Pros and cons of freelancing for workers and companies

AP News
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Posted: Jun 03, 2015 8:54 AM

NEW YORK (AP) — Thinking of making the leap to freelance, or hiring an independent contractor? Here are some pros and cons to keep in mind:

FOR INDEPENDENT CONTRACTORS/FREELANCERS

Pros:

— More control over the work you do.

— Flexible schedule.

— The possibility of making more money.

Cons:

— You're responsible for finding the next job.

— Need to figure out health insurance, retirement savings and taxes. Must also keep track of payments from gigs.

— Not having co-workers can get lonely.

FOR COMPANIES

Pros:

— Independent contractors bring in fresh ideas without paying a full salary and benefits.

— Contractors can focus on one problem or issue that needs solving.

— Hiring companies can vet contractors, saving time and money.

Cons:

— If a company likes an independent contractor, it may be hard to get them to stay or work full-time hours.

— The contractor might not be a match, and could take time and additional money to find a replacement.