Many people dream of starting their own business, or simply of being their own boss, but for many, it tends to remain just that: a dream. Maybe it’s because making a big life change is hard, or they don’t feel equipped to deal with the challenges of freelancing.
While the saying holds that the grass is always greener, there are some undeniable advantages to becoming a contractor, and here are some of the most important:
Flexibility
Freelancing is becoming increasingly popular with people who find traditional employment incompatible with other parts of their lives. At its most obvious, this includes those raising a family or caring for their relatives, but can also be the case for those with an all-consuming hobby, or a desire to continue studying.
When you have the skills and experience that are in demand in the world of work, the ability to set your own working hours and still receive a good rate of pay can be extremely rewarding.
On the other hand, you may just want to be able to enjoy a few hours outside in the sunshine, knowing that you can make up the time whenever suits you.
Control
Most employees will know the frustrations of not being able to do what they love, or simply having to work on projects that do not suit them. While contracting does not completely eliminate this problem, it allows you to take much more control of the business you take on, meaning that you do not necessarily have to accept work that you do not think is a good fit for you.
However, there is more to having control of your work life than the selection of clients. It can also offer you a sense of being in control of your own destiny. The knowledge that you are in charge of all the major business decisions means that you can become more deeply involved in your work as a whole, which is a good way to improve your overall job satisfaction.
Opportunity
The ability to spot a gap in the market, or a profitable niche where your skills could flourish, is not universal. When working for yourself, you are much more able to capitalise on the opportunities you perceive, whereas doing so as an employee could involve perpetually trying to persuade your superiors to no end, or simply not having the resources to make your dream a reality.
Another factor is that virtue and hard work are not always rewarded for employees. While a good manager will do their best, it is almost inevitable that sometimes your efforts will go unnoticed.
Being in charge of your own work means that you know immediately when you have been working hard or doing a particularly good job and incentivise yourself accordingly, no matter how big or small the task at hand.
While being self-employed can be challenging, it can also be deeply rewarding for those who approach it with the right combination of talent, dedication and hard work.
Over the last 20 years, Brookson have helped over 90,000 contractors, freelancers and self-employed professionals, just like you to save time, money and hassle with our comprehensive range of accountancy, financial, legal, insurance and business services. Click here to find out more.
I am a chartered tax advisor with a specialism in the freelance contractor sector advising contractors on how to structure their affairs and recruitment businesses and end hirers on the effective…
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