Have you ever considered freelancing? In this unpredictable economy, many young people are creating their own businesses rather than going to work for someone else. Although freelancing is challenging, it can also be an incredibly rewarding way to live.

Often, the fear of failure keeps people from trying something new. Thoughtful planning is important, but you shouldn’t overthink your decisions. You have one life and some risks are worth it. Here are five reasons why you might want to work freelance.

1. Freedom

As a freelancer, you’ll have the freedom – and responsibility – to set your own hours and decide how much you want to work. Most freelancers start by putting in way more than 40 hours a week. Sometimes, they work another job and slowly increase clients on the side until they can completely rely on their own income.

These first stages are the most challenging. After you have a workflow and reliable client base, you can freelance full-time and gain experience. As you become an expert, you’ll be able to work less and make more. Embracing responsibility for your time will eventually lead you to freedom.

1. Personal Growth

Successful freelancers invest heavily in their personal development. They identify limiting beliefs, practice generosity and prioritize integrity. If you’re interested in freelancing, this is something you can start working on right now.

When you become your own boss, you have to motivate yourself to visualize and work toward new goals. You need a strong value system and the ability to bounce back from failure. To succeed, you’ll also need a loving and talented support system to help you see past yourself.

1. Compensation

With the right strategies and hard work, freelancers can make a very good salary. This doesn’t happen by accident – it takes intention, dedication and a commitment to always deliver the best for your clients. If your goal is to get rich quick, freelancing isn’t for you.

Many companies love working with freelancers. Because you don’t belong to their company, they don’t have to give you annual benefits in addition to a salary. You get paid well and can partner with multiple companies at once. Being a freelancer can actually give you more job security than working a traditional job.

1. Flexibility

Most freelancers can work from anywhere with Wi-Fi. That means their lifestyle is incredibly flexible – they can move to the beach, travel the world or hit the road in a van. Of course, freelancers still work long hours and face inconveniences.

However, many freelancers enjoy getting to choose these inconveniences. They can work wherever makes the most sense to them, increasing productivity and rearranging their schedules around family events. If freelancers want some time off, they can plan ahead and take it whenever they want.

1. Passion

Many workers feel exhausted and depressed because they don’t care about what they’re doing. Think about the difference between renting and owning a car – when you own something, you invest in it, care about it and champion it. Working for yourself can keep your sense of passion alive.

Freelancing means choosing where to put your time and energy. Many freelancers align their work with something that’s meaningful to them and makes the world a better place. This alone can be enough to bring passion to your work and make you excited to get up each day.

Is Freelancing for You?

For many people, freelancing starts as a desire for more freedom. Although starting your own business is incredibly challenging, it’s often worth it. Freelancing allows you more flexibility and freedom in determining your career path. With the right strategies, you can make excellent pay while pursuing what you love.

Successful freelancers invest heavily in their own personal growth. They build a strong supportive network and fuel themselves with passion for what they do. For many people, freelancing is a way to take ownership of their lives.