Most people either work for a company or run their own business. However, an excellent third option is to become a contractor. This means that you are working for yourself but usually only working for one company. It’s something that works incredibly well for a lot of people. Here are five benefits of working as a contractor.
- You Can Be Your Own Boss
Being your own boss means that nobody is breathing down your neck and giving you a tough time. Of course, you will have to report to your client, but the work does give you a lot of autonomy. Being your own boss means that you can set your own rules. However, it also means that you will have to supply your own tools and take out contractors insurance in case of any problems or damage. Working this way means that your client’s insurance won’t cover you as you don’t work directly for them, so contractors insurance is a must-have.
- You Can Earn More
It is possible to earn considerably more as a contractor than as an employee. This is because you are liable for your own tax, and your client does not have to pay employee benefits, so you can command more money and are likely to get it.
- Flexibility Is Good
A contractor has a lot more flexibility than an employee. Of course, you will still have to get the job done, but if you need to take time off work for a doctor’s appointment or to see your kids’ school play, it is a lot easier to arrange. In addition, you may find that you have time off between contracts so you can take a vacation or spend more time relaxing at home than you could if you were an employee.
- It Offers Variety
If you are changing contacts every few months, this will give you a lot of variety. You will have a broader spectrum of experience than an employee, which can be beneficial when looking for a new contract. You will also have the experience of working with many different people and seeing how companies are run. It is useful to watch and learn if you are thinking about setting up your own company in the future.
- It Offers Experience in a Safe Environment
Working as a contractor means that you can try out being your own boss without having to set up your own company and employ staff. This is an excellent place to start if you are thinking of going into business for yourself because you can see what is involved and whether you would like it without having a fear of failure.
It also gives you wonderful experience working for a company so if you are wondering whether you would like to be employed by your client or not you can see the reality of working for them. Many contractors are employed by the company eventually.
There are some fantastic benefits to working as a contractor. If you want to know whether this is right for you, give it a go. Of course, you can always go back to being an employee if you prefer the stability.