Be your own Boss!

Traditionally once desired qualification was attained; people preferred to be employed in a company, work there their entire lives and eventually retire from the same company years later. With changing times those days are now gone and people expect multiple career changes throughout their working lifetime to seize better opportunities. Hence, people switch jobs, selling their skills to the highest bidder. This evolution has also given rise to the career choice of being a Freelancer.

Though the idea sounds pretty lucrative, the decision of being your own boss comes at a cost. Let us help you evaluate pros and cons for both and assist you in decision making.

1. Flexibility :

For Employees: Though companies are aiming to provide better work-life balance to employees now, let’s agree they have still long way to go. In fact, owing to demanding schedule most employees end up working much longer than standard "nine to five" and are also expected to be available on phones and e-mails while they are outside office.

For Freelancers: You can expect a lot more flexibility. As long as you can meet your deadlines and finish assignments on time, you can pick and set your own working hours. However, you ought to be careful; work should not pile up and quality should not compromise while you choose to relax.

Take Away: If you like to follow a fixed routine, a full time salary job is right fit for you. If you like to follow your own schedule and intend to devote your time to other commitments apart from work then freelancing is better fit.

2. Control :

For Employees: While working in an organization, you have a boss and are bound to follow the orders. Also, you have to follow the set code of conduct, rules, and regulations set by the organization; thus, leaving you with limited control over your activities.

For Freelancers: You have liberty of selecting your assignments. However, realise that at the end of month you have to pay your bills, so evaluate before you reject assignments. Also, "Client" is your boss so though you have autonomy over the work you do; you have to meet client’s expectations.

Take Away: It seems that being freelancer gives you complete control over your work; but that is only partially true.

3. Motivation :

For Employees: The motivation in this case comes to you in a structured way – performance review, bonus, or a promotion. Even meeting daily targets serve as motivation because at the end of the day, you have to keep management happy.

For Freelancers: Being a freelancer, you have to be self motivated. You have to get your own clients, do your own marketing, and all of that without someone being at your back to tell you to do so. You have to be responsible for your actions and their consequences.

Take Away: If you are not good at motivating yourself, go for salaried job. As a freelancer you need to take initiative yourself, be a self-starter and self-believer

4. Security & Stability:

For Employees: As long as you are employed, you have an assurance of getting your pay check every month. Even if things go wrong, and you get fired, your employer is generally bound to give you some notice period or compensation.

For Freelancers: It is comparatively very unstable but the good thing is you don’t have all your eggs in one basket. If you have multiple clients, and lose one, you have another source of income till you find new client.

Take Away: Being employed gives you stability. If you are laden with financial burdens, this may seem a better option; Freelancing needs you to be tolerant though multiple stream of income may give you some security in long run.

5. Investment:

For Employees: As an employee you are not expected to make any investment except your time and skills. You are provided with the required working environment and resources to cater your responsibilities.

For Freelancers: Whether you do it all by yourself or work in a team, you will have to make create some basic infrastructure like work stations, internet connection, hiring a team, hiring a meeting room or a designated meeting space to conduct team and client meetings etc.

Take Away: Being a freelancer, you have to make some basic investment unlike while being employed.

Now that you’ve read some basic differences, you can evaluate and make an informed decision based on your personal preferences and expectations from work life. Take some time and engage in self analysis before you go ahead and make the best career move for yourself.

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