Is Freelancing Worth It? What It Taught Me About Value

Freelancing is the ultimate dream for many. When I entered the job market for the first time, I felt incredibly restricted. I worked for an international company and missed most of the major holidays.

I felt trapped because I couldn’t have time off when my family needed it.

But being a freelancer isn’t all sunshine and rainbows. The question is, is freelancing worth your time?

In the words of Seneca, “It is not that we have a short time to live, but that we waste much of it.”

Freelancing has been my only source of income for years; it has taught me much about how I value my time and abilities.

There are pros and cons to becoming a freelancer; for me, those pros outweigh the cons by a landslide. But the reality is that’s not the case for everyone. It’s probably the case for very few.

The result is that many people can make better use of their time trying to find full-time employment that they enjoy, or resting and furthering their education in their free time after work to increase their earning potential, instead of trying to take on gig work.

There is no one-size-fits-all solution, so let’s look at what makes a freelance career so attractive and all the downsides to decide whether freelancing is worth it for you.

What Does Freelancing Mean Today?

Freelancing in the past used to involve doing odd jobs. These short-term gigs were probably more on the side-hustle spectrum of work than the gainful employment side.

Now, it’s not unusual to be a full-time freelancer! There are an estimated 1.57 billion freelancers worldwide, making up just under half of the total workforce.

Many freelancers operate more like a small business, creating extensive budgets to allocate to costs like marketing, hiring subcontractors, and even networking extensively.

A big part of this shift can be attributed to the pandemic, which shifted the world’s perspectives on remote workers, making companies more open to hiring remote freelancers for anything from entry-level work to complex tasks. 

Platforms like Fiverr and Upwork allow companies to work with freelancers with diverse skillsets, while making it easier than ever for those who can offer their services online to start freelancing.

This has resulted in the overall market becoming more competitive, though.

Not only are more people trying to become freelancers to earn some extra money or move away from their current positions, but companies are starting to expect more, and don’t want to hire the average Joe when they could have an industry expert for the same price.

If you can survive, freelancing offers incredible advantages. But there are definitely some downsides to consider.

What Makes Freelancing so Attractive

The grass is always greener on the other side. But there are some things about my work as a freelancer that I genuinely think give it a notable edge over a conventional position. Namely, that’s the flexibility and the potential earnings.

Flexibility

Flexibility comes in two forms. First, you have time flexibility. You can work as much as you would like, or as little.

If you finish your work earlier than expected, you don’t have to hang around in an office and try to look busy, and if you don’t think you’re going to meet impending deadlines, you can work late without needing approval.

You can sleep in late, take random Tuesdays off, and be there for the people you care about when they need you, with little foresight required. If you have kids, ailing, or elderly family members, or community responsibilities, this is invaluable.

The second type of flexibility that you may encounter is geographical. This isn’t the case for all freelancers, but if you work online, you can work from wherever you’d like, as long as you have an internet connection. This is great for travelers.

The third kind of flexibility, which has become a game-changer for me personally, is in the projects that you take on. You don’t have to take every opportunity, and you don’t have to provide any reason for it. As a writer, I am often asked to write on topics I don’t feel comfortable addressing, or am just not interested in. Working as a freelancer, I decline.

Had I been working for a writing firm, this would not be possible!

Similarly, you could take on tasks that are not necessarily in your job description. This means that you have the opportunity to branch out and constantly evolve in your career. I started as a novelist; now I write articles. It was a leap initially, but I took a mildly interesting opportunity and realized I loved it.

Think of photographers who become videographers, artists who expand the mediums they work with, and style advisors who develop their fashion brands. The possibilities are endless!

Potential Earnings

On average, freelancers in the U.S. earn around $99,000, which is far higher than the average salary of just over $66,000.

Money is a big motivator when it comes to freelance work. The reality is that as long as you are trading time for money, you are limited. There are only so many hours in a day that you can work.

As a freelancer, your earning potential is affected by the value you place on yourself and your products or services. If two people do the same job for the same rate but one does it in several days, while the other takes a couple of hours, no one will complain (provided you deliver quality work).

Although you can start charging hourly, it is fantastic to know that you aren’t necessarily limited to it in the long term. And, if you end up working on retainers, or you charge for the use of a product you develop, your ability to scale becomes incredible.

The Downsides of Freelancing

Of course, the only way to become a successful freelancer is to understand that there are going to be some challenges that you will face. Preparing for them ahead of time is one of the best ways to mitigate the negative impact they will have on your career, but it’s also important to acknowledge that the cons of freelancing won’t just disappear and may never get better, no matter what you do.

It’s worth considering if any of these cons might be deal-breakers for you. Otherwise, you’ll end up miserable down the line.

Time Fragmentation

Time fragmentation… an issue I never even knew existed, until I realized that I was working twelve-hour days to charge for eight hours’ worth of work.

The reality is that when you’re trying to set up a successful freelance business, you end up doing a bunch of different tasks throughout the day. You might pitch to clients, answer queries on websites like Toptal, Fiverr, and Upwork, figure out what you need to set aside for business expenses and taxes on each paycheck, follow up on invoices, answer emails, and finally, actually do the work that you’ve been paid for.

No problem. You knew you might have to work longer hours in order to make a good amount of money. Luckily, you don’t need to travel to the office every day! You can prepare… right?

The biggest issue is that you don’t batch all of these tasks into slots. Following up on client queries, for example, should be done as soon as possible to foster a positive relationship. This means your work gets constantly interrupted!

This fragmentation leads to loss of focus, you tend to make more mistakes, and you end up incredibly stressed out because you have a list of tasks to complete and can’t seem to get through them. The kicker is that the interruptions are considered work themselves, and in most cases, you can’t do anything about them.

Then you’ve also got your personal life fragmenting your time because, when you work from home, you run the risk of being interrupted by pets, family members, and even the need to fragment household tasks like the washing.

Valuing Yourself Incorrectly

Something I struggle with to this day is feeling confident in the value I have placed on myself. Charge too much and you won’t find any clients.

If you charge too little, you won’t be able to pay the bills. It is challenging to set your own rates, since what you can charge depends on what other people are willing to spend.

And let’s not forget what happens when you have committed to doing work for a specific rate, only to find you’ve massively overestimated your abilities or underestimated the task at hand. More than once, I’ve ended up working well past midnight to try and get the work done, knowing that I won’t be paid any more for my effort.

It’s incredibly discouraging, and you end up feeling like your time is valued at next to nothing, and you’re hopelessly doomed to 18-hour days to survive!

Increased Mental Load and Stress

When you work in a specific role in a company, you only do that work. All you have to think about is doing your job really well and making sure your to-do list is completed on time.

But when you start a freelancing career, you quickly realize that you are so much more than a single role; you are a business owner, accountant, administrator, marketer, customer service rep, and a writer or whatever else you’re trying to be. It’s exhausting!

It’s not a one-time thing either. It happens day after day, placing you under incredible pressure, because if you don’t manage to do all of it, or if you make a mistake, you can lose time and money. This stress can leach every ounce of creativity and motivation out of your body.

And, if you work from home, you can’t even escape it.

What Freelancing Has Taught Me About My Time

Time. We so often wish that it could pass a little faster, yet we never seem to have enough of it either. How I value my time now is totally different from how I used to value it when I first jumped into the world of freelancing. While I’ll try not to get too philosophical, here’s what you need to know if you’re a new freelancer or thinking about becoming one.

Hours Aren’t Important

No one cares how long a job takes you as long as it’s done well!

I used to feel bad when I would charge clients an amount based on what my competition asked, or how long I estimated it may take, only to finish the job in a couple of hours, making my hourly rate astronomical.

The thing is, the clients didn’t know how long it would take me. It didn’t matter to them. They paid for the final product, and that is what I delivered.

If it had taken me far longer than I had estimated, they wouldn’t have paid more. So why was I worried about earning a full day’s salary in a couple of hours?

Value Provided and Time Spent Aren’t The Same

When I worried about having finished a job quickly, a big part of that worry lay in providing value that people paid for. But value and time aren’t the same.

As a beginner, your value and time are likely the closest they will ever be, as you develop more experience and gain a skillset that takes time to acquire, the value and time spent become independent.

Even if you don’t build a unique skillset, a record of reliability is valuable in and of itself.

On the other hand, if you find yourself struggling to focus, as I often do at the end of a long day or when trying to juggle too many tasks at once, you may find that you are unable to provide the same quality of work as you did before.

For this reason, optimizing your workflow and actually sitting down and focusing are critical.

Personally, I like to keep a strict schedule to enable this. I start work at the same time every day, commencing with 30 minutes of administrative work to get it out of the way and free up valuable brain space.

What follows is at least 2 hours of what I would consider my most mentally taxing work. Usually, this is non-creative writing for clients, such as blog articles or technical documentation.

Your Time is Worth Protecting

Burnout is unpleasant. I have been in the thick of it, unable to produce valuable work, unable to enjoy my social life because of the work piling up, worried about money because, as a freelancer, if you don’t work, you don’t earn.

It can be tempting, when you create your own schedule, to put your work off to the last moment, or to allow it to invade the rest of your life. While this is possible in unique situations, putting up boundaries leads to a better work-life balance.

Have a work day, knowing if something comes up, it isn’t the end of the world, and keep your private time sacred.

When Is Freelancing Worth It?

Freelancing is definitely worth it for me, and it may be for you. Here are some points to consider to help you determine if freelancing is worth it for you.

When You Love Your Work

I love to write. Writing for days on end is my idea of heaven on earth. A love for your work allows motivation to come far more easily. Discipline can only take you so far if you hate the industry you are in.

Sure, there are times when you will get bored, times when you will want to pivot a little. But being in a general industry that you like will give you a reason to wake up in the morning.

If you hate what you do, if you have no passion for the work, the cons of freelancing will become unbearable. Instead, stay in the secure, social environment provided by traditional employment.

When You Price Yourself Correctly

Freelance income is a tricky subject. If you don’t price yourself correctly, you will either be unable to find clients, struggle to keep clients for longer than a single project or even a portion of a project, or you may not earn enough to live comfortably.

This is far from easy. But doing market research and perhaps even consulting with other freelancers can help you price yourself correctly from the start.

You can use platforms like Fiverr and Upwork to experiment, but the best way to refine your pricing is to get started. Perhaps it is worth experimenting whilst still in formal employment.

When You Set Boundaries

Freelancing is right for you if you can set boundaries and stick to them.

If you know you are going to consistently slave away until the late hours of the evening, taking on additional work and bending to the slightest whims of clients, you’re going to struggle.

Try it out with a couple of smaller clients, one-time jobs, etc. If you know you struggle, start with something simple, like a pre-determined workday.

When Is Freelancing Not Worthwhile?

There are also a couple of hard no’s, where it is almost guaranteed that the benefits of freelancing will become nearly insignificant in the wake of the incredible challenges.

When You’re Prone to Burnout

If you are prone to working yourself to a point where you cannot bring yourself to work anymore, where a mental strain turns into physical symptoms, where you start to suffer with cripling anxiety and depression, don’t do it.

When you are your boss, you can expect a lot from yourself. You are more inclined to push yourself to your very limits.

When You Undervalue Yourself

Know what you’re worth. This doesn’t just apply to the monetary value of our time and skill, but to your value as a human.

You need to understand your value not only to price yourself correctly but also to survive in the cutthroat environment of the freelance market. 

When It’s Just Not for You

Sometimes everything seems right on paper, but starting your freelancing journey isn’t the right move.

Maybe you like your company, the people you work with, the consistent paycheck, or even knowing what you will do daily.

Freelancing could increase your potential income; it could give you more freedom. But it might not be right for you, and that’s perfectly fine.

Final Thoughts

Freelancing is incredible! But, it isn’t for everyone. It’s stressful, especially when you’re just starting and don’t have any stable clients. However, a freelance life gives you incredible freedom that no other job can.

You have control over your work, your freelance environment, and your time. But when trying to make ends meet, none of this matters if you’ll work for peanuts. The resulting burnout may leave you worse off than you’d have been before.

Some days I love it, some days I hate it. But for me, it’s worth it.

So, is freelancing worth your time? Let me know what you think!

FAQ