Graduating from college, getting a job, and remaining employed till retirement was the practice not so long ago. However, with the transition to the modern on-demand economy, an alternate norm has been to graduate with a particular set of skills, finding a contract role within your profession, and then transition from one contract to the other, with various firms, thus acquiring a valued work experience along the way.
This new mode of working as an independent contractor has proven to be an exceedingly fulfilling and rewarding experience for certain people, with much more benefits when compared to working as a full-time employee. Let’s look at a few reasons why it is better to work as an independent contractor than an employee and why it could be a great and profitable career choice.
You become your boss
Working as an independent contractor offers you greater independence and job security than being a traditional full-time employee. Besides, it grants you more stable control over your job. On the other hand, you are in charge of your contracts, vacations, benefits, and taxes.
It pays off handsomely
You will always make more money as an independent contractor than as an employee. As a contractor, you are compensated at the market rate for every hour you work. If your skills are in great demand, you might earn a lot of money, and if you are fortunate enough to be assigned to a team that is in desperate need of your help, you may be able to capitalize on its higher rates. Also, most firms are willing to pay off independent contractors handsomely because they do not have to get themselves into costly pay health profits or long-term commitments, Medicare taxes, social security taxes, and unemployment compensation. Even though setting up an individual business or enterprise as an IC needs energy and time investment, the risk involved usually pays off a large sum of money.
It offers Flexibility
One of the most appealing aspects of working as an independent contractor is the freedom it offers, such that you have to choose your work location and schedule. Commonly, the freedom to set your hours helps you tailor your work plan to suit your specific needs. Generally, flexible schedules have been demonstrated to improve physical and mental wellbeing, job fulfillment, and time spent traveling to and from work. Given that you are an independent contractor and can work from any place and do not need to be on the client’s premises, you can create your office space and work on family and personal life other than work.
It offers you an outstanding work-life balance
Since most independent contractors choose to work remotely, it’s easier for them to balance personal life and work life. This is primarily because you don’t spend time commuting to and from work due to the flexibility it offers, implying that you have a lot of time that you could dedicate to either your work or out-of-work activities. Aside from this, you get to manage your time effectively, thus causing much simplification between leisure and work.
Generally, you can see that being an IC (independent contractor) has numerous benefits. Aside from generating a lot of income than an employee’s salary, you are responsible for your workload and work schedule. Most importantly, you get to be your own boss. Also, you get to have a greater work-life balance due to the flexibility it provides. Regrettably, as an independent contractor, you won’t have the same work insurance or security as a permanent employee. However, it seems that the advantages of being an IC outweigh the disadvantages in the present-day economy.
The law’s they are a changing! Independent Contractor, Gig and Freelance Workers need to learn more about the ProAct.
My suggestion is you need to do your research to learn more about the ProAct. Here is a great link If you are looking for more information about the ProAct. You can stand with those who already are fighting to overturn this in Congress!
Flex your Independence and help to protect Independent Workers today!
Disclaimer: This is not a Sponsored Post. All opinions are my own. Photo credit RF123