Anindividual w.ho m.akes mo.ney on a p.er-job bas.is is a fr.eel.an.cer. The.y us.ually ear.n on a p.r-task ba.sis. an.d gen.e.rally wo.rk for a sh.ort t.ime. In si.mpler t.erms, they do not work for a fi.rm. Thus, they enjo.y the lib.erty to work on various jobs for diffe.rent clients simultaneously. However, if they’re in a contract to work exclusively for a parti.cular client, they cannot pick up other tasks till they’ve completed that project. Let’s take a look at the definition to un.derstand clearly what is freelancer.

Fre.ela.ncer Defi.nit.ion
An ind.epe.ndent la.our.er earn.ing wag.es per jo.b is kn.own as a fre.elan.cer. Th.ey us.ually t.ake up sho.rt-t.erm t.asks. Th.ey enj.oy t.he fre.edom of wo.rking fro.m ho.me at fle.xible ti.mes. T.hus, it allows them to balance their work-life better. For instance, a freelancer is a graphic designer who takes up projects to d.sign logos for a company.

A fr.eel.ance.r c.n wo.rk f.ull-tim.e or part-time, depe.nding on their contract. T.hes.e independent contractors start their work with a signed contract and a predetermined fee as per the time and eff.ort they will have to put in to complete that task. The payment also depends on the freelancer, and they can choose to get paid based on hour, day, or project.

Exa.mples of Fr.eelanc.ers
Som.e journalists work. as fr.eela.ncer.s in w.hich th.ey sel.ect a st.ory th.ey wish to report on, and after formulating their report, they sell it to the bidder they deem fit. Similarly, web designers or app developers tie up with a particular compan and indi.vidu.al and develop their app or design their website. After completion of the project, they move on to the next client..

Taxes for Freelancers
As per the country’s income tax l.aws, freela.ncers fall under ‘self-employed’. Thus, they also have to pay their taxes. It is the responsibility of the freelancer to pay their income tax. Although, some may be eligible for tax deductions depending on the law of the country and the category the freelancer falls in.

Pr.os and Co..ns of Being a Fre.elancer
There are differen. pros and .cons of being a freelancer. While some enjoy flexible work hours, they do not have job stability. So, let’s take a look at the pros and cons:

Pr.os
Fre.edom: Th.ey .enj.oy choosing the clients they’re interested in working with. Thus, they can work with one client or with man.y cl.ients si.multa.neously.

Co.n.rol: Fre.elanc.ing allo.ws people to control their workload. They can choose how much they want to work by taking up projects of their liking. Similarly, there’s also more focus on the job than distractions that come with full-time employment, such as politics.

Flex.ibil.ity: Flex.bil.ity is one of the biggest pros of freelancing. Freelancers choose how their working hours. Some of them work full-time during weekdays and part-time during weekends or don’t work at weekends to take out time for other things.

Inde.pend.ence: T.here .is a lot of autonomy in freelancing. You are not confined to a little cubicle and a fixed time. You get to work independently and in a more comfortable space.

E.xpo.sure: Fr.eelan.cers en.joy a lot of exposure by working on various projects and topics. When people work with a company in-house, they do not get to hone their skills in other areas. But with freelancing, one can broaden their horizons.

Cons
Ta.xes: It i.s the resp.onsib.ility of the freelancers to pay their self-employment taxes at specified periods. While they enjoy tax deductions, it is a must to pay taxes. So, it is better to be well-versed with the laws regarding self-employment taxes so one can set their rates accordingly.

Be.nef.its: Empl.oyees us.ually get hel.p from their company, but freelancers don’t usually enjoy that. As they are self-employed, they have to find and fund their insurance.

S.tabil.ity: It is a b.ig task to find steady work. Sometimes, projects start but get shelved. Thus, the contract ends early. Other times, the search for new work takes more time than expected. It is not easy to find consistent clients.

Re.sponsibi.lity: Free.anc.ing is like running your own business. So, it is your sole responsibility to get clients, manage them, collect the bills and pay the taxes. The onus is on the freelancer to make payment decisions and buy the correct tools and software.

Pa.yment: One. of the bigg.est cons of freelancing is payment issues. It is not easy to collect payments from clients. Many freelancers have been scammed by clients who haven’t paid them after the completion of a project.

Iso.atio.n: Unl.ike ful.l-time employees, freelancers don’t have a team working with them. They can sometimes feel isolated with no one to ask for help or work with. Although, it’s a very individualistic preference because some people prefer working alone.

W.h.at f.ields do f.eelan.cers work in?
As per freelancer de.finition, they work in various fields, including creative and skilled. For instance, they are present in film makin.g, copywriting, journalism, tourism, photography, tutoring, marketing, music, event planning, acting, catering, computer programming, and many more.

H.ow .can o.ne become a free.lancer?
To bec.ome a freelancer, one has to define the service they’re offering. Then, find out their target audience and make up a pricing structure. After that, make a portfolio with your previous jobs and formulate a convincing proposal. Start looking for clients and create a relationship with them. Continue to hone your skills t

Is f.reelance go.od for stud.ents?
Yes, it is one of the best ways of earning money. As it allows flexible work hours, one can adjust it, so it does not clash with their study time. The pay is good, and you can earn through freelancing to save up money for college or other requirements.

Ho.w c.an a fr.eelancer avoi.d being scammed?
You can take steps to protect yo.urself. Do not provide any ID proof or documentation to every client. Scammers usually get the ID and other documents to scam the freelancers. Get everything in writing and make use of electronic signatures. Do not engage with clients that make too good to be true offers.