The allure of freelance writing can be powerful. It’s a career path that is easy to romanticize, and it can grant writers with much greater control over their time because of schedule flexibility. Whether freelance writing is appealing as a side hustle or a new career, it’s best to weigh both the pros and the cons before making a decision.
With this guide, we’ve made your research process easy. Tag along and we’ll take a look at the benefits you can expect and the drawbacks you can prepare for.
Pros of freelance writing
Flexibility
In a world where work-life balance often falls by the wayside, making money through freelance writing offers an extreme degree of flexibility. Most clients will allow writers to choose their working hours as long as they are providing quality work and meeting deadlines.
Writers also have a much greater degree of flexibility when it comes to where they work from. That flexibility makes it feasible for freelance writers to work from practically anywhere that there is a reliable internet connection.
Flexibility also extends to projects. Freelance writers have the power to accept or decline different projects according to their experience, knowledge, and schedule.
Scalable income
Few things are as daunting as going to a boss and asking for or requesting a pay raise. One of the benefits of freelance writing is the ability to scale your income by raising your rates. Writers can also increase their income by expanding their client base. Experienced, excellent freelance writers tend to take home a sizable monthly income.
No more commuting
Commuting to and from an office or workplace can be draining. Not only do workers not get paid for the time spent commuting, they’re often needing to spend a sizable chunk of their earnings on gas.
Making money through freelance writing means eliminating the morning and afternoon commute. Writers can save money by working at home. Those with an itch for travel can take things a step further by living abroad and working from co-working spaces and cafes.
Diverse skill sets
Freelance writers have more opportunity to develop a diverse set of skills and knowledge. Different projects can allow these writers to practice ghostwriting, copywriting, and even dip their toes in the world of journalism. That diverse set of options can keep work interesting and fresh.
Cons of freelance writing
Potential instability
The benefits of making money through freelance writing are impressive, but it’s best to weigh the cons in order to be fully informed. There is potential for instability when pursuing freelance writing as a side hustle or full-time career.
Finding consistent work can be frustrating, and the industry may go through dry spells. Writers also risk losing significant clients on short notice, leading to a need to pitch their skills and experience to new potential clients to replace that lost income.
No employee benefits
Unlike the typical W2 jobs, freelance writers do not receive employee benefits. Paid time off and health insurance are sacrificed for the increased flexibility and the opportunity to work from anywhere. If you choose to start making money through freelance writing, explore your options for insurance coverage and determine the best way to add to a retirement savings plan.
Administrative hurdles
Working as a freelance writer means operating as a small business when it comes to taxes. A drawback of this career path is the need to track invoices and expenses to have the full financial picture when tax season comes around.
Another administrative hurdle freelance writers should remember is the need to pay quarterly taxes. Failure to do so can result in penalties at the end of the tax year.
Daily grind
Success as a freelance writer often comes down to the writer’s ability to advocate for themselves frequently. This can also involve difficult conversations about rates and patience when dealing with picky or difficult clients. Each day is an opportunity for growth, but the energy that goes into these opportunities can wear some writers down.
Knowing what to expect from a freelance writing job or career is a massive step toward determining what is best for your future. With this guide, you are well on your way toward finding your first opportunity.