Im back with the continuation. I have answered a few question in the previous post. Now let me answer a few more.
What all I can do ?
Anything. Yes, I mean it. It could be programming, tutoring, data entry, blogging for someone else, writing articles, photography... the possibilities are endless. Try google search and you will see a lot of such things. There are a lot of internet scams so you have to be slightly careful in figuring out the right freelancing projects.
Advantages and Disadvantages
Let me start with Advantages so that you feel comfortable.
1. The biggest advantage as I already pointed out is the flexibility. Whether you work from 9 AM to 5 PM or 5 PM to 9 AM is your wish ;-)
2. No one would ever question you for going late to office, no one would call you for team meetings, you don't need to work under someone who doesn't know what the problem is but keeps suggesting solutions , keep on bugging you about the status for every half an hour(often a manager).
Let me emphasize that Im not quoting my situation here.
3. You decide what you do. If dislike some work, you need not do that. Often, in freelancing work, you bid for the projects that you are interested in so there is no one who forces you to do the work you hate.
Now coming to the disadvantages
1. Its often hard to predict the revenue you generate so sometimes it could frustrate you in the initial stages. In the initial stages you may feel that the 9 to 5 job with lesser but an assured pay is better than a fluctuating revenue.
2. You have to be a Jack of all trades. If you restrict yourself to a specific skill set then making a decent life out of freelancing may be difficult unless there are a lot of projects around your skill set.
3. Once you work through a few days and have earned some money, you might feel like taking a break. You have to keep yourself motivated... that obviously is a challenge.
4. Often, people tend to identify you by your company. When you are a freelancer its hard to get the same recognition and sometimes its hard to explain what you do (unless the other person is from a similar background).
As always there are Pros and Cons in this situation too and you are the person who have to decide.
What would I do if I were you ?
I knew you would have this question in mind. As a matter of fact, I am a fan of dual pack (Work on 9 to 5 Job + freelancing in part time) and I would suggest people doing it until they get work enough in freelancing and get projects for the next 1 year.
Though I don't focus much on freelancing, whenever I work on projects I get paid around 15 to 20$ per hour which I think is decent number.