Is Freelancing The Answer To Today’s Unstable Economy?

The recent economic depression in the United States alerted many working professionals to just how delicate their employment situation is. Many people lost jobs and others lived with the fear of joining former co-workers in the unemployment line. Inevitably, some turned to freelancing as a way to curb their financial losses.

Is Freelancing The Answer To Today's Unstable Economy?

But for some, those freelancing efforts became not just a part-time source of income, but a full-time gig. Laid off professionals found so much success in their freelancing efforts that, in some cases, they stopped looking for new work and stuck with their new source of income.

Of course, that’s not the case for everyone who ventures into the world of freelancing. Freelancing’s value as a safe alternative to traditional employment varies. In order to decide what’s best for you, there are some key issues to consider before deciding on freelancing as a full-time pursuit.

Freelancing offers a lack of overhead management

When you freelance, you essentially become your own boss. For some people, this can be a point of security. A boss isn’t always a good thing, and some people trust themselves more than they do their employers. Of course, the lack of a boss means that accountability and quality assurance is all on your shoulders.

Freelancing diversifies your income

When you work for a single employer, you have a single income. It only takes one layoff to drop your income to zero. Freelancing, meanwhile, allows you to  diversify your income streams. Even if you lose one client, you still have your other ones to rely on.

Of course, freelancing also means that your income stream is less stable, and the risk of losing at least some clients is much greater. You reduce the risk of losing all your income at once, though, which is a big draw for some workers.

You can brand yourself as a freelancer

If you commit yourself to freelancing pursuits, you can increase your visibility by establishing your brand. To do this effectively, you’ll want to  get a logo designed  that will tie in with your mission “” in this case, your freelancing focus.

The logo will be instrumental in helping you communicate your freelancing intentions visually. Coming up with a strong logo design isn’t hard, either, especially if you’re willing to put this task in the hands of knowledgeable designers.

Freelancers have greater control over their fate

The rough economy has disturbed many people’s job security when working for a single company. They’re now more aware that business bottom lines are what keep them employed, not a sense of commitment to workers. Freelancing can ease those fears by allowing you to take your fate into your own hands “” you will be solely responsible for the success or failure of your business.

Working values are changing

Professionals are now less inclined to spend 40 hours a week behind the desk in an office. Working from home, and on a flexible schedule, is one of the perks many people covet. Freelancing lets you create your own schedule and work wherever you want “” at home, on the road, in a coffee shop or on an airplane.

Of course, freelancing isn’t right for everyone. There’s a considerable amount of self-discipline that goes into this career move, and you need to be  resourceful and diligent enough  to continue generating new business opportunities while pushing your brand. That’s why anyone should carefully weigh the pros and cons of this move before they dive into freelancing.

About The Guest Author: Dawn Altnam lives and works in the Midwest, and she enjoys following the business tech world along with occasionally blogging for Deluxe. After furthering her education, she has spent some time researching her interests and blogging of her discoveries often.

Freelance Photo via Shutterstock

2 Comments Is Freelancing The Answer To Today’s Unstable Economy?

  1. Lilian

    Having run my own freelance/consulting copywriting/social media & marketing business since 2008, I do have to agree on some level. However, in the region that I currently live in, contract work is hard to come by…and yet full-time is also out of the question due to the possibility of a move. However, when I do get good projects, I enjoy the work and through promoting myself and my business, I’ve since learned much more about marketing & the platforms out there than I ever would have working for a company.

    Reply

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