What are the drawbacks?
As a contractor/freelancer you won’t be entitled to company benefits such as sick pay, holiday pay and pension allowances. However, the increase in pay due to your sought-after skillset easily negates this and more when compared to how much a permanent counterpart is paid. Working as a contractor is a great way for you to be in control of your income and maximise that with your own investments outside of the scope of losing money to cover holiday and sick pay every year on a permanent basis.
Can I afford to be out of work?
This is a big consideration that is often overlooked. Whilst the contracting market is extremely buoyant at present and has been for several years, there’s no way to know what the future holds. There could be times in your career where you find yourself between roles for several weeks at a time. In situations like this you need to make sure you have money aside to allow yourself time to look for something new and to start a new role. That isn’t to say that this happens often, but it’s better to be safe than sorry!
Is my skill-set in demand?
This is something to really consider before moving into the contract market. If you’re currently in a role where there are people lining up to take your place, maybe not. But if you’ve realised over time that you’re always the most skilled in the room and that traditionally companies haven’t had an easy time finding people with your skillset, then you’re definitely ready to be a contractor!
Will I be lumped with the boring work?
No (in short). Contractors are traditionally brought in to help in situations where a company doesn’t have the skills inhouse to fulfill a need. This means that you will be working on new projects for them outside of their usual means, or on important pieces of work where they need to rely on someone with a lot of experience in the field, like you.
Hopefully having read through and considered the above questions you should now have a firmer idea on whether you’re ready to go contracting. If you have any more questions that you feel haven’t been answered above, or if after reading the article you’ve decided that you’re ready, then get in touch with our Contracting Consultant, Blake Thompson.
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