Freelancing is an ideal option for professionals who want to break away from the world of bosses, salaries and fixed number of holidays. Whether you want to break free from a full-time job or desire to manage multiple professions here’s what you need to consider before you decide to bid adieu to your full time job.
Freelance workers are self-employed, but they don’t own a store like a merchant, a professional office, like a doctor or lawyer, or a salon like a hairstylist. A 'free lance', (medieval term for a mercenary soldier) is a soldier who is not attached to any particular master or government and can be hired for the task at hand. Freelance photographers, graphic designers, dress designers and writers are common examples.
Usually freelancers work on a project-to-project basis. Whether the project is a photo-shoot, a video presentation, a book, a technical report, or even a performance, freelancers are hired to do their jobs because they have specific skills that can meet a very specific task.
Freelancers may charge by the day or hour, or on a per-job basis. Payment arrangements may be upfront, half-half, or upon completion. Some require clients to sign written contracts, while others may perform work based on verbal agreements. Some freelancers may provide written estimates of work and request deposits from clients.
There’s more to freelancing than just knowing design, illustration, creative writing, music, or providing professional services. A couple of years experience as a full-time employee in the concerned field is important and essential to understand the flow of work. A big part of the freelancing business is business itself, requiring a good grasp of bookkeeping, marketing, accounting, and tax and retirement planning. Freelancers need to know how to win new clients, how to self-promote, network, and organize their work schedules and inputs.
Benefits:
Freedom to choose work and timings
Variety of assignments for creative expression
Can work for more than one firm/client at the same time
Drawbacks:
Uncertainty of work and no job security
Lack of company benefits such as provident fund, health insurance or retirement pay
Need to handle contracts, legal issues, accounting, marketing, and other business functions on your own
