Independent Contracting: Is It Right for You?
Today’s economy has presented many changes to the employee-employer relationship. Unknown industry growth, rising benefit costs and employment taxes and insurances have made traditional employment less attractive to both companies and modern professionals. You probably see many job postings with the relationship term Independent Contractor, but what exactly does this mean?
An Independent Contractor (IC) has been defined in many ways, but essentially an IC is someone with a developed skill set who offers their services to the public. You may also see names like independent professional, consultant, freelancer and contract employee used for IC’s. Many large and small companies, government agencies and organizations hire IC’s for a wide variety of highly specialized jobs.
If you are interested in becoming an IC, you already have an entrepreneurial spirit and thirst for knowledge. Studies by the Wall Street Journal and Gallup show that not only are IC’s usually paid 20 to 40 percent more compared to regular company employees, but they tend to be happier. IC’s have greater freedom to respond to market demands by adding new skills, adjusting work schedules to fit their income and personal goals as well as adapting billing rates up or down. IC’s do not have to rely on the economic health of just one employer (client). Another benefit of contract work is business expenses. IC’s can take advantage of many pre-tax benefits that employees can only dream of.
IC’s biggest challenge is having the infrastructure to manage the administrative details and risks of running a business. Unfortunately this side of things can turn an IC’s focus away from their core service and onto business management. The good news is that being an Independent Contractor is not as hard as many would believe. Many highly trained individuals have leveraged their skills to join the rapidly growing force of independents. Those who loathe the business management side and would rather outsource their administration and infrastructure needs have found a great partner in IProfessional.
A wide range of contractors have become IProfessional members enabling them to leverage our vast industry knowledge and experience, and perhaps more importantly our solid infrastructure to manage their business and benefit needs. Put your skills and networks to good use as you take the step toward independence. When it comes to the less desirable parts of contracting you can find a partner to help move you forward, IProfessional.