Working to your own timetable, being your own boss, experiencing different industries, having a short term impact on high value projects, and the potential to earn big bucks.

The world of freelancing brings with it many benefits, but there are just as many downsides that also need to be considered if you're looking to move towards this type of career.

Dispelling the myths
Like most thing in life, the grass always seems greener on the other side.

Ask anybody in a dead end job and they will say that freelancing seems a wonderful existence: no boss, no petty workplace rivalries, no 9 to 5 drudgery and good earnings too. Ask any; freelancer and they're likely to mention a few aspects that you may not have considered

• No guaranteed income - you'll need to accept that there's no monthly paycheck hitting your bank account so a quiet period for work will mean you'll have to dip deeply into savings to keep going. Generating your own workload is a big step if you've always had your tasks laid out for you.

• No paid holidays - the cost of going on holiday also includes the loss of potential earnings. Timing your holidays around quiet periods isn;'t always possible and you may miss out on potential opportunities whilst sunning yourself on a beach.

• No sick leave - it's a unfortunate fact that the self-employed and freelancers simply can't afford to stop working. A few days off with a heavy cold is simply not an option when there's nobody to cover the workload.

• No boss - you may dream about having no boss peering over your shoulder, but without a boss you have nobody to turn to in times of need. You're a supplier, not an employee, and you need to be able to manage yourself as well as your clients.

• No rights - you won't enjoy the standard range of employee rights such as unfair dismissal or age discrimination, as a full-time employee. There are rights for freelancers, but you're the most easily dispensed with 'cost' on a company's payroll - no matter how good your work is.

Reasons for freelancing
With the above painting such a negative picture, you may wonder why so many people become freelancers considering the security of being a permanent employee.

Often people are freelancing without even knowing it. You are a freelancer if you work for someone else for a fixed period under a fixed contract.

You will effectively be selling your skills and time, and will usually be paid by the hour - although contracts with a fixed price to complete a fixed project are also possible depending on your field of expertise.

There are two types of freelances; those who became freelancers by choice, and those who do it by default. There are certain roles and industries where freelancing is the norm with a migratory workforce moving wherever the money is.

You may, of course, simply be someone that likes being your own boss, valuing the work-life balance. There are tax advantages in that you can claim expenses to set against your earnings.

A top graphic designer, management consultant, IT consultant or financial expert can earn heavily for their specific skills, as well as and choose who they want to work for.

If you have a particular skill to sell then you may feel you have the ability to earn much more than being employed. In times where companies are uncertain of their financial future, a short term expenditure on a freelancer is a much safer bet then the costs involved with taking on a permanent employee who may need to be made redundant a few months down the line. 

Being a successful freelancer
Whilst the following attributes can come in handy for any professional, those going down the freelancing route should pay particular attention to developing skills in these areas:

• Networking - your work won't just come out of thin air so you need to put your face out there, building a reputation as being someone who can be counted on to get the job done at a high standard.

• Time management - if you're on a short term contract or if you're juggling multiple projects at the same time, you need to know how to keep on top of things and maximise eve3ry minute you have. Your clients won't be happy if you're billing them for ten hours when it looks like you've only done two hours work.

• Budgeting - the first thing you need to do is decide on what you're worth so you cn charge a reasonable hourly rate for your services. You also need to take care of your own invoicing so you get paid on time and your taxes so you don't fall foul of the Inland Revenue.

• Customer care - for each project you undertake you should ask for detailed feedback from your client, if they're not giving it to you already. This will show them that you're constantly looking to improve the way you operate so that you can be of value to their business again in the future.

If these sound like the kind of areas you excel in then maybe a freelancing career is for you.

Think about the specific skills you possess and the type of companies who might be in need of them. Then it's time to go out and get yourself some business.