While being a freelancer has its benefits, you should not forget that it comes along with its own drawbacks as well. Some of them include:

Inconsistent income stream: As a freelancer, your monthly income would be quite irregular depending on what assignments come in for the month, how many assignments you take up, and when your clients pay you.
Potentially low starting rates: As a freelancer, it is important to build a portfolio of your various work completed. If you are new to the area and are just starting out, it can be difficult to command a high rate without a good portfolio and client reviews.
No employer CPF contributions: For people aged 55 and below, employers will have to pay 20% of the employee’s monthly salary to their CPF account. Being self-employed, you will not receive any CPF contributions from your employer and will have to build your retirement funds on your own. On top of that, you will also need to portion a part of your income to your compulsory Medisave contributions – how much you will need to contribute is dependent on your age, income level, and net trade income for the previous year.
Sourcing for own clients: If you are not under any company, you will need to be motivated to network and find your own clients, and to also make sure your clients are reputable and trustworthy.