Let the fight begin. Freelancing vs. full-time employment I don’t mean actual fights, but rather a comparison of these two methods of generating money.
There are several differences between full-time and freelance jobs. Let’s go into the specifics.
A full-time employee typically works eight-hour days and forty-hour weeks. However, this may vary based on the industry and the nature of the employment.
The assumption is also a five-day workweek; however, this varies by employment.
Freelancing, on the other hand, is contract-based work where people use their skills and knowledge to help a variety of clients instead of being hired by an organization.
Working as a freelancer allows you to use your skills, expertise, and experience to work with a variety of clients and take on a variety of assignments without committing to a single company. How many assignments or tasks you can take on depends on how quickly you can finish them.
When you work as a freelancer, you usually get jobs (called “gigs”) that let you work from home.
Which Should You Take: A Freelance Job Or A Full-Time Job?
Both occupations have different requirements, and you may choose the one that best fits you and your schedule.
When picking between the two, there are a few aspects to consider.
Flexibility vs. Stability
The stability of an employment contract and a set work schedule benefits the full-time employees. They also have a steady income, which allows them to plan for the future. Contrary to popular belief, freelancers are not rewarded for vacation days. Furthermore, there is sometimes no promise of employment for the following week or day.
As a result, freelancers’ earnings fluctuate erratically. They do, however, have the freedom to work whenever and wherever they choose (at night, in bed, or at a coffee shop). They set their own working hours.
Also, they can work for many organizations at the same time and make more money if they meet the deadlines they agreed to.
Liberty vs. Security
These are two critical considerations when selecting between freelancing and full-time work. The chance to be your own boss is one of the most compelling reasons to freelance. And, if everything goes as planned, you’ll be able to select how much you want to work and how much money you want to make.
In contrast, when working for a company, these benefits are generally limited by rigid hierarchies that stifle your advancement. And if you want to go forward, you’ll almost certainly have to wait for an opening. Otherwise, you’ll have to make do with a once-a-year raise.
While we’re on the issue, it’s likely the most major impediment to working for yourself.
As a freelancer, you do not receive a regular monthly payment put into your bank account. You must work for it: if you are sick, you will not be compensated.
Furthermore, you will not be compensated if you are on vacation. If the industry slows, you will not be rewarded.
If you have a permanent work contract, things are not the same. You have a set salary and know when you’ll be paid next.
Salary vs. Pay As You Go
Working a full-time job ensures that you will be paid every 30 days or every week, depending on where you work.
As a freelancer, you only get paid when you complete the task assigned to you. Therefore, this may not be ideal for those who need to pay their expenses daily, because if they don’t get jobs, they don’t get paid. Even still, getting paid anytime you have full-time work provides the stability that many people seek.
What Are the Differences Between Full-Time and Freelance Work?
My comparison of full-time vs. freelance work will be incomplete until the correlations are demonstrated.
As much as I enjoy freelancing, its operations are very similar to full-time online work. However, there are a few differences that we will discuss in this piece.
But first, consider the few parallels between full-time and freelance work.
Getting a Promotion
Employees are promoted to recognize their dedication and hard work on the job. It’s pretty much the same for freelancers, except they offer themselves a promotion, a break, a raise, a new gadget, and so on. Increasing their rates, dealing with a wider customer base, and so on are all part of that campaign.
More and Better Opportunities
Corporate employees are constantly looking for their next big break-a new designation, job, rewards, or environment-whether within the company or beyond. Employees and freelancers are the same.
A freelancer, like any employee, does not work for the same client for the duration of their career. It’s simply not how a freelance business operates.
Sure, every freelancer has clients that want to work with them again and again, but that connection does not last. They will ultimately transition to other clients.
The Politics of the Workplace
Every day, office workers deal with workplace politics and the various actions and personalities of their coworkers, which range from passive-aggressive coworkers to know-it-all colleagues. If you’ve ever worked in an office, you’ve seen them all.
Freelancers face these characters regularly, but they do so through their clients rather than coworkers. The question of client personalities nearly always comes up when two or more freelancers meet together.
In corporate employment, 9-to-5 employees are paid a predetermined salary with a yearly raise. Freelancers appear to be the polar opposite on the surface.
They set their prices and can raise them at any moment. Regular employees, on the other hand, negotiate their salaries in the same manner as freelancers negotiate their rates with clients.
While you may not be completely responsible for a single project or deadline, working in a corporation gives you a safety net for accepting responsibility when things go wrong.
In a corporate environment, regardless of which member of their staff was to blame for a failed project, management gets the majority of the responsibility.
When things go wrong, regardless of your job function, you get to take ALL of the responsibility, which is similar to freelancing.
What Are the Advantages of Working Full-Time?
Working in an organization or company full-time means working in their required ways.
Some jobs may need 8–10 hours of work per day, 5–6 hours per day, or 3–4 hours per day. It might also be the night, day, or morning shift.
In a word, you must be completely accessible to the organization depending on their requirements. Most importantly, they will reimburse you.
But first, consider the advantages of having full-time work.
- Consistent earnings
The majority of full-time employees are paid weekly or biweekly and have set salaries. Every paycheck will be the same amount of money for the entire number of work hours, so you’ll know how much money to expect in your monthly bank account and will be able to budget accordingly based on your expenses.
Most businesses provide their employees with health benefits as well as other insurance products such as dental and life insurance. These may be given at a business discount or compensated, depending on the role and employer. Insurance can be important if something unexpected happens, like a short-term disability, and it can also help pay for medical costs.
- Paid vacation
Employees frequently receive a certain amount of paid time off every pay period, which may be used for vacation or sick leave. Companies also give paid time off for holidays such as Thanksgiving and Christmas, as well as parental leave after the birth of a child.
- Plans for retirement
Employees can plan for the future by contributing to a retirement plan. Some companies provide an employer contribution match, which means they will match a percentage of the employee’s contributions.
If you change jobs, you may be able to keep your retirement earnings by rolling them over to the retirement plan of your new employer.
What are the drawbacks to working full time?
- The tendency to become immobile
Working at the same job for an extended length of time may cause boredom and a lack of motivation to change. Working on the same tasks every day might become monotonous.
To avoid getting stuck, keep improving your professional skills and try to take on more difficult tasks at work.
- increased workplace stress.
Since working full time means spending a lot of time at work every day, trying to do more than one job at the same time may cause more stress at work.
To prioritize what has to be done first, make a to-do list and rate your duties in order of priority.
- You could become bored.
Boredom is one of the major hidden drawbacks of full-time work. Boredom comes from doing the same thing over and over again, and not being interested in your job can severely limit your options.
It lowers productivity by interfering with ongoing performance management, analysis, and employee return on investment. Boredom, in effect, makes you a less effective worker.
- Your resume might be lacking in diversity.
Although loyalty to a company is wonderful, CVs are designed to display your versatility, flexibility, and enthusiasm for the industry in which you work.
Since your CV should show what you want to do with your career, staying at the same job for a long time may show that you don’t want to move up or improve your career.
What Are the Advantages of Freelancing?
Freelancing offers many advantages, and one of the most delightful advantages of my 6 years as a full-time freelancer is that I have time to prepare, which is fantastic for me. However, there are further advantages to freelancing.
Freelancers have the unique opportunity to choose who they work with. They can also work with a huge number of customers or just a few select ones.
Another benefit of freelancing is the ability to choose your own workload. You can work as much or as little as you want and prioritize your responsibilities.
You can focus on the work you prefer without being distracted by the distractions of full-time employment, such as meetings, office politics, office diversions, and so on.
Dismantling the Monopoly
Once you’ve adopted an independent lifestyle, the ball is in your court. Because you have total control over both, you are free to mix and match your customers and projects.
You may not only choose the sort of job you want to accomplish, but you can also choose your office hours.
Work as long as your creative juices are flowing, and take breaks anytime you choose. There will be no more relying on the clock to eat lunch or take a tea break. Make your routine unique.
Improve your skill set.
The exciting aspect of working on several projects is that you learn something new with each new task.
Freelancing allows you to step outside of your comfort zone and work on a project you’ve always wanted to accomplish but were too terrified to attempt.
Many young professionals have side businesses they are passionate about but lack the time to devote to them. When you work as a freelancer, you have control over your workload.
You can accept jobs that aren’t too time-consuming and will provide you with enough time and energy to focus on your side of the company.
Earnings from Various Sources
One important benefit of working as a freelancer is that there is no upper limit to your earnings. There are no rules that limit the number of projects that can be worked on concurrently.
If you are a jack of many, if not all, trades, you may work on many jobs that need a variety of skills at the same time. This helps you to be more productive while mining more money.
What Are the Drawbacks of Freelance Work?
There are many benefits to freelancing, such as a better balance between work and life, the ability to choose your work hours and clients, and the ability to make as much money as you want.
Before you go from a full-time job to a freelancer, let me explain to you the disadvantages of self-employment.
Here are a few examples:
Working from home may be isolating. As a freelancer without employees, you don’t talk to the boss, staff, or other workers.
As an independent contractor, you do not receive employer-provided benefits such as vacation time, health insurance, or other popular perks. Sick leave is non-existent, and professional liability insurance is prohibitively expensive.
If you work for yourself, you will not get paid for sickness or vacation time. When you can’t help your clients or meet deadlines because you’re sick, have personal problems, or are on vacation, you need a backup plan.
Because self-employed people may not qualify for the volume-based discounts provided to large firms, health insurance can be costly. Preexisting medical conditions may make it more difficult to obtain coverage.
Separating Work and Personal Time
Being your own boss and working from home might make it tough to separate business from personal life. This means that you may work long hours yet never make time for your interests.
Is Freelancing a Part-Time Job as Well?
The answer is emphatically NO!
These two words are commonly mixed up.
However, if you want to work part-time, you must understand the fundamental difference between part-time and full-time labour.
While freelancers are self-employed, part-time employees are classified as employees and are eligible for corporate benefits. Part-timers work 30 hours or less per week on numerous projects, as opposed to freelancers who work on a single project.
When you work on a project in your own time, you are freelancing. Your employer does not monitor when you work. They are just concerned with what you deliver and when you deliver it.
Part-time employment requires working at specified hours and doing specific tasks on a daily or weekly basis. It is, however, up to the employer’s discretion.
As a freelancer, you are also your own boss, employee, and assistant. You report to clients rather than supervisors, and you set your own rules and working hours.
You must disclose it to your employer if you work part-time. Your project has a timeline and a deadline.
How Long Does It Take to Work as a Freelancer?
Freelancing requires honing your skills and ideas and turning them into a business, which is a demanding process.
However, bear in mind that it is not just about working long hours. It all boils down to doing so wisely. Any freelancer will tell you that the best way to make the most of your time is to organize it and do fewer tasks that aren’t important.
Freelancers are not required to work a specific number of hours. You’ve probably heard of freelancers that work three hours a day.
That level is reachable, but it will take time and networking. In the meantime, it would be good to keep enjoying your life and maybe work more hours as a freelancer.
Working 30 hours as a freelance writer from home seems much better than working 40 hours at your current job before quitting to be a freelance writer full-time.
I’m sure that the similarities and differences I’ve talked about above will help you decide whether you want to work as a freelancer or get a full-time job.
But, as I previously stated, I have been a freelancer for 6 years and have never regretted it since I have the opportunity to earn money in my nation, which I would not be able to do if I had a full-time job.
My opinion is that if you are talented in any digital skill or have a strong desire to learn, you should consider freelancing.
However, if you work in an office and value the stability of a wage, it is evident that you must seek work.