Definition and Meaning
Freelancing is when a self-employed person works from the comfort of anywhere without being bound to a single employer on a long-term basis. In the simplest of terms, it is working remotely, offering skills and services to multiple clients on a project basis. A freelancer is someone who works remotely.
Unlike the traditional worker or employee, a freelancer works for himself and has control over work hours, the pay per project, and the time spent on each project. Freelancing gives people the opportunity and ability to diversify, not only in services but also in income sources.
Those who freelance offer a diverse range of skills and services. So, this means that freelancing cuts across different industries; Marketing, Virtual assistance, Project management, content creation, Social Media management and marketing, Writing, editing and proofreading, Graphics design, Video editing, Human resources, UI/UX design, Web development, Education, Health, etc.
Basic tools needed for freelancing
Regardless of the skills and services a freelancer offers or would be offering, there are some basic tools that he or she needs that are necessary for easy and smooth work. These basic tools are:
- Phone
- Laptop
- Internet connection
Pros and Cons of Freelancing
Before starting out as a freelancer, it’s important that you know the pros and cons of what freelancing entails. This way, you get to decide if it’s worth going into. Let’s dive in!
Pros:
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- Flexibility: One of the major benefits a freelancer enjoys, unlike a traditional employee, is the flexibility that comes with freelancing. The choice over schedule, where to work, when to work, and how many hours to work is what a traditional employee cannot afford.
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- Multiple streams of income: Another advantage of freelancing is that it allows for multiple streams of income. This is because freelancers don’t work with only one client. They work with as many clients as they can handle, and they may not offer the same services to each client. Even if they do, they won’t charge each client the same price, depending on the project that is to be handled. The ones that offer different services and skills to different clients will have price variations.
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- Constant Skill Upgrade: The digital world itself calls for constant learning and upgrading of knowledge. The services a freelancer offers do not require his physical presence but are delivered digitally. He or she gets to work on several clients and projects that would require him to update his knowledge bank; in return, he learns, unlearns, and relearns constantly on the go as new tools and means are released to make work efficiency better.
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- Independence: Freelancers are their own bosses. They are representatives of their own businesses, so they get to choose what kind of project to take on (full-time, part-time, or contract-based), their rates, the location they work from, and how they get to spend their time.
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- Possibility of earning more in foreign currencies: Most times, freelancers work with clients that are on the other side of the world. So, they can get to earn in foreign currencies, which will possibly make them earn more compared to a traditional employee. This is why freelancing is the very means to going BORDERLESS.
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- Say goodbye to commuting: In a continent like Africa, the cost, time, and stress it takes the average traditional employee to get to work are high. Since freelancing affords the freelancer flexibility, there is no need to resume to a physical workplace. This means that he or she gets to say goodbye to all that relates to commuting to work daily and gets to enjoy the comfort of working anywhere daily.
Cons:
- Possibility of Income Irregularity: One of the disadvantages of freelancing compared to traditional employment is that freelancers may experience irregularities in their income flow. This is due to the fluctuations in the number of clients they work with and the projects they work on.
- No Work Benefit: Work benefits like health insurance, paid time off, or a retirement plan package that traditional employees enjoy are not given to freelancers. They are paid per hour based on the project, and that’s all.
- No job security: The security that traditional employment has is not guaranteed for freelancers. This is why freelancers must continuously seek out new jobs and opportunities.
- Less social (workplace) interactions: The traditional workplace builds a structure for social interactions amongst workers and management, but freelancing doesn’t. It breeds isolation. So, the freelancer would need to create other means of social interaction to avoid depression, boredom, or feelings of missing out.
- High competition: Freelancers also have to deal with high competition rates when it comes to securing a job. There are lots of skilled and qualified freelancers who can do what they do even better. Invariably, they must do all they can to stand out amongst others vying for the same opportunity.
- Lack of constant workload: From time to time, freelancers may experience periods when there are heavy or light workloads. This is also dependent on the number of jobs they take on.
The Significant role of freelancing on Individuals and businesses
The importance of Freelancing cannot be overemphasized, but understanding the significant roles it plays in today’s economy will help you see things from a better perspective. Here are some of the roles freelancing plays:
- Flexibility for individuals: As mentioned earlier, it allows individuals to be able to have a say in how, where, and when they work. This is a better choice for those who want to have a better work-life balance.
- Global Talent Pool for Businesses: As a Global Talent Recruiter, I have seen firsthand how freelancing allows for Bordelessness. Businesses are able to choose from a large pool of talents for job requirements. This allows them to be able to hire highly skilled and specialized individuals that would bring amazing turnarounds to their businesses.
- Entrepreneurship development and opportunities for individuals: Freelancing develops entrepreneurial skills and mindsets in freelancers. It allows them to pursue entrepreneurship opportunities that will make them stretch and become better individuals.
- Cost-effective for Businesses: Since benefits like a retirement plan or health insurance are not part of the deal when it comes to hiring freelancers, it’s cost-effective for businesses to save up on some other expenses like office space and overhead costs.
- Job opportunities for individuals: Platforms where remote job opportunities are posted are increasing steadily. This gives individuals better options to choose from, as many businesses are starting to become more open to freelancing.
- Workforce Diversity and Innovation for Businesses: As businesses become more open to freelancers, it gives more room for a Global work environment. And because of the diversity in cultures, locations, and backgrounds, individuals come up with creative innovations that will drive businesses forward. New ideas will be born as a result of unique experiences and exposure.
- Skill development for individuals: Due to the nature of Freelancing, individuals get to develop and refine their skills. This is because they are exposed to various projects that would require them to learn new things or do the old better. Basically, this will be an advantage to the individual, as it will increase their value.
- Economic improvement: Freelancers are part of the unique labor market, and they help improve the economy with the services they offer and the income they generate.
In Conclusion
Choosing to become a freelancer should not be done on a whim, but careful consideration of personal and professional goals should be taken into consideration. Freelancing is not easy. It takes hard work, patience, and commitment to really see results. You can do it! This year, no gree for financial limitations oo.
Temitope Olukunle-Okeseeyin
Founder, University of Freelancing.
https://universityoffreelancing.org/unmute-your-mic-in-2024/
https://universityoffreelancing.org/building-your-career-in-a-vuca-world/
