Shankar Rajendran on The Benefits of a Freelancing Business

Finding the perfect job is something that nearly every professional hopes to do. Unfortunately, there are only a handful of people who accomplish this task when compared to the overall workforce. This is because the vast majority of employment opportunities in the market carry certain downsides. Being able to focus on the benefits, however, is what helps one get closer to their "ideal" role.

As the economy progressed over the past few years, a lot of working conditions evolved. For instance, salaries are now considerably higher than they were a decade ago. Similarly, the development of technology led to a flexible workplace where one can operate remotely. Just think about the number of companies that have completely taken their practices online. Meaning, all of their data, contracts, and relevant files are stored in databases accessible outside of one's office.

The Growth of Freelancing

In the past, freelancing mostly revolved around things like lawn-moving and babysitting services. it was based on low-level tasks that require practically no entry skills. Nowadays, however, the market for freelancers has been completely revolutionized. Here in Jamaica, New York, for example, the increase in the number of employed people is heavily influenced by the freelancing community. So, how exactly did this type of employment become so advantageous to both the workers and employers?

Working from Home

According to Shankar Rajendran from Orange, CT, freelancing gave birth to the home-based opportunities. This is a byproduct of the rapid development of online openings where individuals can run entire companies through their laptops. So, the fact that there are presently more than 3.7 million freelancers working from home is not surprising. Some examples of the job openings that fit these characteristics include the following:

● Virtual assistants that help people from around the world;

● Web designers and program developers;

● Investment advisors;

● Bloggers or article writers.

Additionally, just consider how fast the business of social media marketing is growing. Besides becoming one of the main ways to advertise, it is also much cheaper and more accessible to people like Shankar Rajendran. This has enabled him to work remotely for companies in and around Jamaica instead of being limited to his immediate surroundings.

Self-Created Schedules

One of the main stipulations of the freelancing law discusses how much control over their tasks a worker can exercise. For instance, if somebody provides all of their own tools and performs a certain job whenever they want, it is very likely that they are a freelancer. Those who have to be at work by 9 A.M. and follow strict procedural requirements are probably employees. So, what exactly is the difference?

Well, freelancers and employees differ in the way that they are taxed, how much liability they bring and carry, and even how much flexibility they get to exercise. Employees are usually required to obey a schedule. Freelancers, on the other hand, have no formal rules that must be followed when it comes to the management side of things. Meaning, the employer cannot tell the freelancer to show up at a certain time every day and make it mandatory for them to attend various events. If they do so, the freelancer may be reclassified from an independent contractor to an employed worker.

Therefore, if you happen to work here in Jamaica, being a freelancer may give you better scheduling flexibility. Consequently, visiting the King Manor Museum or the Queens Library is much more achievable.

Certain Downsides

Unfortunately, no market is perfect and nearly every job comes with an abundance of concerns. In freelancing, the most popular ones boil down to the self-employment taxation and lack of openings.

To better understand the way in which freelancers are taxed, one must realize that every employer withholds their workers' taxes. In the spheres of independent contractors, however, this does not happen as they do not have actual bosses. Instead, the worker must pay an additional 15.3 percent of their income in self-employment taxes. Half of that amount would have normally been covered by the employer.

Also, it is sometimes difficult to find a freelancing job for certain industries. For instance, a doctor would not be able to work over the internet unless he wanted to avoid the hands-on approach altogether. Nevertheless, the quick progress in technology is making online advising practices more common for nearly every market!