On Diversified Finances, the primary topics consist of freelancing, self-employment and other related topics. However, what if freelancing and being your own boss is not for you?
If you’re a reader of this website, then I’m going to assume that most of you are at least somewhat interested in freelancing, making money on the side, and/or becoming your own boss.
However, there are some out there who are not interested in freelancing or owning a business at all.
I really enjoy freelancing, but there are some downsides. I always laugh inside whenever people tell me how easy life must be for me. There are some many things that go into owning a business, and if you aren’t careful then it can easily take over your life.
Below are some reasons for why you might want to rethink making the freelancing switch. Of course not everything applies to everyone, but these are things to think about.
You crave stable income.
One negative of freelancing and/or having your own business is that stable income feels impossible. You never know what you will make, and everything is up to you.
Not everyone feels the greatest about this. Stable income is probably especially important for you if you have financial goals that you are trying to meet, or if you have children or family who depend on your income.
You don’t want all of the trouble of having your own business.
When you are a business owner, it is hard to take a break from work. When you are on vacation, you will most likely work at least a little bit. However, when you are an employee, it is very likely that when the work day is over that you can just go home and enjoy your night, weekend, or vacation.
I do love what I do, but I am always on call. I have many clients who operate on different time schedules and will e-mail me and expect a response right away. And you know what? That is fine. That’s what I signed up for 🙂
Other things to think about when freelancing is how you will get health insurance, how you will save for retirement, what will happen if you get sick and are unable to work (you might lose a lot of money!), taxes (don’t forget to pay these!), what happens to your business when you have a really bad month, and so on.
You don’t want to work alone or at home.
Freelancing does not always mean that you will be working from home, but for some it does. It might also mean that you work completely alone.
I know of many people who don’t want to work alone and would prefer to work with others at a company.
You hate networking.
I’m sure that there are some freelancing businesses where no networking is required, but for most at least some networking should be expected.
I had someone e-mail me recently asking me for help because they hate networking and they know that their business hasn’t grown because of their hatred of it. I thought this was crazy because networking can be so easy and it can also be a lot of fun.
Read my article The Power of Networking to learn more.
You are horrible at making your own schedule.
Some might think that this would be a stupid reason to not pursue freelancing, however, it is the truth. Some workers really need someone (such as a boss) pushing them to complete tasks. If they aren’t “forced” to do something, then it probably won’t get done.
As a freelancer, you have to be really motivated to do things on your own. There won’t be someone telling you that you need to do something specific each day.
You have no experience.
Everyone has to start from somewhere. I started from the very beginning and worked my way to where I am today. And I get that. However, if you want to switch to full-time self-employment and have absolutely no experience doing what you are doing, then you may want to think about pausing your plans and really thinking about this decision.
If you have no experience, then how do you truly know how things will be? Make sure you have a plan. Maybe you can test the waters first and start it out as a side job. You don’t have to test it out forever, just until you are truly comfortable.
Are you interested in freelancing or owning a business? Why or why not?