The coronavirus is having a significant impact on the jobs market, and though we can’t be sure exactly where we’ll be in a year’s time, we do know that more of us will turn to working for ourselves and becoming our own bosses. Why? Because A), we’ve enjoyed the flexibility of working from home, and not every business can offer that, and B) unemployment is going to skyrocket in the next year, and professionals will, therefore, offer their services differently.
But before you decide to become a contractor, have a read through our list…
You can work from home
Although some freelance roles – like construction and healthcare – require you to physically be there to attend to jobs and patients, some contracting work can be done virtually. That’s great news if you’ve been enjoying spending more time at home with your family, and as you can service more than one company from your home office, you can take on multiple clients and projects. Decide whether you want to invoice clients hourly or project-based and then you can calculate how many projects and clients you can realistically take on simultaneously.
You’ll earn more than being an employee
Don’t be fooled by job security and employee benefits. Sure, you might not get the same gym membership or health insurance when working for yourself, but contractors often earn much more than permanent staff. Because you’re a vendor rather than an employee, most clients will be happy to pay more for your services. After all, you’re an expert and you’re being utilized by an organization for a limited time – know your worth and set a clear hourly rate, and that way, you’ll be able to walk away earning double or triple your previous salary.
You’ll face less pressure as a contractor
Whilst full-time employees are always working on continuous improvements and convincing their manager that they’re worth keeping, contractors don’t have to justify their salary or working style – at the end of the day, you’re there to perform a specific task, and then move on to your next role. Because of this, there’s much less pressure – you’re your own boss.
You don’t have to be self-employed
One common concern we hear from would-be contractors is that they have to register with HMRC as self-employed and worry about their own tax returns and bookkeeping. The good news is that you can work with the best umbrella company and become an employee. Then your clients will pay your umbrella company, and they’ll pay you after deducting your tax and national insurance contributions. It’s straightforward and saves you countless hours.
Say goodbye to office politics
Are you the sort of person who likes to head into work, get the job done, and come home? Then contracting is the life for you. Unlike being a full-time employee, you won’t be in an office or working environment for a long period. You don’t have to worry about a manager that’s out of his depth or an annoying coworker. Once you’ve finished your role, you’re out!
Were you surprised by any of these? Let us know and check back soon for more advice.