freelancing | Pros and cons

Thinking of making the leap to freelance, or hiring an independent contractor? Here are some pros and cons to keep in mind:

FOR FREELANCERS

Pros:

More control over the work you do.

Flexible schedule.

The possibility of making more money.

Cons:

You’re responsible for finding the next job.

Need to figure out health insurance, retirement savings and taxes. Must also keep track of payments from gigs.

Not having co-workers can get lonely.

FOR COMPANIES

Pros:

Independent contractors bring in fresh ideas without paying a full salary and benefits.

Contractors can focus on one problem or issue that needs solving.

Hiring companies can vet contractors, saving time and money.

Cons:

If a company likes an independent contractor, it may be hard to get them to stay or work full-time hours.

The contractor might not be a match and could take time and more money to find a replacement.

Source: Associated Press