The freelance economy is a hot topic these days. With more studies coming out confirming the benefits of freelancing and remote work, in addition to an influx of communication tools that make it easier to work from anywhere in the world, there is a whole new workforce forming that is defining the future of work. While it may sound great on paper (wake up when you want, work when you want and go out when you want) in reality, freelancing is challenging and takes a lot of hard work and dedication. Before you decide to quit your job, it’s important to understand the pros and cons of going full-time freelance, so you can go into it knowing what to expect.

You Have to Make Your Own Community

Pro

For many freelancers, having the option to pick and choose who they work with is one of the best parts of being self-employed. As the freelance workforce has grown, so has a number of communal workspaces that house the self-employed. Co-working spaces have been around for over a decade, and aim to provide thriving professional communities that offer fully equipped inspiring workspaces and plenty of networking events to keep you busy every night of the week.

Con

For some freelancers, there aren’t as many options available. Perhaps there isn’t a co-working community available near you, or if there is, maybe you aren’t making enough money to purchase a membership just yet. Before you can earn enough to afford a membership in a co-working space, it can be quite isolating when first starting out.

Finances Can Get Tricky

Pro

While it can take a little getting used to, especially if you have been working in a more traditional role in the past, there are a wealth of tools that help freelancers manage their finances which are available on the market today. In addition to technology being on the side of the self-employed, there are also various online platforms that provide a wealth of financial experts that can help you organize your finances so that you are prepared come tax season.

Con

Managing your finances can be stressful, even with the help of apps like QuickBooks and the advice of financial experts. Before you make the leap to self-employment it’s important to consider whether or not you are prepared to pay some of the necessary fees that are required of freelancers. There are costs involved, and depending on where in the world you live, these costs may vary.

You Can Have As Many Clients As You Want

Pro

For many people, the point of going freelance is to have the choice to work with who they want, when they want. Perhaps you’re working on a project and have a little extra time, which is a welcome opportunity to make a bit of extra money. In addition to increasing your income, working with different clients is an invaluable way to diversify your résumé, and expand your skillset.

Con

Unfortunately, it can also be difficult for freelancers to find enough clients. First-time freelancers can benefit by already having a client set up before they leave any stable position, as it can take time to find enough projects to earn a regular income. Another risk that potential freelancers must always take in consideration is that even if they do find enough business it might not pay the bills. That’s why it’s imperative for those who are self-employed for the first time to protect themselves, by demanding pay at a certain time of the month and drawing up a contract to avoid getting let go without compensation. Even if you aren’t ready to start freelancing that doesn’t mean you won’t be in the future. Before you make any decisions, it’s paramount that you consider the pros and cons of going freelance so you are prepared for both the best and the worst.