When you’re ready to quit, remember why you started. And then decide if it’s still worth continuing.

The #1 reason I started freelancing was to have location independence. In 2016, that was hard to find.

• But 2020 changed that. And even while many companies are now trying to claw back their COVID-era policies, it’s still reasonably easy to find a full-time remote position in motion design.

 

List 1: The benefits of full-time

• PTO + Sick leave
• Maternity/Paternity leave
• Inclusion in company perks
• Work friends AFK* / office culture
• Company contributions to 401k, HSA
• Bonuses & other incentives, stock options
• Over-the-shoulder learning from peers/superiors
• No cost to you for equipment, software, plugins, etc.
• Having the office option, office amenities (gym, cafe, etc)

N.B. Is health insurance really a benefit? (USA)

• Even if a company covers 100% of your insurance (rare) it’s still coming out of your salary offer.
• Companies essentially get “bulk rates” on health insurance, so that discount gets passed on to the employee.
• But my experience has been that freelancing allows me to make more than enough money to compensate for the difference, and then some.

List 2: The benefits (and caveats) of freelancing

• Location independence
  • Unless the studio wants you on-site
• Make your own schedule
  • But it has to fit into your client’s schedule
• Say no to work you don’t like
  • Unless you need the money
• Set your own rates
  • Enjoy the game of negotiating money
• Flexibility to structure your business any way you like
  • Just make sure it supports your clients’ structure
• No ceiling on how much money you can make
  • Assuming you can find the work and budgets and get it done
• Answer to no boss
  • But risk never getting called back if you are inconsiderate

Freelancing puts the weight of each responsibility squarely on you. I had to ask myself if it was really worth it now that remote and hybrid work are commonplace.

Are you a freelancer, or just overemployed?

Most small businesses (<$40 million annual revenue) survive thanks to their regulars. I’m no different.

• In 2023 I made $309k. 46% was from 1 client. 
• I was basically an employee for two different companies. Plus taking on more sporadic work from several other sources.
• And I’m willing to bet most studios break down similarly
  • If freelancers are pseudo-employees, studios are treated like some kind of extracorporeal IT department.

Client POV: 

• It’s more convenient for companies/agencies/studios to avoid bulky headcount by keeping a roster of regular freelancers.
• These gigs can be cut at any time without consequence
• Reliable freelancers are difficult to find, but so are reliable employees.

Freelance POV:

• Regular, reliable income is the foundation of stability and scale
• But you end up being treated as an employee, without the benefits
• Your gig could be cut at any moment, so you have to diversify your clients

The catch: That second highest number, the 26.4% client? 

• That team was let go without notice and the gig cut in half earlier this year. 

• At the top of the year, I lost a client (layoffs, changeover) who had accounted for 35% of my income in 2022.
• And who’s to say how long that 46% golden goose will last?

So, what’s the point of freelancing in 2024?

It’s tough out there. 

• Inflation is high
• Budgets are stringent
• Motion work is rapidly commoditizing
• Video and motion are ubiquitous, therefore necessary but also less effective than it used to be for our clients

My thought bubble: Freelancing doesn’t always mean more freedom— unless money isn’t a priority.

But in the current climate of frequent mass-layoffs, having diverse sources of income (freelancing) is a much safer bet in the long term.