This is a guest post by freelance seo  consultant, SEO Doctor.

Freelancing is a great idea. Not only do you free yourself from the day to day grind, but you free yourself from working with any one company or person. With stories about people quitting their job, traveling the world, and making more money ­—all while freelancing — why shouldn’t you dive in head first? With every big decision, there’s some bad to go with the good.

Pros

Choose your own hours.

Start at the crack of dawn or the middle of the night. A working lunch or a two hour smorgasbord. Full time or part time. One of the most appealing things about freelancing is the ability to create your own schedule. You can take a vacation whenever you want and you don’t have a limit on sick days. You can take the afternoon off to go see a movie. Just don’t miss your deadline.

Choose your own house.

Or the coffee shop downtown. Or the library. Or Chicago. Wherever you feel most comfortable. As a freelancer, you’re not tied to one particular area. This can save you a lot of time and money since you don’t have to travel.

Choose your own projects.

Unlike working for a company, you can choose what projects you accept. You can turn down any projects that you don’t feel fit right. Have a client you can’t stand to work with? Don’t! As long as you have enough cash to get by, you’re never stuck working with anything you’re not happy about.

Make more money.

Finish a project early? Take on another one! You aren’t tied down to what projects are given to you by your boss. In general, freelancers get paid per project, so you can take on as many or as few as you can handle. The more projects you take on, the more money you can earn. Just try not to overextend yourself. Remember you need to finish the job before you get paid.

Cons

Inconsistent Income.

As a freelancer, steady income can be a luxury. While your regular 9-5 provides you with somewhere between weekly and monthly paychecks, freelancing offers a “whenever you get work” model. Some months you may have plenty of work and plenty of pay. Some months may be quite lean, but, on the upside, you’ll have plenty of time to perfect your ramen recipes. As long as you can budget your income to support yourself as though you won’t be making any money for while, you should survive.

No Benefits.

That health insurance you get from the office? None existent. If you want to keep your health insurance, you’ll need to get your own. Those vacation and sick days that are a benefit of freelancing? They come at the cost of being totally unpaid.

The 10/90 Rule.

Freelancing is about 10% working on projects. The other 90% generally go to the administrative duties that you’ll need to stay on top of in order to continue working independently. Things like scheduling your work to meet deadlines, keeping track of your accounts to make sure your bills get paid — both outgoing and incoming — on time, and finding and maintaining relationships with clients in order to get work in the first place.

100% Responsibility.

You’re the only one that cares whether you succeed or fail as a freelancer. If anything goes wrong with your work, you’ll be expected to fix it, no matter when the problem arises. This means during weekends, that vacation you’re taking, or even when you’re sick. This also means you’re responsible for your taxes, which can be a headache in and of itself. Unless you’re freelancing as an accountant, I personally would recommend investing in a good CPA.

Cabin Fever.

So you’re working for home and you don’t have to go out today? Great! Or tomorrow? Awesome! What about next month? Oh, is it February already? Sometimes it can get a little lonely working from home. Try not to stay isolated for too long, get out there with friends before becoming so loopy that your dog literally becomes your best friend out of necessity.

Distractions.

The job won’t let you surf the ‘net during work hours? Bummer. But as far as your productivity goes, it may be the best thing for you. Besides the many, many websites out there, there are also the real, physical distractions. You’re furry companion needs to go outside or for a walk. Your kids are home sick with the flu. These are all fine, just as long as you don’t have a deadline quickly approaching.

Both

No Boss.

I’m going to list this under both a pro and a con, because it depends on your personality. Not having a boss can be the best thing ever for some of us. We work well independently and having a boss just slows us down. For the rest of us, having a boss helps keep us on task. Outside motivation, such as our boss’ expectations, can help keep us from becoming lazy. So take not having a boss as a pro or con for your own situation.

If, after going through this list, you still feel like freelancing is a good fit for you, you should jump on in, but maybe feet first.

SEO Doctor offers an advanced link building service in the UK.