Choosing between freelance and full-time employment: What’s best for your career?

Transitioning into a new industry after certification can be exhilarating yet overwhelming, with numerous career paths vying for your attention. One critical decision you may face is whether to pursue freelance work or secure full-time employment. Each option offers distinct advantages and challenges, so let's explore them to help you make an informed decision.

Income comparisons: Freelance vs full-time salaries

As a freelancer, you have the freedom to select the projects you work on and set your own rates. This flexibility may potentially lead to higher earnings compared to a salaried position, especially if you can secure consistent work. However, launching a freelance career often means facing initial hurdles in establishing yourself in your field and proving your reliability and skill, which can impact how quickly you start earning.

Unlike the predictable income of full-time employment, freelance income can fluctuate, making financial planning and budgeting more complex. In contrast, full-time employment offers a consistent income, providing a sense of financial security and easing the anxiety of financial planning.

Work schedule flexibility: Freelance hours vs full-time hours

The structure of your workday can greatly influence your job satisfaction and lifestyle. Freelancing offers maximum flexibility, allowing you to tailor your work hours to fit your personal preferences and life commitments. Whether you're a morning person or a night owl, freelancing adapts to your schedule, enabling you to accept or decline projects based on your availability and current workload.

On the other hand, full-time employment typically comes with a fixed schedule, often the standard 9-5. This predictability can be advantageous, providing clear boundaries that help in organising your day and simplifying your life. For many, the structure of a traditional job brings a sense of routine and stability that can enhance overall productivity and wellbeing.

Gaining experience: Freelance projects vs full-time roles

One of the key benefits of freelancing is that you’ll have the opportunity to work across different types of projects, doing different things for different kinds of companies. Not only does this keep your schedule exciting and unrepetitive, it also gives you a breadth of experience and skills that you can transfer to other roles. This could be a great way to establish yourself as adaptable and flexible with future employers. However, of course, this all depends on the volume of demand for freelancers in your industry. Web design is the freelance service with the highest demand, with a growth rate of double the average of most occupations.

On the other hand, working as a full-time employee for a single organisation over a longer period may enable you to understand your industry on a deeper level. You’ll get the benefits of experiencing the dynamics of interdepartmental communication, get a full view of the way an organisation runs, and get a feel for corporate processes. In addition to these experiences, working for a company is a great way to meet people and expand your network. Some may find freelance work too isolating to sustain.

Benefits and job security: Weighing the pros and cons for freelancers and full-time employees

When you're a freelancer, staying organised with your finances becomes crucial, especially since you won't have support traditional benefits like a pension or paid leave. This means that any time you decide to take a holiday or if you need to take sick leave, you won't receive any income during those periods. This can be a significant challenge for freelancers, particularly for those managing chronic illnesses, as the lack of steady income could pose financial risks.

Additionally, freelancers must be proactive about putting money aside for their tax bill. Managing your taxes independently ensures you meet your financial responsibilities without the convenience of automatic deductions from your monthly pay.

However, if you’re someone who can be proactive and organised, you may be happy to do a little bit of extra admin to reap the rewards of taking leave whenever you want and living by your own schedule. This flexibility can be a life changing approach for some; in fact, an estimated 15% of freelancers are working mums. It really depends on whether you prioritise flexibility over security or vice versa.

In conclusion, choosing between freelance and full-time employment involves weighing flexibility against security, as well as considering your personal and professional priorities. Freelancing offers the freedom to choose projects and set your schedule, potentially leading to varied experiences and higher earnings. However, it demands proactive financial planning and can introduce income instability and isolation. Full-time employment provides predictable income, benefits, and a structured environment, which can ease financial planning and enhance stability and social interactions. Ultimately, the best choice depends on your lifestyle preferences and career goals, and tolerance for risk and uncertainty in your professional life.