Working as a full-time employee who’s seen the way contractors work, your thoughts may have turned to doing the same thing yourself. As contractor accountants, we know that a contracting lifestyle has many benefits, especially for engineers, IT contractors, and software developers. But how can you tell if going self-employed is right for you?
Freedom and Flexibility
Contractors get to set their own hours and decide when and how they want to take holidays. In many industries they can work from home, and even if not, they often have more control over where they’re working. (In fact, this level of flexibility is often used as one of the tests for whether your role is inside or outside IR35.
Of course, there is a side to this which can be daunting for some people. Contractors may have to work longer hours to meet deadlines, and holidays are unpaid. If an opportunity comes up that would have to take place during your long-planned holiday, you will have to decide whether to take it and abandon your break, or take the time off knowing you’re passing up the work. But it will be you deciding, not your employer.
Decision Making
And on that note, as a contractor it’s you who decides which roles to take on and how to go about them. If you feel the quality of your work would merit a raise, there’s no need to hope for employer recognition; you can negotiate for that higher price on your next contract. As a contractor you get to be your own boss.
New Faces
As a contractor moving from role to role, you’ll encounter many different people. This has its positives and its downsides, but if you like making new friends, a contractor gets plenty of opportunities – and if you find yourself in an unpleasant work environment, well, it doesn’t have to last past your contract.
Experiencing and Creating Change
Many contractors talk about the satisfaction they feel coming into a new organisation and helping that business change for the better. It’s not just new faces, it’s also new places, new goals, and even new technologies and challenges. For those who like each workday to be different, the contractor lifestyle offers the closest thing going.
Making the Switch Easier
Of course, becoming a contractor and going self employed does mean finding your own business, doing your own administration, and taking care of your own accounts – which may be skills you’ve never had to develop! These can make for a daunting challenge.
Happily, ICS Accounting can help you to handle administrative and accounting challenges, even helping you to create your own limited company if that’s the best option for you.
If learning these extra skills is the main thing which has put you off contracting work to this point, just get in touch and we’ll be happy to help you put it all together.
