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Is a contractor's life for me

Is a contractor's life for me?

Many contractors will tell you that making the switch from permanent to contract work was the best thing they ever did! Why? Will you like it? This page aims to help explain a little more about the life of a contractor so that you can make a more informed judgement as to whether you would like to pursue contracting as a career choice.

Pros:

Flexibility

If you are looking for flexibility and a varied work load, contracting is the perfect way to achieve it. There are many different types of roles and contracts available to you, from which you can choose short, medium or long-term contract positions. They can vary between full-time and part-time and offer many advantages over standard permanent positions – including higher salaries!

More money

Clients often take on Contractors when they have an increase in work, they need someone quickly or they need a specific skill set. As a result of these factors, clients will often pay more for this specialist, important or time critical work. Add to that the fact that you can often choose between weekly or monthly payments and you have an enviable financial position as a start.

Learning experience

Contracting is also a way of trying out different roles on a variety of projects, giving you a chance to develop your skills. It can increase your industry knowledge and help accelerate your career in ways often unachievable in a normal permanent position. 

Cons:

Instability

Contracting can be fast-paced so you need to be able to settle in to a new environment quickly and prove yourself from the start, therefore you should be comfortable with going from one company to another, with the ability to move on to the next opportunity when it becomes available. Although lots of people enjoy learning skills and overcoming the challenges that new contracts bring, some people may not be able to cope with the constant change. 

Financial uncertainty

You will also need to be prepared for breaks between assignments as it can be difficult to walk out at the end of a contract and straight into another position. This financial uncertainty is an aspect many people would find daunting. However, if you plan for this by putting money aside it will ease that concern. When taking on contract roles consider the financial offers made and think about whether the salary would cover you if you were out of work for a while at the end of it.

Summary:

Overall, contracting can make individuals feel as though they have more freedom and more control over their lives. This is due to the fact that they can quickly change positions, work wherever they choose and be paid a premium for their skills. So, if you want this, consider a career as a contractor. 

One thing to note as a contractor is that you should be aware of the laws that will affect you. You can learn all about it yourself or seek advice to make sure you are following the laws and not putting yourself at risk.

To find out more about the laws that would affect you as a contractor click here.


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