yours. But remember, as Paulo Coelho says “When we strive to become better than we are, everything around us becomes better too.” Therefore, all kinds of work require dedication and hard work and there’s no shortcut to that.
Now let us first understand what freelancing entails. A freelancer works for himself rather than for a business. Freelancers work for firms and organizations on a contract basis and thus they are not considered as employees rather they are known as contractors. Unlike a conventional 9 to 5 employee, freelancers have freedom over their working hours, payment, the number of projects they undertake, etc. Sounds interesting right? Believe me, it is.
The most important perk to freelancing is the freedom you get. You are your own BOSS. You get to decide what project you undertake, set your own working hours, and how much you want to get paid for the work you do. Another advantage of freelancing is that you have high chance of getting paid more than an employee doing the same project. This is due to the fact that the majority of freelancers are paid on an hourly basis. They can even provide services to many companies at the same time and earn additional money subject to the successful compilation of the project at an agreed timeline. There are a variety of tax benefits and incentives available to freelancers and therefore they are able to keep a larger portion of their payments.
All good things till now. Then what about the cons?
Well, full-time employees have access to a good number of perks from the company that freelancers don’t get. This implies you are responsible for your own insurance costs and are not eligible for any paid vacation days or other perks provided by the employer. Self-motivation is essential for freelancers. They must find their own clients, market themselves, and negotiate their own contracts, among other things. Also, freelancing can be quite unstable if you don’t have sound financial management skills and the skill to market yourself to find new clients. Some months will be brimming with activity, while others will be deserted. You can be relying on a long-term contract with one client, but they might not require you anymore. So you see, being your own boss sounds very enticing but it comes with its own set of big responsibilities and risks.
Let us consider a regular 9 to 5 job now. As it suggests, it is regular. You have job security, a definite paycheck by the end of every month, and all the other employee perks which vary from company to company. Some of these perks include health insurance, sick leaves, parental leave, PF, and maybe a retirement plan too. Companies frequently provide free training to help you improve your skills. Employees get the safety of a contract, a regular work schedule, and a regular salary, which allows them to budget for the future. There is no stress of finding new gigs every now and then and you have a certain stability in your life.
However, the responsibilities can get tedious, and you may not be able to advance in such a position. You might feel thrown off, and you may be required to complete duties that are beyond your job description. The pay could be less when compared to the amount of time you dedicate and the work you get done. Employees who work full-time have a manager who instructs them what has to be done and at what priority. They must follow the organization’s guidelines all the time. They have less influence over their work and are required to report to their superiors at all times.
Both 9 to 5 and freelancing have their own set of merits and demerits. Which one works best for you is determined by YOU and your personality.
Are you an extremely self-motivated and adventurous person who likes freedom while working?
Or do you prefer a job that might pay you less but at least offers you security and several other employee perks?
The choice is yours. Of course, your preferences may vary over time, so you can try out both alternatives to discover which one works best for you.
