I love contracting. But that is my experience. Other roles, areas, personalities it may not work, and other types of contracting it may be very different.
Good bits:
- If you work normal amount you earn a lot more (remember to expense everything!)
- Unlimited holidays. I take a normal amount of holidays during contracts, and then a few months off between contracts though depends on the length of the contract.
- No illusion of job security and no guilt if you leave at the end of a contract. But don't burn bridges or leave a bad impression. You likely will work for them again, or at least the same people.
- No need to work late/weekends, you are paid for the work you do, not to impress for a promotion. .
Bad bits:
- Pressure to find the next contract. It eases off as you build a bigger network of past clients and coworkers etc. I'm not concerned about that anymore but was the first few years.
- Extra paperwork. I have a near automated online accountant, but I still got to click the odd approval, and export bank statements, find insurance, sign contracts etc.
- Contract recruiters are the worst. It is their job to squeeze you not the client.
- Less startup contracts, more enterprise.
But in my experience contracting only works in a big market such as London. Or more accurate it works better in big markets with a big demand for skills that I/you have. I am not sure I could be a contractor in smaller markets where you would depend on remote contracts and an established wide network of clients already.
Also, remember to build a few months war chest before you start. And able to cut expenses if you need some bench time.
Ps. don't call it freelancing, unless you are a designer and then only if you really love the term.