Advantages of Independent Contractors
Whichever way you want to look at it, there are advantages to independent contractors: whether you are one or are employing one, or even several at a time. Independent contractors are also oftentimes referred to as freelancers; working individually, independent of any company other than their own.
Independent contractors work on a per-project basis; can work on several projects at a time and they normally bring with them the necessary materials or equipment needed to complete the project; unless otherwise agreed upon by both the contractor and the employer.
Hiring Independent Contractors
A lot of companies nowadays opt to outsource certain projects to independent contractors that they would otherwise need to undertake, especially critical ones that are under time constraints.
In doing so, the companies cut down on their overhead costs which include medical insurance, regular compensation and paid sick and vacation leaves, among other things. There are also independent contractors who charge less than others so finding a good one that is more affordable than most will help employers save more than they bargained for.
Finding a good contractor however may be a bit tricky. If none comes recommended for the type of project you need the independent contractor for, there are a lot of excellent contractors of this type that you can find on the internet.
Working as an Independent Contractor
Independent contractors may or may not have their own companies, but either way, they are their own bosses. They work on their own time, have no tight regular hours, and can choose projects that they want to work on.
The downside is that there could be times when no projects are in sight thus affecting your income.
On the upside, you can take in as many projects as you can at a time, provided that the quality of your work will not suffer. You may also dabble in various fields as an independent contractor. From events management you can branch out to supplying some of the essentials needed for the event; or if you are a freelance writer, you can also dabble in editing and PR work, for releases in major broadsheets.
There are endless possibilities for an independent contractor and depending on your field of expertise, you can earn more money being self-employed rather than working as a regular paid employee.
If you already have a good pool of clients, you can rely on your freelance work as your bread and butter; plus if your reputation is excellent, referrals may start pouring in.