If you’re thinking of joining the gig economy or freelance world, many of you probably asked that question. I did. It’s not for everyone but for close to 2 million canadians, it’s a viable choice. Before taking the plunge it is worth looking into the pros and cons of freelance or contract work versus full-time employment.
Which situation is right for you depends on your personality and your capability to deal with what we call the feast & famine cycle. If you don’t like the idea of worrying about the next paycheck, than full-time employment is your best option. Some people prefer the security of a regular income, health benefits, paid vacations and in some cases, a company pension plan.
Freelancing is a good fit for you if; you like working for multiple companies or clients. You don’t stress in a situation of work instability and you are a well organized person the take on your own business tasks (taxes, self promotion, internal and client management). You see a motivating challenge in finding your next gig instead of a cause for concern. Self motivation is an important part for your freelance success.
This infographic demonstrate what you’re getting into.
Now it’s time to decide which career path is right for you. Both scenarios have some positive and negative aspects that make it impossible to say which one is a better fit than the other. It depends entirely on your personality and what you want from your work life.
So make sure to do a good self-evaluation to understand who you are and what you want. After a period of consideration you will be able to see which situation (freelancing or full-time employment) is the best choice for you.
In my next blog we will evaluate the importance of having a good network.