Entering in to the world of contracting can bring great financial reward but there are some dis-advantages along with other excellent benefits. To help you decide if contracting is for you with have detailed below some of the Pro’s and Con’s.

Pro’s

Financial gain:

Contractors typically earn more than employee’s and receive large daily rates for a vast array of contracts.

Flexible:

You can take control of your time, working on contracts when you want, and where you want. This allows excellent holiday opportunities, allowing you to take time away whenever required. Clients are happy for contractor holiday time, simply as they do not pay if you do not work.

Mix it up:

As a contractor you can change roles more frequently, this can be every 2 years or even as often as every 3 months, this provides excellent variety to your working life and great experience.

Progress:

Training courses are completed when you choose, you can ensure the right time and effort is given to guarantee complete control of your progress.

Contacts:

Moving from location to location helps build a useful and life long list of contacts.


Con’s


Consistency:

Moving from contract to contract can make it difficult to establish yourself within a business. Leaving a business that you have made good progress with can be frustrating.

Popular:

Contracting is / has become increasingly popular, giving clients wider choice. Consequently, securing a contract has become more challenging due to the large choice of contractors.

Legislation:

HMRC have made being / becoming a contractor increasingly more difficult with the introduction of various laws, the main one being IR35.

Training:

Clients always want and expect contractors to be fully up to date with their training, this can be expensive and time consuming.

Less Benefits:

Contractors do not enjoy the same security as an employee and holiday pay / sick pay are not given. The client generally calls the shots and contracts can be lifted at a moments notice, leaving you with no work and money.

Running a company / solution:

You have to administer your own business or look for a service provider, this can be time consuming and tedious. There are a lot of options however for contractors and Castlemaine Associates can be contacted for expert advice.