If you are considering becoming a contractor, whatever your industry, there are many advantages to be gained. You will often enjoy greater flexibility, increased freedom, more money and wider skill development. There are a number of reasons why contracting could be a very good move.
• Contractors in general make more money than a full time employee. Contractors are paid higher rates due to their skills and flexibility in the workplace and the fact that many contract positions are short term.
• Contractors get paid for every hour that they work and often also have the opportunity to work overtime at good rates.
• As a contractor you have the freedom to work when you want or need to. You choose where you want to work and how long for.
• Changing contract is generally easier than changing a permanent job.
• Contractors can take as much or little holidays as they choose.
• You can progress your career in a way that suits your personal life at the time.
• Working as a contractor you get the opportunity to work in different industry sectors and widen your experiences.
• You will gain insight to different company cultures, processes and structures and get a real understanding of what operations are successful and what are not.
• Working in different companies give you a wide range of contacts and opportunities to build networks.
• Performing project work in different companies and environments will give you the opportunity to develop existing skills and learn new ones, making you even more valuable without being restricted by a single employer's processes and procedures.
There are obviously a lot of benefits to being a contractor, however as with everything there is always a down side as well.
• As a contractor you will be responsible for sourcing your own work and making sure that you make enough money.
• You are also responsible for negotiating your own payment terms and working conditions which can take a little getting used to.
• You will have to manage your own finances eg tax, super and the likes.
• There is always an element of uncertainty about where your next job will be coming from.
• You will not receive the benefits that permanent employees receive, no holiday or sick pay so it's vital to manage your finances to cover for these times.
• You do not get the same feeling of being part of a team as a permanent employee does, which can get a bit lonely for some people.