With the ultimate in control comes additional responsibilities. As a freelancer, you are a business owner and you need to stay on top of taxes, invoices, payments received, finding your own health insurance, and buying every piece of software and technology you need to complete your work.
Feast or famine syndrome is another real downside to freelancing. Some months you’ll be full to the brim with work, while the next month may be a ghost town. you may be relying on a consistent contract with one client, only to find they suddenly don’t need you anymore. Freelancing requires good money management and constant sourcing of new clients.