Freelancing is doing specific work for clients without committing to full-time employment. Freelancers often take on multiple projects with different clients simultaneously. The Internal Revenue Service (IRS) considers freelancers to be self-employed individuals.
How does freelancing work?
Freelancers handle contract work on a part-time or full-time basis and often sign agreements before starting projects.
With freelancing, the client pays per project, per task, or per hour, depending on the agreement. Freelance projects typically involve short-term assignments, although satisfied clients often request follow-on work. Most freelance jobs are available in the skills, service, and creative sectors, such as copywriting, programming, engineering, and marketing.
Benefits of freelancing
Being your own boss as a freelancer comes with many potential perks, including:
- Flexibility. As a freelancer, you’re able to choose your own hours and decide when and where to work. For example, you can work from home or when you’re at the beach. Freelancing flexibility helps promote a better work-life balance.
- Choice of clients and projects. Working as a freelancer allows you to select the projects that match your skills and interests. You can also pick clients who fit particular criteria.
- Setting your own rates. You may enjoy greater control of your earnings potential since you generally set your own rates as a freelancer. The amount of work you’re able to handle daily or weekly is another factor likely to determine your earnings.
- Improved skill set. As a freelancer, you may have the opportunity to work on more specialized projects, giving you greater experience with niche subject areas.
- Exposure to global brands. Because you can choose your clients and projects, you have the opportunity to develop meaningful relationships with businesses from around the world
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