Freelancing has gained popularity amidst the pandemic and seems like a life full of perks. Around 24% of Americans report that they earned income from the digital ‘platform economy’ in the past year & according to the Freelancers Union report, 77% of freelancers think the best of the freelancing world is yet to come. However, it comes with its fair share of challenges.
Here are some of the top challenges of being a freelancer-
Lack of stability
Depending on the type of work one does, there will be new clients and different projects every week or every month. Sometimes, you may have more work than you can deliver, and other times you may not have enough.
Juggling between different projects can land you one in a fix. Sometimes deadlines may clash and as freelancers are expected to finish work in less time, it can be difficult to manage time.
Lack of employment benefits
In a permanent job, one gets health benefits, tax benefits, bonuses, promotions among other things that a freelancer will miss out on.
Keeping productivity high at all times
Sometimes one may be able to work 12 hours at a stretch, other times it could be tough to get out of bed. Maintaining high productivity at all times can be challenging for a freelancer.
Initially, it can be difficult to look for clients and choose the right one.
Establishing yourself on the digital platform and building your network can be challenging for freelancers.
Project acquisition is by far, the most commonly-faced challenge in the freelance community. If one’s not creative enough, it can be tough to fetch clients in a highly competitive environment.
Not reporting the income accurately or failing to report your income can trigger red flags and get one into trouble with the IRS. It’s important to prove your income and its sources, which can be taxing.
One the way to success, one must face the challenges and overcome them. Once you become an established freelancer, these challenges seem nearly as monumental and you can embrace all the perks that come and make it worthwhile.
We hope this gives you some perspective on the challenges faced by a freelancer. To gain more insights, join us @www.unigigs.com