We as people can be very cynical in our outlook on life. Rather than jump straight into something, we like to take a cautious approach and focus too much on what could go wrong, rather than let ourselves become enthusiastic about the potential positives in any decision.
Many workers are now looking to enrich their lives by becoming contractors and enjoying the freedom, flexibility and financial benefit that comes with it. Sick and tired of the routine 9 to 5, they have taken the steps to become contractors to gain more control over their lives. For many, that decision must have taken a serious amount of deliberation with them likely to have consulted their peers to better help them make an informed decision. It’s very likely that these peers, be they friends, family or colleagues, will have aimed to put them off the idea of becoming a contractor. Here’s some standard statements that would-be contractors will have been challenged with. But is there any truth to them, or are they just a case of over-pragmatic thinking?
You’ll struggle to get work
There’s still a lot of sceptcism surrounding contracting, and that could because there’s still a number of communities that are not fully educated about it. If you’re thinking of working self-employed as a contractor, some people might try to tell you how you’ll struggle to get work. This presumption is very misinformed and in fact there is now a huge demand for contractors in the professional work-place and resourceful people who wish to go into contracting can find work with immediate effect.
You won’t enjoy any social aspect in your working life
Many people believe contracting can be a lonely occupation and would argue why you would want to leave the social benefits that come with a full time position; after-work drinks, office Christmas parties, and so forth. It’s true, that whilst there may be times you’ll be flying solo and not fully integrated within an organisation, there are communities that exist offline for contractors to socialise with each other and talk about their industry.
You’ll have to deal with copious amounts of red tape
It’s perceived that starting out as a contractor is a lot like starting your own business which requires a lot of work, building it up gradually over time and dealing with a wide gamut of bureaucratic duties. Where there is some small truth in that statement because as a contractor you are your own boss and you are in essence a business, the presumed admin woes that contractors face is not such a headache as it’s made out to be. There are many organisations created to help contractors who can take the stress out of setting up as a contractor and deal with the potential admin burden that can sometimes come with being a contractor.
You won’t have any security
Money can be the answer to many questions in life and with that, working in a full-time role provides us with that steady supply of income that makes us feel secure. Giving that all up to work in a role which may not guarantee immediate success is not always something people will find desirable. There is however great security as a contractor. If you’ve got the right skill-set in an area of work where there’s great demand, along with the right attitude and drive to sell yourself, you can enjoy great security, maybe even better security in contrast to someone who works full time. With contractors enjoying high day rates, you can build up comfortable financial cushions that will make you feel secure, whilst in the knolwedge there is always another contract round the corner waiting for you.
How will you get on the property ladder?
It’s not only your peers that don’t understand the world of being a contractor, it can also be some financial organisations and providers that don’t recognise the unique working situation of a contractor.
With getting a mortgage difficult enough as it is as a full-time employee, it’s commonly believed to be even more complex to attain one as a contractor due to the fact that your working hours and patterns are not certainties. This then leads people to believe that working as a contractor will mean you’ll never get on the property ladder and get a mortgage.
This is far from the truth. Although many mortgage lenders can make it very difficult for contractors to obtain a mortgage, there are companies out there purpose built for contractors that can help you work with a mortgage lender and get you on the property ladder as a contractor.
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