Contracting pros and cons

Are you contemplating leaving your permanent job to pursue your profession as a contractor?

The thought of leaving a stable career is undoubtedly a daunting prospect, and becoming a contractor isn’t suitable for everyone. However, when you consider the benefits of having more control over when you work with the independence you can achieve by improving your skills at a faster rate, it is certainly a tempting one.

If you’re thinking about giving up a full-time role, consider the following points;

PRO

Providing you secure yourself the all-important contracts your money making potential is greater than if you were in a permanent role. Pay is driven by market demand and will vary between an hourly or daily rate.

CON

As soon as a contractor secures a job, their first thought should be “where am I going to find my next role?” This can be one of the most stressful aspects of working independently – constantly being on the hunt for your next pay check.

PRO

There are contracts for everyone in every skill sector. Contractors who successfully acquire contracts are generally the ones who are the best at knowing how to get them, you will need to be both self-motivated and proactive.

CON

A real risk to bear in mind is that you can be let go at any time, even if the original contract was agreed for a longer period of time. Contracting is a risky business and you may experience less job security. Fortunately, most managers plan ahead so that contracts pan out to completion.

PRO

The decision for a client to hire a contractor is typically made a few weeks before they are needed. In the majority of cases a contractor will be selected after one interview, for high demand assignments they could be offered the job on the spot.

CON

As the name suggests, contracting is never permanent. You may bump into familiar faces across different projects but ultimately you will be making the journey on your own and not having the opportunities to form relationships with colleagues.

Ultimately, as a contractor you become your own boss which will entail both risks and rewards. You get the chance to choose how, when and where to work, for as much or as little as you wish. Way up the pros and cons, and most importantly, try to speak to others who have been in the same situation as you. Ensure your final decision is the best for your lifestyle. Good luck!