Contracting – both a fantasy of thousands of workers across Britain who feel chained to their desks and a scary but super fulfilling way to grab your career by the horns and work under nobody else’s ruling but your own.
Freelancing platform PeoplePerHour are forecasting that by 2020 over half of us will be working for ourselves. Furthermore, an accountancy firm recently discovered that since becoming a contractor, three-quarters of their client base felt there had been a positive effect on their work-life balance, while eight in ten said they found being a contractor more satisfying than being an employee.
Admittedly, there are pros and cons to everything in life (except HobNobs) but what are the real positives of contracting?
So much to do, so much time
You are just as entitled to have time out and holidays as the next person. The best thing is, as a contractor, you can go on your jollies whenever you like!
The value of a contractor tends to be measured by the work produced rather than the hours spent on a project. You will usually be employed on a fixed term basis, paid monthly or weekly. Contracting is not your usual 9 to 5. So, if you have school runs, a dentist appointment or a pet armadillo that needs walking, you can work around this – probably a lot more flexibly than you can now.
Calculate how many hours as an employee you spend in the office, sending emails in the gym, commuting, finishing off work at home and working over your hours just to get your biz done per week. Are you really going to have less time to yourself as a contractor than you do now? It’s most unlikely.
You can start on a part-time basis if you wish, outside of your current permie hours, whilst you gain experience and build your client base.
Bigger bank balance
Contractors generally get paid more than your average worker. Some contractors can turn in a 4 figure sum in one day. Contractors can often set their own rates. They have a lot more flexibility. A recent survey discovered that out of 1000 contractors they surveyed, more than nine in ten were earning more than when they were an employee.
You have the power to negotiate your own rates, on your own terms. If your skills are in high demand and you’re at a high level of expertise, your pay could be very large indeed.
Furthermore, your finances can be looked after by an Umbrella company who will do the paperwork and accounting for you. Contractors are entitled to more benefits when it comes to the world of tax.
If you want to discover your take home pay when you use us, you can fill in our simple 30 second form here.
Contractors often have an extremely long list of references and a very impressive resume. Let’s be honest, how often are you given tasks which push you out of your comfort zone, or how common is it to be put onto training courses of value in your current workplace?
With contracting, not only will you learn by networking with other professionals, you will gain new skills from working with different companies, people and projects. You’ll also come to know a lot more people in your industry, which will most likely lead to more opportunities. You can also dip your toes in related industries.
Additionally, you will work with new systems and software, and no two contracting jobs will be the same. Furthermore, won’t you become a more confident and happy person due to your new found freedom? You will literally become a hero without the cape – although please don’t let us stop you from wearing one.
No boss, no rules
You have the freedom to work when you want and need to. Great! The company you work for will be your client, not your employer. Even better! You will no longer be subject to office politics, or made to do the tea runs, either.
You won’t be on the PAYE system – you can choose whether to work with an umbrella or limited company. Now go forth and free yourself from your corporate shackles!