The Advantages of Being a Freelancer: Why More Professionals are Choosing to Freelance

As a senior manager, you have likely spent years building your career and gaining valuable experience. However, the traditional career path is no longer the only option for professionals like yourself. More and more professionals are choosing to freelance, and for good reason. In this article, we will explore the advantages of being a freelancer and why more professionals are choosing to take this path, with a particular focus on the types of roles that are popular for organisations to hire freelance or independent consultants.

1. Flexibility

One of the biggest advantages of being a freelancer is the flexibility it offers. As a freelancer, you have the ability to set your own schedule and work from wherever you choose. This flexibility is especially important for senior managers who often have a lot of responsibility and may need to juggle work with personal commitments. 

2. Control

Another advantage of being a freelancer is the control it provides over your work. As a freelancer, you have the ability to choose the projects you work on, and you have more control over your workload. This is particularly important for senior managers who may want to focus on specific projects or industries. 

3. Earning Potential

Freelancers have the potential to earn more than traditional employees. According to a report by MBO Partners, 70% of full-time freelancers reported earning more money than they did in their previous traditional jobs. Freelancers can set their own rates and negotiate fees with clients, allowing them to earn more for their skills and experience.

4. Diverse Experience

Freelancers have the opportunity to work on a variety of projects and with a range of clients, leading to the development of new skills and the opportunity to learn from different industries and perspectives. According to a report by LinkedIn, 70% of freelancers reported feeling more fulfilled in their work because they had the opportunity to work on different projects and gain new experiences. This is particularly important for senior managers who may want to broaden their experience in different industries or focus on specific areas of expertise.

5. Autonomy

Freelancers have a high degree of autonomy in their work, which can lead to a greater sense of responsibility and ownership over their work, resulting in better performance and job satisfaction. According to a report by Deloitte, 77% of freelancers reported feeling more empowered and in control of their careers compared to when they were in a traditional job. This autonomy is particularly important for senior managers who may want to have more control over their work and their career path.

6. Geographic Independence

Freelancers can work from anywhere, allowing them to live in locations that may not be feasible for traditional employees. According to a report by Payoneer, 71% of freelancers reported that geographic independence was one of the main benefits of freelancing. This is particularly important for senior managers who may want to have the flexibility to work from anywhere in the world.

7. Reduced Commute Time and Costs

Freelancers benefit from reduced commute time and costs, as they do not have to commute to an office, resulting in significant time and cost savings. This is particularly important for senior managers who may want to save time and money on commuting, and use that time for other activities such as work or personal commitments.

8. Lower Overhead Costs

Freelancers do not have the same overhead costs as traditional employees, such as office space, utilities, and equipment, which can lead to higher profit margins and lower expenses. This is particularly important for senior managers who may want to start their own business or work on their own terms without having to worry about the high overhead costs associated with starting a traditional business.

9. Embracing Technology

As a senior manager, you are likely familiar with the importance of technology in the workplace. Freelancers must be able to embrace technology in order to be successful. This includes using communication and project management tools to stay organised and communicate with clients, and keeping up with the latest trends and technologies in their field. This is particularly important for senior managers in fields such as technology, cyber security, and other industries that are rapidly evolving.

10. Lifelong Learning

As technology continues to advance, it’s becoming increasingly important for professionals to engage in lifelong learning. According to a report by Deloitte, “the half-life of a learned skill is now about five years.” This means that professionals must continuously learn new skills and adapt to new technologies in order to remain competitive in the job market. Freelancers can stay up-to-date with the latest trends and technologies by taking courses, attending conferences, and networking with other professionals in their field. 

In terms of the types of roles that are popular for organisations to hire freelance or independent consultants, let’s take a closer look at some specific examples in various fields:

Risk Management: Companies often hire freelance risk management consultants to help identify and mitigate potential risks within their organisation. Freelance risk management consultants can assist with developing risk management plans, creating policies and procedures, and identifying potential hazards.

Finance: Freelance finance consultants can assist with a range of financial tasks such as creating financial models, developing budgets, analysing financial data, and providing strategic financial advice.

Project Management: Many companies hire freelance project managers to oversee and manage projects from start to finish. Freelance project managers can assist with developing project plans, managing timelines and budgets, and ensuring project deliverables are met.

M&A: Freelance M&A consultants can assist with mergers and acquisitions by providing due diligence, conducting market research, developing financial models, and providing strategic advice.

Marketing and Brand: Freelance marketing and brand consultants can help companies develop and implement marketing strategies, conduct market research, and develop branding and messaging.

Technology: Freelance technology consultants can assist with a range of technology-related tasks such as software development, IT infrastructure management, cybersecurity, and data analytics.

Cybersecurity: As cybersecurity becomes increasingly important for companies, freelance cybersecurity consultants can assist with developing cybersecurity strategies, identifying potential risks, and providing cybersecurity training.

HR: Freelance HR consultants can assist with a range of tasks such as developing HR policies and procedures, managing employee benefits and compensation, conducting employee training and development, and overseeing talent acquisition and retention strategies.

Legal: Freelance legal consultants can provide a range of legal services such as contract review, drafting legal documents, providing legal advice, and conducting legal research. They can also assist with specific legal matters such as intellectual property, employment law, and compliance.

Supply Chain: Freelance supply chain consultants can assist with a range of tasks such as developing supply chain strategies, managing logistics and transportation, analysing supply chain data, and identifying cost-saving opportunities. They can also assist with specific areas of supply chain management such as procurement, inventory management, and supplier management.

Some examples of using freelance consultants as advisors for strategy or subject matter expertise:

Startups:

• A tech startup hires a freelance marketing consultant to help develop their go-to-market strategy, conduct market research, and create a marketing plan.
• A fintech startup hires a freelance finance consultant to provide financial modelling and analysis for their fundraising efforts and future growth plans.
• A healthcare startup hires a freelance regulatory consultant to navigate the complex regulatory landscape and ensure compliance with industry regulations.

Established Companies:

• A large retail company hires a freelance supply chain consultant to help optimise their supply chain operations and reduce costs.
• An established law firm hires a freelance legal consultant to provide expertise in a specific area of law, such as intellectual property or privacy law.
• A manufacturing company hires a freelance engineering consultant to assist with a new product design or process improvement.
• A large financial services company hires a freelance strategic consultant to provide strategic and subject matter expertise for establishing a new line of business, such as for business planning or due diligence and evaluation of a partner

Freelance consultants can provide valuable expertise and insights to both startups and established companies, allowing them to gain a competitive advantage and achieve their goals. By hiring freelance consultants, companies can access specialised expertise without committing to long-term contracts or incurring the overhead costs of hiring full-time employees.

In conclusion, being a freelancer provides numerous advantages for senior managers in a variety of fields. The flexibility, control, earning potential, diverse experience, autonomy, geographic independence, reduced commute time and costs, lower overhead costs, embracing technology, and lifelong learning opportunities are just a few of the reasons why more professionals are choosing to freelance. By embracing these advantages, senior managers can take their careers to the next level and enjoy a more fulfilling and rewarding work experience while providing their expertise in various fields as freelance consultants.