Deciding whether to quit your job or stay before applying for contracts is a tough call, and you might find yourself doubting your abilities in the process. Luckily, we’re here to help you take the leap and make an informed decision.
There is always a demand in the contracting sector for contractors with the right skills and the versatility to adapt themselves to the nuances of the work required. So you can always find contracts if you constantly sharpen and update your skill set.
Level of Expertise
Should I contract? This is a common question among employed individuals who are bored or highly dissatisfied with the work they do. The only thing holding them back is uncertainty over whether they have the necessary expertise to get the job done. Luckily, you don’t have to be an expert when you’re starting out, as firms don’t necessarily hire contractors based on their level of expertise, but rather based on their ability to adapt to the demands of the work required and deliver what is needed.
Contract vs. Permanent Work
Another common concern that people have is whether they’ll be doing meaningful work or just scraps left over from the work that the permanent workers won’t do. The truth is that there is no difference between the work done by contractors and permanent staff, as both receive challenging and complex tasks and problems to solve.
Advantages and Disadvantages of Contracting
Should I contract for the advantages? That depends on how attractive the benefits of contracting are for you. For example, some of the advantages of contracting include working flexible hours, enjoying increased earnings while working on your own terms, as well as the fact that you don’t have to deal with office dynamics or ask for leave again.
On the downside, you have to work harder in order to retain contracts that bring you a steady income stream. You also don’t get much downtime; because once you stop working you don’t get paid. Lastly, you don’t get the same benefits as a permanent employee, such as pension and medical insurance.
Should I contract with the amount of experience that I have? This is a difficult question to answer because different firms look for different qualities, and while experience is one of those qualities, some firms are willing to take on a contractor with the right skills even if they don’t have the experience yet to apply and transfer those skills. From that perspective, it might help to take on more responsibility at your current job in order to gain the experience required by the more lucrative and sought-after contracts.
How affordable is it to start a contracting business? It’s actually very inexpensive to start your own contracting company, and all you have to do is register the company, open a bank account and make sure that you’ve got some business insurance and the right equipment for the job, which you probably already have.