Hey Whatsup Everyone!
Paul here with Profitable Freelancer, and in today's video I want to go into a breakdown
of the differences between a typical nine to five job and freelancing.
Now there's a lot if different videos, and different articles going around about the
'Rise of the Gig Economy', more people freelancing, more people working from home, and working
remotely, and also becoming freelancers, consultants, etc.
However, we've also seen a lot of myths if you will that are getting spread around.
And there's also a lot of different people who have their own stories to share, and that's
what my hope is right now.
It's to just show my story of the differences of a typical nine to five and what the life
of a freelancer really is like.
Now, I'm talking from experience because I was working over three years at a typical
nine to five position, and now I've been freelancing for over four years, 100% on my own, running
my own business.
And, the point of this video is to not be biases and to just say 'everyone should be
freelancing', because I don't really think that's the case honestly.
I think that a very specific type of person and personality type excels as freelancers.
Whereas, some people really do work better in a nine to five.
So in this video, let's get into breaking down the differences, and if there are any
similarities between working a typical nine to five and being your own boss as a freelancer.
So, when you're just getting started as a nine to five worker or a freelancer a lot
of it is still going to take a good amount of effort in the beginning.
And what I mean by that is if you want to get a nine to five job, there's a lot of competition
out there that is also trying to get all of the different positions right now.
And this is no secret, right, if you've been in the workforce you know it's not always
as easy as finding a job online and going into an interview and winning that interview.
There's a lot of different things that go into actually landing a nine to five position,
and those include your past experiences, your education level, where you are geographically
located, and a lot more of those different things.
They really depend on you're success and you landing that nine to five job.
Now when we look at it from a freelancing standpoint, getting started as a freelancer
is something that I really encourage people to do on the side.
And, the reason I encourage that is because as you start to get more experience as a freelancer,
you can sustainably build yourself up.
So you can start out with having one client, and that's not going to pay for your whole
lifestyle, so that's why I think it's so great if you already have a job to keep that job,
and if you're interested in freelancing and getting started, it's something amazing you
can do on the side.
Whereas a nine to five, unless you're working a part-time job or remotely or something like
that, you need to go all in on that nine to five and if you don't, chances are you will
likely get fired or you won't find yourself working well in that position.
So as a freelancer, it does take some time to get started and to build up your experience
and your clientele.
But it's the same thing if you were going to work at a nine to five.
And once you get into that nine to five, you have to work your way all the way up the ladder.
It's not like you are going to get hired and all the sudden you have your dream job.
So understand that both of these different pathways you can go down in your career, is
something that you need to make a decision on.
Because, when it comes to making the touch decisions in life, it all comes down to figuring
out what is worth suffering for to you.
So a lot of people look at all the benefits of having a nine to five or the benefits of
being a freelancer.
But that's not the way to look at it, because that's when you've already went through all
of the challenges, all of the trials and tribulations that are going to come up.
So ask yourself, what is worth you suffering for?
What is worth you going through those tough challenging period for?
For you, if it's worth it to put your head down get to work and build your own business,
to the point where you don't need to rely on someone else for your entire life and for
your livelyhood, then freelancing is probably going to be worth it for you.
So start to ask yourself what is worth suffering for you.
That's the first factor to look at when you're analyzing the differences between a nine to
five and being a freelancer.
Now the next thing to go over is job security.
This is one of the biggest misconceptions I see getting spread around, that freelancing
is not a secure job.
that if you're a freelancer you're really just jumping from one job to another and you're
income can be gone overnight.
Now, the reality couldn't be further from the truth, because really, when you're in
a nine to five, that's when you have all of your eggs in one basket.
You have one employer, and if they decide to fire you, hire someone else to replace
you, whether they want to furlough their staff and cut people off, because their just not
able to bring in as much revenue, all of that is out of your hands.
You have no control.
So even though you may be thinking you have this secure job for decades to come and you're
going to be getting pay raises and benefits, that's not always the case.
We've seen it over the last year in a half, many many people who were at established companies
who thought that was going to be their whole life, got turned upside down.
They either got laid off or they realized that they had to take a pay cut and it wasn't
worth it for them.
So when you think about job security, don't compare a nine to five to just a freelancer
who doesn't know what their doing.
Think about it as being a profitable freelancer.
And when you're a profitable freelancer, you don't just have one kind of clients.
You have multiple clients, right?
So that's exactly what I'm trying to say, that, if you're freelancing and you're doing
it the right way, you're not going to have all your eggs in one basket.
Instead, you're going to have all of your risk spread across multiple clientele.
So you can have different clients from different geographic areas, different states, different
countries, all over the world.
You can work with businesses that are in different industries and different niches.
And you can also provide different services based on what your skillset is.
But what is important to remember is that your eggs aren't all in that one basket, so
there is a lot of king of foundational thinking to break through here.
Because it sounds like the nine to five is the most secure thing ever.
But I really encourage you to do your research and look at what's happening in the workforce,
and understand that talent is more replaceable than ever before, and that's because of freelancers,
because of remote work, and that's because of companies being able to access talent outside
of your little geographical bubble.
So the way the world works is changing, and if you can look at your job security from
a higher perspective, and you can see what actually constitutes a secure position, you'll
be able to see which one makes more sense for you.
And the next factor to go over when you're comparing a nine to five and freelancing career,
is the earning potential.
So, as a nine to fiver, your earning potential is fairly capped.
So you're going to get tired for a certain salary rate, you may be able to get annual
reviews, you may be able to get a five to ten percent pay raise each year if you're
lucky.
And over time, the goal is with a nine to five to grow with the company.
To become part of the higher level team, eventually find yourself in a managerial role, executive
role, etc.
Now on the freelancing side, your earning potential is not capped.
So that goes both ways, all the way up, and all the way down.
So as a freelancer, every client you get to pay you, that's your income.
So if you have a handful of clients and you want to increase your income you can work
on getting a few more clients, charging them however much you think is fair for your service,
and all of the sudden your income has increased literally overnight.
Whereas in a nine to five, there's no fluctuation there.
You're really stuck at your income bracket, and like I said you can get raises here and
there, but that's a very long term strategy.
You're not going to get into a nine to five to double your income in just one year, it's
not realistic.
There's so many people that will be happy to take your job at a nine to five for what
you're making or even less than what you are making.
So you have no leverage in a nine to five most of the time.
Now as a freelancer, also remember that your earning potential goes both ways.
So if you do have a handful of clients, and for whatever reason something outside of your
control happens, one of your clients doesn't want to renew the contract, your income can
go down.
So it takes someone who is mature, someone who is able to not get emotional to be a successful
freelancer.
Because you are going to lose clients, but you also have the ability to get as many clients
as you possibly want and can handle.
So the earning potential is something massive, because if you're someone like me, when you're
in you're nine to five you knew you were capable of more, you knew you could provide more,
you knew you could really accelerate the path that your life is on and you didn't want to
wait decades to get wherever it is you want to go, then being a freelancer is the right
choice for you.
Now, if you don't want to do that, you don't want to worry about your income going up or
going down, then you know what?
A nine to five is probably the best fit for you, and you may change your mind later on,
but that's ok.
The main thing is to be honest with yourself what makes the most sense for you.
Now, getting into the next difference between a nine to five and freelancing career, is
the freedom.
Now, in a 9-5, you really don't have much freedom.
There's a certain schedule, usually Monday through Friday, 9-5, or in my case I was working
8:30 - 5:30.
And that's pretty much your entire day, your entire week.
Because by the time you get home on the weeknights and you eat dinner and you shower, whatever,
you spend a little time with your family, that's it.
It's time for the next day, time to go to bed and wake up and do it again.
And if you're lucky, you have maybe Friday night, Friday Saturday night to blow off some
steam, and then all the sudden Sunday comes and you feel depressed because you know you
have to repeat the cycle all over again.
Now, in the life of a freelancer, it's a lot different between you don't have a set schedule,
you make your schedule.
You don't have to show up to an office everyday, you can work from your home, from wherever
you want to travel, anywhere you want to in the world (as long as you have an internet
connection and access to the phone if you need to make a phone call).
But that freedom, goes much deeper than just your daily schedule, it also bleeds into your
weekly, your monthly, and your yearly schedule.
So when do you want to take vacation?
As a freelancer, you can do whatever you want, but as a nine to fiver, you have to put in
your paid time off, it has to get approved, if it's on a Holiday and too many people took
off around that time it can get denied.
So, you have no freedom, you're really in someone elses hands.
But as a freelancer, you have that ability to create your schedule, but you need to make
sure of course you are able to get your work done, and to work all of your tasks around
your schedule.
And, in addition, something else that being a freelancer is able to grant you, is the
ability to spend more time with your family, loved ones, friends, and to be the crafter
of your schedule, of your destiny, of where you want to go.
So instead of being at a nine to five, where everything is laid out for you, you don't
need to think about anything, you know where you're commuting to everyday, it can get stale
very quick, especially if you are someone who likes to travel, likes to adventure, likes
new things.
Being a freelancer is probably a much better fit for you, because you don't want to find
yourself in a nine to five, just staring out the window everyday wondering what your life
could have been like if you took that plunge into freelancing, or just starting your own
business or whatever it is.
Now, with that being said, it's important to understand with great power comes great
responsibility.
In order to be a successful freelancer, you need to have discipline.
So even though you're able to craft your schedule, you can do what you want, you don't have to
be stuck in a commute, you also have to have the discipline to get the work done that needs
to get done.
Now this means that you might have to sacrifice some night and some weekends and even some
months and events that you want to go to, even as a freelancer, you have to say no to
some things and you have to be able to have the discipline to get up everyday and to get
yourself into work.
If you're not able to get yourself into work mode, you don't have the self-discipline and
you just find yourself on your phone or you just play video games in your free time and
your not able to really make progress when you need to, then being a freelancer is not
a good fit for you.
And honestly, being in a nine to five where you can kind of just do the minimum just to
get by, that's going to be a better fit for you.
So be honest with yourself, are willing to work when others aren't able to work or aren't
willing to work?
Are you willing to sacrifice important times in your life in order to set your future up
for success.
Those are the tough questions you need to ask yourself and it goes back to what I said
in the beginning.
It's not about all of the sunshine and rainbows and all of the benefits.
It's about what is worth suffering for you.
So being in a nine to five to me wasn't worth that suffering of always asking myself "What
if I went into my own line of business?
What if I had the freedom to do what I want?
Even just be able to work from home, be more comfortable, not have to commute every single
day?"
Little things like that really are something I give value to, so start to look at yourself
and your life and see where your values lie and see what's important to you.
And ask yourself realistically, if you have the discipline of being your own boss work,
or, just being in a 9-5 and be able to do your role, clock out on weekends and do your
own thing, if that's a better choice for you.
And as a freelancer, even though you don't necessarily have a boss, you need to have
the discipline to be your own boss and to also have the humility to understand that
you're still going to be working with people.
So you're going to have clients and in a way those clients are now going to be your boss.
So like I said in the beginning, I'm not just going to be biased and say that freelancing
is right for everyone.
Because a lot of times people just don't like their boss, they don't want to be told what
to do, they don't want to have to show up to work, and they think that freelancing is
the right path for them.
But they forget that as a freelancer, you have to do business, it's the people business,
you need to work with people, be able to talk to people, and to also be in that working
relationship.
So in a way, even if you don't have a typical boss, you need to be your own boss and you
need to treat your clients as each of your individual bosses for each project you are
working on.
And if you're not able to do that because of your ego or for whatever reason, then freelancing
is not going to work out for you because you need to be able to have that discipline to
be your own boss and to be strict on yourself quite frankly, because that's what it takes
to put yourself in the best position in the long run.
So to recap, ask yourself what is important to you.
What do you see yourself doing in the future?
And are the things you're doing every single day in terms of your career, in terms of what
you're doing to make a difference, is that aligning with where you want your future self
to be in your career?
In your personal life?
In everything you're doing?
Start to ask yourself these things because it all comes down to every little decision
you make that all has a ripple effect on your future.
And if you are in the position that I was in where you are in a nine to five, you like
what you're doing but you know there's more out there for you, you know you can create
more abundance in your life, then I highly suggest you start to build a freelance business
on the side, on nights and weekends, and that can quickly turn into your full time stream
of income and ultimately grant you the freedom that you want.
But, on the other hand, if you know you're the type that doesn't want to rely on yourself,
to be your own boss, to have that discipline, you don't want to sacrifice nights and weekends,
be realistic with yourself and put yourself in a nine to five that is a good vehicle for
you to have success.
Now there are some 9-5's where you are able to be in a commission based role where you
are able to increase your salary based on how much you can produce, so that might be
a good middle ground for you, but be realistic with yourself and that is going to pay off
in the long run!
So that was a video comparing a typical nine to five job versus the life of a profitable
freelancer.
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I hope this was a helpful video for you, and until the next one, I look forward to your
success.