Is Freelancing Worth It in 2024? It Could Be, or Maybe Not

Alright.

You’ve gone through countless posts on Facebook and numerous videos on YouTube with titles like ‘What is Freelancing?’ and ‘How Much Does a Freelancer Make?’, among others.

You’re a bit hesitant since it boomed during the pandemic, and now, almost a few years later, you feel like everything has settled back into place.

You don’t want to do a traditional job, or maybe you’re unsure where to go, so now you’re hoping that freelancing might be the answer to your problems.

But the question remains, ‘Is freelancing still worth it?’

To be honest, that’s a valid question to ask, and that’s why we’ve created this article just for you.

After reading through the article, the question of whether or not freelancing is still worth it today will be something you can answer yourself.

Let’s get started.

What are the Pros and Cons of Freelancing?

Before we answer your question, let’s first look at what makes freelancing a good option for us and for you as an aspiring freelancer.

Pros

Flexibility in Your Work Schedule

As a freelancer, you’ll enjoy the freedom to create your own schedule. You can align your work hours with your personal life, avoiding the rigid 9-5 structure.

Being Your Own Boss

This autonomy allows you to make decisions that best suit your personal and professional goals. You can craft your career path, decide which projects to take, and establish your own work standards, all within the context of your own cultural and professional environment.

Choice in Client Selection

You have the power to choose who you work with. You’ll have the freedom to engage in projects that are meaningful to you and beneficial for your professional growth.

Potential for Higher Earnings

As a freelancer, your income potential is not capped. You can set your rates based on your skillset and experience, often leading to higher earnings than traditional employment. This is particularly advantageous here in the Philippines, where the cost of living can vary significantly across regions.

Work from Any Location

Imagine the convenience of working from your favorite café in Manila, a beach in Palawan, or the comfort of your home. Freelancing offers you the chance to work from anywhere, providing a balance between your professional and personal life, and saving you from the daily hassle of commuting in busy cities like Metro Manila.

Exposure to Diverse Projects

The variety of projects available to you as a freelancer will broaden your skillset and keep your work life dynamic and interesting. You’ll have opportunities to engage in a wide range of tasks, from local projects that resonate with the Filipino market to international projects that provide global exposure.

Expanding Your Professional Network

Freelancing opens doors to networking opportunities both within and beyond the Philippines. This can lead to more lucrative projects, diverse collaborations, and a chance to showcase your skills on a broader stage, helping you build a strong professional reputation.

Enjoying Tax Benefits

While managing taxes can be complex, freelancing offers certain tax advantages. You can potentially claim deductions for business-related expenses, which can be particularly beneficial here in the Philippines where every peso saved counts.

Personal and Professional Growth

The freelance journey is a path of continuous learning. You’ll develop crucial skills like time management, financial literacy, and client communication, all of which are invaluable in the evolving Philippine job market.

Cons

No Company-Provided Insurance Coverage

You won’t receive insurance and other benefits from clients. As a self-employed individual, you’re responsible for finding and funding your insurance, a crucial factor to consider here in the Philippines.

Unstructured Work-Life Balance

While freelancing offers the flexibility to work when you want, it also means there’s no set schedule to help maintain a healthy work-life balance. There’s a risk of taking on too much work and burning out, and you’ll need a solid schedule to avoid working all the time.

Unpredictable Income

Finding steady work is an inherent risk of freelancing. Projects can begin and then get shelved, clients may end contracts early, and you might find it difficult to secure continuous work.

Greater Risk of Isolation

As a freelancer, you’ll often work alone, which can lead to feelings of isolation. However, if you’re more of an introvert, this might not be a significant downside.

Lack of Readily Available Mentorships and Guidance

Freelancing comes with a level of autonomy and freedom you won’t find in traditional employment. But it also means no one is assigned to mentor or guide you through the process, and seeking a freelance mentor becomes your responsibility.

Responsibility for Networking, Marketing, and Promoting Business

You’re in charge of business development, securing and managing clients, billing, and paying taxes. This includes making many business decisions for yourself, like how to track and accept payment, the software you need, and promotional tools.

Unstructured Career Advancement Opportunities

In traditional employment, there are usually career ladders and paths toward advancement. As a freelancer, you need to be more intentional in seeking opportunities that help you advance in your career.

Risk of Working With Difficult Clients Who Won’t Pay

As a freelancer, you risk working with clients who refuse to pay after you’ve completed the work. It’s essential to have clear contracts and payment structures to protect yourself.

Difficulty in Lending

Banks may hesitate to lend money to those without a consistent income. Similarly, renting an apartment or house can be difficult, as landlords typically require proof of a steady job.

Office Expenses Are Out of Pocket

As a freelance worker, all office-related expenses come out of your pocket—everything from phones and computers to basic office supplies. Additionally, you must invest in yourself to stay competitive in the job market.

Is Freelancing Still Worth Doing Right Now?

Yes, freelancing is worthwhile for its flexibility and potential for higher earnings, but it comes with downsides like unpredictable income and the need for self-managed benefits. It’s ideal for those who thrive on independence and adaptability, yet challenging for those seeking stability and structured support.

To make a more informed decision about whether freelancing is still worth pursuing for you, read through the points below:

Consider Doing Freelancing If:

You Value Flexibility Over Stability

If you prioritize having control over your work schedule and enjoy aligning your professional life with personal commitments and lifestyle, freelancing is a great fit. The ability to work around family events and personal preferences is a significant perk.

Independence and Autonomy Are Important to You

Freelancing is ideal if you prefer making your own decisions, from choosing clients to setting your work standards. This autonomy allows you to craft a career that aligns with your personal values and professional goals.

You Are Driven by Potential Growth and Diverse Opportunities

If you’re excited by the prospect of handling diverse projects and expanding your professional network, both locally and internationally, freelancing offers these opportunities. It’s a path filled with continuous learning and development.

You’re Prepared for Entrepreneurial Challenges

If you’re ready to take on the responsibilities of running your own business, including marketing, client management, and financial planning, freelancing offers a rewarding journey.

You’re Comfortable with Uncertainty and Risks

If you can handle the unpredictability of freelance work, including income fluctuations and the occasional difficult client, and are prepared to manage these challenges, freelancing can be a suitable career choice.

Don’t Consider Doing Freelancing If:

You Prefer a Structured Work Environment with Steady Income

If you’re more comfortable with a regular paycheck, set work hours, and a predictable work environment, freelancing might not be the best fit. The inherent unpredictability of freelance work can be stressful for those who prefer stability.

You Value Company Benefits and Job Security

If company-provided benefits like health insurance and retirement plans are important to you, and you prefer the security of traditional employment, freelancing might not meet your needs, as it requires managing these aspects independently.

You Thrive in Collaborative Settings

If you enjoy working in team environments and value regular in-person interactions with colleagues, you might find the solitary nature of freelancing challenging.

You’re Not Keen on Handling All Aspects of Business

If the thought of dealing with the business side of work, such as marketing, invoicing, and chasing payments is daunting, freelancing might prove to be overwhelming.

You Need Consistent Mentorship and Guidance

If you rely heavily on structured mentorship and guidance for your professional development, freelancing may be challenging as it often requires self-directed learning and seeking mentorship independently.

Conclusion

So, have you decided yet? Is freelancing still worth pursuing for you?

Well, we here at Juan Remote Work might already have an idea of what your answer might be. Regardless of what it is, always remember that there is no wrong choice.

Whether you decide to jump into freelancing, start a business, or pursue a corporate job really depends on you, our reader.

Whatever choice you make, remember that here at JWR, we fully support your decision.

If you want to learn more about freelancing and remote work, consider checking out our blog where we discuss topics such as ‘How to be a Filipino Freelancer‘, and more.

We hope that you’ve learned something valuable today, and we eagerly look forward to seeing you in our next post.