About Freelancing And Its Benefits

What is meant by freelancing? How is it beneficial? Discuss its pros and cons.

About Freelancing And Its Benefits

In fact, self-employment is self-employment, not a company. While freelancers take on the contract work of companies and organizations, they eventually work for themselves.

Freelancers are responsible for all kinds of things that traditional workers do not have, such as setting their working hours, keeping track of the time they spend on different projects, paying customers, and paying their rent and business taxes. Freelancers are not considered to be “self-employed” by the companies they work for, but rather by “contractors.”

When searching for freelance jobs, there are many different names to look out for. This can help you to find freebies, and it also helps you to define yourself and the work you do for potential customers.

Contract work: Jobs where you work as a temporary contract rather than as a permanent employee.

Contract work: Same as contract work.

Private contractor: This is another common way to refer to a freelancer, but the terms of your work are specified by an agreement with another company or individual.

1099: References to the IRS form are completed by an independent contractor, form 1099-MISC, and is often used to describe the work (“This is a 1099 contract”).

Contract Coordinator: A person who is hired to consult temporarily with specific issues within a company.

Contract of employment: An employee who starts as a freelancer, an independent contractor, but has the potential to be a regular employee if things go well.

– Written By Shivani Thakkar

The term freelancing is quite ‘in-market’ these days. With time, more and more people are attracted to its concept.

What is freelancing?

Freelancing, in basic words, is making use of your skills and techniques to form alliances with clients who can be huge corporations or a simple investor, and work together to achieve goals with no commitment. They get done various assignments without being committed to any employer. It generally involves jobs (commonly known as gigs) that also allow you to work from home. Being a freelancer makes you self-employed.

Pros and Cons of Freelancing

· Pros

a) You can explore your clients. You get the opportunity to explore your clientele.

b) You become your own boss. You are no longer under surveillance.

c) Your working hours are under your mercy, you go to work according to your convenience.

d) You have complete exposure.

e) You become independent.

· Cons

a) Paying taxes while being self-employed (freelancer) can be over the board. It was quite expensive.

b) Unlike regular employees, freelancers don’t get company benefits like funding their investments, provident funds, etc. There is a low scope of additional income.

c) Extensive responsibility is yet another panicking factor as only you as whole are responsible for your actions.

d) The income is not consistent.

e) You get isolated, as you are longer in contact and in terms with regular working companies.

I hope this answer helps!

– Written By Aparajita Karmakar