Some of the pros and cons of freelancing that are contributing to these shifts are as follows:

Independence and Adaptability

The independence and adaptability of the freelance economy has long been praised. Project-based work frees employees from being conformists by allowing them to set their own schedules, rates of pay, and working environments.

Variety

Taking on new challenges is one of the most fascinating aspects of working independently. Many people who work in temporary positions got started because they were unemployed from permanent positions, but they’ve stuck with it because they enjoy the flexibility and independence. Freelancers have more freedom to choose their own work environment, boss, and culture than their full-time counterparts.

Many Sources of Funding

Jobs were more commonly “for life” in previous generations. The average lifespan of a modern job is somewhere in the low double digits. Traditional full-time jobs no longer provide their employees with the same level of security and stability they once did. Increasing numbers of people are realising that the term “permanent job” is misleading in light of high unemployment and political turmoil in countries like Greece and Italy. It is common practice for freelancers, contractors, and consultants to have multiple streams of income to ensure financial security in the event that they lose work from a single client.

Helping Hands

Alongside 3Desk, there are an increasing number of services which serve to support freelancers, from co-working spaces, championed by companies like NearDesk, to automated proposal software from Quoteroller and accounting packages, like those offered by FreeAgent.

Though improvements have been made, there are still many issues associated with freelancing that need to be addressed.

Developing a Company is Challenging

One of the challenges of freelancing is juggling the demands of client work with those of running one’s own company. Despite the jokes coworkers may make about working in pyjamas, freelancers have a lot of pressure to bring in new clients and keep the ones they already have happy. The short-term success of a brilliant but shy graphic designer who prefers working alone in a studio will be less than that of a dynamic mediocre one. People’s options for finding employment are often constrained by the currently in place systems, such as the use of recruiters, job boards, or word of mouth and self-promotion. We at 3Desk are working hard to alter this, much like eBay altered the market for physical goods, but we still have a long (and exciting) way to go.

Cashflow

It can be difficult for freelancers to get paid on time, especially when working with large, complicated companies whose accounting departments can be difficult to navigate.

Isolation

Being a freelancer can be isolating. Although coworking spaces have made it easier for freelancers to socialise, there are still those who miss the energy and camaraderie of a team environment. Freelancers can band together in networks, and teams are winning projects more frequently, but they are often left to fend for themselves.

Benefits

A regular income ensures retirement security, medical coverage, and office amenities like toilet paper. All of these costs must be factored in when freelancing, and it’s also crucial to account for the time spent on administrative tasks; for example, if you’re making $50 per hour as a freelancer but spending 5 hours a week on such tasks, you could be losing $. 250 per week.

Mortgages & Loans

Finally, the nature of the labour market has changed, but regulation, bureaucracy, and support services have not. Mortgages, loans, and insurance are much easier to come by for full-time workers at the same wage than for people who are freelancing, even if the freelancer earns more and has a group of regular, reliable clients that means they are less exposed than a full-time worker. Over the next few weeks, we’ll be looking into highlighting as many freelancer-focused niche services as possible.