Displaying All Posts from January, 2013

Freelance vs. Permanent Employees: What to Choose?

Freelance vs. Permanent Employees

“To freelance or to work full-time?” The question is simple, the answer not so much. Should you swap your current job for a high-paying career online? It depends; many people prefer stability and constancy. That is a fixed salary, a precise schedule, a working environment. Those who would rather not have those things prefer freelancing. Freelancers are not bound by any employment agreements and can work whenever they like.

If you work in a creative field, does it make more sense to take a staff job or to offer your services on a freelance basis? On the face of it, most people would likely say to take the staff position, citing more job security if you have a steady pay check coming in. Making the decision to work independently also has distinct advantages, and you should consider your options carefully before making a decision.

So what are the pros and cons of both full-time and freelance jobs?

Advantages of Working Freelance

  • Freelancers can determine their own schedule and how much they want to work. As self-employed people, they can focus on a specific type of project or client if they wish. Freelancers get paid more than employees do, since they need to make sure they are generating enough income to pay for taxes, health insurance, and other necessary expenses.
  • As business owners, freelancers can deduct their business expenses on their income tax returns, which will help to lower the amount of their taxable income. Employees are not entitled to deduct the amount they pay for expenses.
  • One of the distinct advantages to working as a freelancer is variety. Unlike working for an employer, you get work with different people and no two gigs are exactly the same. You will be constantly learning new things and stretching yourself.
  • Freelancers tend to get less caught up in the day-to-day drama of working in an office. Since they are not employees, they are on the team but separate from a lot of the politics involved. It can be easier to focus on the work in this type of arrangement.

Disadvantages of Working Freelance

  • As a freelancer, you don’t have the same kinds of safety nets that an employee does. You are responsible for generating enough income to keep food in the cupboard and the lights on. The means even when you are in the midst of your current gig you need to be thinking about where you are going to find your next one.
  • Freelancers need to find time to track their expenses on top of doing their work. Keeping records of receipts and the accounting part of the business can be time-consuming for a freelancer, and it adds to an already-packed schedule.
  • Freelancers also need to make sure they pay the employer portion of the required taxes for the country where they are working. This may mean having to set aside a portion of earnings in a separate account so that installment payments can be made by certain dates each year.
  • Employees may have access to health care, life insurance, disability coverage, and other benefits. Freelancers are not covered under employee group benefit plans. They can buy these benefits for themselves if they wish, but private coverage tends to be costly and not everyone who is self-employed can afford to pay for it.
  • Since freelancers may get called in to work only on a specific aspect of a project, it can be challenging to get all the information needed to complete the work. Not all clients understand that the freelancer needs to coordinate data from more than one department to keep his or her end running smoothly and that if anything is delayed, it means that the freelancer will be scrambling to meet his or her deadlines.

Advantages of Becoming a Permanent Staff

  • The main advantage to becoming a permanent staff member is that you will be getting a regular pay check. For many freelancers, the normal financial cycle is one of feast or famine, with times when work is plentiful and others where there is little or no work to be had.Many people feel secure if they know exactly how much they will be making each week, month or year, even if they could (potentially) make more if they struck out on their own as a freelancer.

Disadvantages of Becoming a Permanent Staff

  • Some people would argue that security cannot come from earning a pay check from an employer. If the employer’s business goes through a downturn and the decision is made to reduce staff, it may not matter how well a particular employee did his or her job; at a certain point, it all comes down to numbers.Earning money from a single income stream is akin to putting all of one’s eggs in one basket, which may not be the best choice if the goal is to gain a sense of security.

When you are considering freelance vs. permanent, there are advantages and disadvantages to both models of work. Freelance offers flexibility and the opportunity to work on a variety of projects, while a permanent position can provide a steady income and possibly a benefits plan.

No one model is right for everyone, and the right choice for you may be different, depending on where you are in your career and what your family and other responsibilities may be.

Which one do you prefer: freelance or permanent work model? Why?

Photo by FreeDigitalPhotos.net.

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Review: KeyedIn Projects — Deliver Successful Projects with Ease

KeyedIn Projects

Whether you blog for a living or run a business, none of us can afford to focus on just one thing at a time, especially not when it comes to project management. From meeting customer expectations to deploying a flawless project, there is so much to keep track of that you’ll need the right program to make it all work. So, if you’re looking for a way to manage your important project tasks, consider KeyedIn Projects.

Gallup Business Journal reports: “A study published in the Harvard Business Review, which analyzed 1,471 IT projects, found that the average overrun was 27%, but one in six projects had a cost overrun of 200% on average and a schedule overrun of almost 70%.” No one can stand to lose time or money like that, and without organization it’s bound to happen to all of us. Click Here to Read Article …

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Four Tips To Make Your Tax Seasons Easier

What was the reason you started your own business? Was it to process invoices and file receipts? I’m going to go out on a limb and say (unless you’re in the accounting business) I doubt it.

The fact is that most of us got into this entrepreneur thing because we saw a niche we filled — one that we were passionate about, good at and hopefully, made us some cash.

There are few of us that like tax seasons. But if you’re self-employed, the time before tax day can be filled with alternating bouts of procrastination, frustration, desperate searching and just plain denial. Click Here to Read Article …

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How to Reduce Costs on Business Travel

How to Reduce Costs on Business Travel

As a business, it is important to make financial savings wherever possible. Making your business travel cost effective is a great way to save some money, however this isn’t always easy.

Based on Carlson Wagonlit Travel (CWT)’s travel price forecast, here are some tips to help you on how to reduce costs on business travel and effectively manage your company’s air travel programme throughout 2013:

Use data carefully 

As a buyer, think carefully about the information you provide to airlines. While providing  data on travel spend and habits can be useful, as the airline can provide a discount that takes your organisation’s travel patterns, volumes by route, class of seats purchased, and more into account, airlines are increasingly asking for extra information that is not needed for effective negotiations. Click Here to Read Article …

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Good Riddance: How to Know When it’s Time to Change Jobs

Change Jobs

Everyone’s been there: that point in your career when you dread waking up in the morning to go to work. You’d give anything to just go home, hang out with the family, whatever — just as long as you don’t have to work.

But wait — haven’t you heard that when you find a job you enjoy, you never have to work a day in your life? For whatever reason, you aren’t enjoying your current job. You’re no longer content with your professional situation, and you’re thinking that it might be time to change jobs or consider a new career. Click Here to Read Article …

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10 Easy Ways to Increase Your Job Satisfaction

What is it that makes a job satisfying? People differ on what they seek from work. For some, doing work that you love for an organization that you believe in is paramount, and purpose and meaning override all thoughts of income or even profession. Think, for instance, of those who put heart and soul into an NGO or a volunteer organization.

There are those who value the freedom to put their ideas into practice, to give free rein to their creativity. Artists and writers come to mind. Some entrepreneurs, and many self-employed people come into this category. Click Here to Read Article …

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5 Ways to Get the Word Out About Your Company (Without Breaking the Bank)

get the word out about your company

Are you just getting a business off the ground? If so, it’s hard to think about putting money into intangibles like advertising to get the word out about your company. With all the expenses of opening shop, hiring employees, satisfying local codes, and so forth, the calls from local newspapers and media imploring you to spend with them can feel like an obnoxious distraction.

Even if you’re a well-established business, the constant pressure to market yourself can feel overwhelming. How do you decide where those dollars are best spent, reaching the maximum number of potential customers and clients for the least amount of capital? Click Here to Read Article …

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3 Things to Consider When Designing Your Business Signs

Designing your business signs

[Don’t miss the cool giveaway at the end.]

Everywhere you go, you see signs: billboards, road signs, aisle markers, window signs, and service and business signs.  They’re how we find our way through commercial and public places. Whether we’re just looking for a specific exhibit in a museum or for the cereal aisle in a grocery store, signs showcase where things are and they draw foot traffic.

That said, signs have to be clear and effective at conveying their message otherwise they stand the chance of being ignored or passed by in the search for the most easily accessible information. Click Here to Read Article …

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