By Adrienne Erin
Online Career Tips, Special Contributor
Are you thinking about becoming an accountant, an author, or maybe a nurse? Did you know you have the option of being an independent contractor for these jobs, as well as many other occupations?
A typical, non-contractor employee is someone who works for an employer. They usually sit at desk doing the work that their employers want them to during the day, and at night they whittle away at their Amish crafts or whatever other fun things they do in their downtime.
To put it simply, independent contractors work for themselves. They organize their needs and expense all according to what is best for them. Independent contractors have a lot of the free will that regular employees aren’t able to enjoy.
Pros of Contract Work
- Independent contractors don’t work for anyone but themselves. You set your own rules for your business.
- Like many freelancers, independent contractors enjoy the benefit of being your own boss. You will enjoy the flexible hours that come with this, and if you work better sleeping in until 9am, nobody can tell you not to!
- If your career involves working with materials that need to be or should be copyrighted, you are entitled to the entire copyright ownership. This is great because under an employer, you would just a share of the ownership if you’re lucky. In most cases though, the employer is completely entitled to take full credit for the work that was done by their company, even if it was your invention or piece of writing.
Cons of Contract Work
- Independent contractors must be well versed in many different aspects of the business. You need to know how to find work, as well as be able to do the work. You must be very self-sufficient, since no one is going to tell you what to do next!
- Taxes can be a tricky thing when it comes to being your own boss. You are responsible for your own self-employment taxes, and will need to file estimated taxes four times a year.
- Legal issues can also be tricky; be prepared to work with a lawyer in order to protect yourself and your assets in case you are sued.
- Just because you will have a more flexible schedule doesn’t mean you can work less. In fact, many independent contractors find that they put in more than 40 hours per week, and because they are not employees they are not entitled to overtime pay.
In the end, it is your own personal choice. Many people are independent contractors, but a large majority of individuals also work for someone else. It merely comes down to your preference and the abilities that you have on hand.
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