Tried freelancing (self-employment) for years but found it was just plain too much work doing too many things that weren't fulfilling. You're taking on (at least) one more full-time job in addition to the job as a developer. You also have to run the business -- so you'll have to do marketing & business development. That next contract's not gonna sign itself. You'll also have to administer and pay for benefits (health insurance, life insurance, disability, vision/dental, 401(k), etc.), file more tax forms (monthly 941, quarterly 940) and pay more taxes, prepare and file a corporate tax return (if you're an S-Corp), figure out your withholding and pay FICA, etc., deal with occupational licensing (depending on your municipality) and deal with state business registration requirements. If you have tangible assets (laptops! printers! routers!) you have to account for them as such, depreciate them, and pay tax on them. I'd suggest someone do it only if they have a burning entrepreneurial desire and are willing to make a sustained multi-year commitment to their business, often working well in excess of a normal 40-hour workweek.
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Tried freelancing (self-employment) for years but found it was just plain too much work doing too many things that weren't fulfilling. You're taking on (at least) one more full-time job in addition to the job as a developer. You also have to run the business -- so you'll have to do marketing & business development. That next contract's not gonna sign itself. You'll also have to administer and pay for benefits (health insurance, life insurance, disability, vision/dental, 401(k), etc.), file more tax forms (monthly 941, quarterly 940) and pay more taxes, prepare and file a corporate tax return (if you're an S-Corp), figure out your withholding and pay FICA, etc., deal with occupational licensing (depending on your municipality) and deal with state business registration requirements. If you have tangible assets (laptops! printers! routers!) you have to account for them as such, depreciate them, and pay tax on them. I'd suggest someone do it only if they have a burning entrepreneurial desire and are willing to make a sustained multi-year commitment to their business, often working well in excess of a normal 40-hour workweek.