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Freedom of Freelancing

The true freelancer is the boss working for themselves and is paid for doing many jobs for different clients. However, 40% of employees are running their own side hustles (2nd job) for extra money, alongside their full-time career. Have you wanted to be a true freelancer?

Freelancing

The self-employed v the side hustle

The pandemic forced many freelancers to become employees. However, the pandemic created the side hustle for many employees, hoping to make a second income, alongside their full-time career.  

The pros of freelancing

Running a real business, either as a freelance company or register self-employed with HMRC is an achievement, with advantages, such as:

  1. Flexibility is the key benefit, given childcare restrictions or other work-life balance issues.
  2. Earn competitive rates doing big and small work projects.
  3. Be the boss making all the decisions.
  4. Grow new skills by expanding your untapped capabilities.
  5. Cut the wasted hours commuting by working from home.
  6. Choose workers and clients and drop over-demanding or annoying clients.

The cons of freelancing

  1. No regular pay as dependent on the next potential client.
  2. Boring admin, like chasing invoices etc.
  3. Being lonely without the office friends.
  4. Work pressure and worry never stops into the evening or weekends. 

Before leaving your job and becoming a freelancer, understand the loss of employee benefits. There is no holiday pay, sick pay, pension benefit or health cover etc. This means that freelancers need to build an extra pot of money for those emergencies. Best sticking to a side hustle as an employee with benefits.

ChildMax continues to ensure your salary and pays your take home salary while you’re on 12 months’ unpaid leave, caring for a sick child. It starts from £49.50 or for easy budgeting an initial payment of £8.25 followed by 11 monthly payments of £3.75.

Visit at www.insurewithmax.com or call the UK call centre 0333 323 0098 for more information.

Sources:

https://www.freelanceuk.com/become/pros-and-cons-freelancing.shtml

https://www.statista.com/statistics/318234/united-kingdom-self-employed/#:~:text=As%20of%20February%202022%2C%20there,at%20the%20start%20of%202020.

https://startups.co.uk/news/half-of-brits-side-hustle/

Date: 12 September 2022 by Max Robinson