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Fri 9th Aug 2019
What was the reason you chose to become a contractor? What motivated you to swap the 9-5 office employment to become a contractor? Having a permanent employed position can provide stability and financial security but becoming a contractor can give you better career satisfaction, allow you the freedom to explore different options and give you the opportunity to enjoy your work style and choice. Job satisfaction is high on the list of wants when it comes to UK workers and often permanent employment cannot give that satisfaction. Self-employment, contracting or freelancing is becoming a popular choice to overcome the problem, offering more flexibility, enjoyment and preferred working environments. Why do people love contracting?Flexibility.One of the biggest advantages to being a contractor is the flexibility it offers when it comes to when and where you work and with whom. If you are looking to work within a specific niche, you have the flexibility to choose or find clients that are relevant to what your skills represent. As a contractor you can also negotiate the rate of pay, hours of work and the working conditions that you’re expected to work in. As a contractor you are not tied to the same specifics as an employee, (be sure you follow the rules of IR35 if you work in a long term contract and are receiving the same benefits as an employee) and have more control over what you can offer or produce. The benefit to setting your own working hours can help with balancing work and personal life to suit your preferences and circumstances. If you have the opportunity to work away from the client’s location, you’re also gaining the flexibility of location and where to work.If you are an IT contractor for example, you may have a fully-fledged home office setup which allows you to work when you want, in the environment that you choose without the added pressure of commuting. There are no limits!An employed person is capped in their earning potential by the salary they are on, overtime is not always an option and even if it is, it’s not always worth the extra valuable time. As a contractor you are in control of what you can do and what you don’t have to do. You have the ability to charge your worth for projects and assignments. If overtime is offered, you can set your rates. If you have a desire to build a business and specialise in specialist skills and get yourself known in your industry, there is no limit to how far you can go. On the flip side, if you want to focus on other parts of your life and just need a steady income to sustain the usual needs of life, there are opportunities to do that too by being good at your job and being recommended by clients in order to find a role of new contracts and assignments. This is a steady way of bringing in the salary that you need in an environment of your choice, working when and with whom you choose. More time for you.When you are in charge of your contracts and can choose the assignments you work with and it gives you the ability to choose what holidays you take in between. Many people who start a contractor business miss out on taking holidays for fear of missing out on potential income. However, careful financial planning can make all the difference in your work/life balance. If you’re working with an umbrella company, your holiday pay is included, so you can still take the holiday you’re entitled to without the pressure of missing out on income.Variety and independence.The great thing about being a contractor means that you can have variety in all that you do. Instead of being permanently employed for a specific role, and perhaps get bored after time, you have the opportunity to work in a variety of roles or environments depending on what your skill set is. Working as a contractor also gives you the independence to do things as you want to. You are your boss and are in control of your work. As a contractor you’ll more than likely work for different clients along your journey which enables you to gain experience in different work environments or industries, get involved in various projects and meet many people in the process. All the people you come into contact with form part of your work network which you can tap into when looking for new projects in the future. 2020 are here to support you every step of the way - forget about the financial stress of managing your accounts, we’ll do all that for you! No more time wasting in the evenings bookkeeping, simply focus on what you love to do and allow us to help with the rest. If you’re considering the leap from employment to contractor, get in touch to find out what would be the best route for you, we’d love to help.