The Pitfalls of Freelancing (and How We Can Overcome Them!)

May 9, 2023
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For anyone weary of the corporate 9-5 set-up, freelancing offers an amazing alternative career path that gives people the freedom to be an employee, leader and decision-maker—all in one. And it’s not just proving popular for individuals. New research by Fiverr found 78% of companies will rely on freelancing in 2023 rather than adding permanent staff.

But, while freelancing is on the rise, it still comes with its fair share of pitfalls. So, what are they, and how might we overcome them? 

Financial instability

Perhaps the most obvious downside to freelancing is the financial side. Not only does the nature of freelancing mean that you’re not always sure where your next gig is coming from, but - unfortunately - many companies are much less diligent about paying their freelance employees on time. This can result in a lot of unnecessary chasing from the employee in question—and a whole lot of financial anxiety.    

Fortunately, a rise in the popularity of freelancing over the last few years has meant that more companies are building solutions to these problems. Conducting your work through an employer of record (like us here at Remotify!) means that, when it comes to getting paid and retaining your employment, you have far more rights than usual. So you’re far more secured to have a steady income and get paid on time. 

Fewer workplace perks

While freelancing gives you the freedom to choose your place of work and the projects you work on, it does fall short when it comes to workplace perks like holiday pay, maternity or paternity leave, health benefits and bonuses. Many find the freedom of freelancing outweighs these rewards but, actually, there are ways to combine both. 

In the Philippines, if you primarily work on one client as a freelancer, you’re considered a full-time remote employee. This means you’re entitled to all company and government benefits managed by your employer. Yep, that includes holiday pay! Check out our recent blog to find out more about this. 

Managing your own taxes

At no time in the year is it LESS fun to be a freelancer than tax month. Collating your invoices and calculating expenses can feel like a daunting task—and the consequences of getting them wrong can be severe. But fear not! An employer of record service solves this issue, too. 

When you move from being a freelancer to being a full time remote employee through Remotify, we will take care of all your income tax filing, making sure that they are done correctly—as well as paying social contributions and making sure you’re protected in accordance with local labour laws. 

Want to make the most of remote employment? Whether you’re a worker or a business owner, it’s in everyone’s interest to make sure your remote work is the very best it can be. That’s what we at Remotify do best. Want to find out exactly how we can help you? Get in touch with our friendly team today.  

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