Freelance vs. side hustle, the definitions:
Freelance work and side hustles are often used interchangeably, but they are actually quite different. Freelance work refers to self-employment in which an individual works on a project-by-project basis, usually for multiple clients. A side hustle, on the other hand, is a part-time business or entrepreneurial venture that an individual engages in alongside their full-time job.
So, which one is right for you?
Different factors to consider between freelance vs. side hustle:
Time commitment:
Freelance work tends to be more time-intensive, as it often requires a full-time commitment in order to be successful.
A side hustle, on the other hand, is typically something that an individual engages in on a part-time basis, alongside their full-time job. If you are looking for a way to supplement your income without committing to full-time work, a side hustle might be a good option. If you are looking for a full-time career, however, freelance work might be a better fit.
Income potential:
When deciding between freelance vs. side hustle, the income potential is a major consideration. Both freelance work and side hustles can offer the potential for financial gain, but it tends to be higher for freelance work.
This is because freelance work is typically more time-intensive, and individuals are able to charge higher rates for their services. A side hustle, on the other hand, is typically something that an individual engages in on a part-time basis, and as such, the income potential is typically lower.
Flexibility:
Flexibility is another consideration when looking at freelance vs. side hustle possibilities. Both offer flexibility in terms of schedule and location, but freelance work tends to offer more flexibility in terms of the types of projects and clients an individual can work with.
As a freelancer, you have the freedom to choose projects that align with your skills and interests and to work with a wide range of clients. A side hustle, on the other hand, is typically more focused on a specific product or service, and as such, offers less flexibility in terms of the types of projects and clients you can work with.
Professional development:
Both freelance work and side hustles can offer opportunities for professional development, but freelance work tends to offer more opportunities for learning and growth.
As a freelancer, you have the opportunity to work on a wide range of projects, which can help you to develop a diverse set of skills and expertise. A side hustle, on the other hand, is typically more focused on a specific product or service, and as such, offers fewer opportunities for learning and growth.
Risk:
Risk is actually the major consideration for most professionals when making the choice between freelance vs. side hustle. Both come with some level of risk, but the risk tends to be higher for freelance work.
As a freelancer, you are responsible for finding your own clients and projects, which can be a challenge. You also don’t have the stability of a full-time job, and your income can be unpredictable. A side hustle, on the other hand, is typically something that an individual engages in on a part-time basis, alongside their full-time job. This can provide a level of stability and predictability that is not present in freelance work.
So, which is right for you: freelance work or side hustle?
Ultimately, the decision will depend on your goals, priorities, and circumstances. If you are looking for a full-time career and are willing to put in the time and effort to build a successful freelance business, freelance work might be a good fit. If you are looking for a way to supplement your income without committing to full-time work, a side hustle might be a better option.
Regardless of which path you choose, Wedo can be a valuable resource:
Wedo is a commission-free social freelance network that offers a range of tools and resources to help freelancers and small businesses succeed. Whether you are a freelancer looking for work or a small business owner looking to hire talent, Wedo can help you connect with clients and find the right projects for your skills and interests.
Wedo’s platform offers a range of tools and resources, including 4K video, chat, client management of invoices, payments, and contracts, and a banking feature that simplifies the payment process and eliminates the need for manual invoicing and payment follow-up. Wedo also offers tools for building a community, including the ability to create groups, host events, and connect with other businesses and freelancers.
Freelance vs. side hustle are two different paths that offer their own set of advantages and disadvantages. Whether you choose freelance work or side hustle will depend on your goals, priorities, and circumstances. Regardless of which path you choose, Wedo is a valuable resource that can help you succeed in the fast-changing world of work.
It’s important to note that freelance work and side hustles are not mutually exclusive, and many individuals choose to engage in both simultaneously.
For example, an individual might work as a freelance graphic designer on a full-time basis, while also running a side hustle selling handmade crafts on the side. In this case, the individual is able to take advantage of the income potential and professional development opportunities of freelance work, while also engaging in a creative outlet and potentially generating additional income through their side hustle.
If you are considering freelance vs. side hustle, it’s important to carefully consider your goals and priorities and to determine what combination of work will best meet your needs. It can be helpful to create a business plan that outlines your goals, target market, and marketing strategy, as this can help you to focus your efforts and ensure that you are making the most of your time and resources.
Ultimately, the decision between freelance vs. side hustle (or a combination of both) will depend on your goals, priorities, and circumstances. Whether you are looking for a full-time career or a way to supplement your income, Wedo is a valuable resource that can help you connect with clients, find the right projects, and succeed in the fast-changing world of work.
It’s worth noting that freelance work and side hustles are not the only options available for individuals looking to earn additional income or pursue their own business ventures. There are also many other opportunities for self-employment, including starting a full-time business, becoming a consultant, or working as an independent contractor.
Another option – starting a full-time business:
Starting a full-time business is a major undertaking, and requires a significant amount of time, effort, and resources.
It can be a rewarding and fulfilling path, but it also comes with a high level of risk and uncertainty. If you are considering starting a full-time business, it’s important to carefully research your market, create a business plan, and seek out the necessary resources and support to help you succeed.
Consulting is another option for self-employment and involves offering expertise and advice to organizations or individuals on a temporary or project basis.
Consulting can be a rewarding and flexible way to use your skills and expertise to make a difference, and it can be a good option for individuals who are looking for a part-time or flexible work arrangement.
Finally, working as an independent contractor is another option for self-employment. Independent contractors are self-employed individuals who are hired by organizations or individuals to complete specific tasks or projects.
Independent contractors are typically responsible for their own taxes and benefits, and they have more control over their schedule and workload than employees.
In summary, there are many different possibilities when considering self-employment: freelance vs. side hustle, but also starting a full-time business, consulting, and working as an independent contractor.
Whether you choose freelance work, a side hustle or another option will depend on your goals, priorities, and circumstances. Wedo is a valuable resource that can help you connect with clients, find the right projects, and succeed in the fast-changing world of work, regardless of which path you choose.
Freelance vs. side hustle: more information
30 Interesting Freelance Or Side Hustle Jobs You Can Start In 2023 (wedo.ai)
How Wedo Can Help You To Easily Build Your Own Businesses As Freelancer