Making the decision to become a contractor

What are the main benefits of contracting?            

• Flexibility – Standard business hours can make juggling personal commitments difficult, especially if you have children. Contracting gives you the option to work when it suits you.
• Choice – When contracting, you have the power to choose the work you do. And that can make a world of difference when it comes to job satisfaction.
• Money – Contractors still have to work within reasonable bounds, but if you’re good at your job, you have the power to set the rates you deserve.
• Location, location, location – If variety is the spice of your life, you can select contracted roles that will take you to varying locations. If commuting is your idea of hell, target the work-from-home positions. The choice is yours.  
• Experience – Perhaps more than anything else, contracting gives you experience. If you want to become an expert in your field, contracting can give you a taste of endless sectors, helping you to discover different practices and new ways of working.

What are the drawbacks of contracting?

As a counterpoint to the positives, anyone looking into becoming a contractor should also be aware of the downsides.

• Lack of security and benefits – Being your own boss is great, but that feeling of being cut adrift with no job security can be daunting. As can the lack of benefits such as sick pay, holiday pay, maternity/paternity pay, and pension.
• Training – As an employee, professional development comes almost as standard. As a contractor, if you want to stay up to date with new tech – or anything else – it’s on you to manage it.
• High expectations – Businesses who work with contractors expect you to know what you are doing. Right from day one. You need to be confident in your ability to do that.
• Admin – Contracting brings layers of unexpected admin and legislation. Unless you decide to work with an umbrella company, you need to be prepared to handle that.