April 23, 2008 at 8:34 am
Hi all ,
I am about to enter the wold of contracting after many years of being a permie, in various organisations.
What are the best and worst things about being a contractor? Also, given the current economic client, is it a wise move?
Many thanks for any replies, in advance.
April 24, 2008 at 8:40 am
Being a contractor, the biggest concern is not knowing if I am going to have a job after the contract ends. If you live in a big city, maybe it will be easier to get a contract.
April 24, 2008 at 9:00 am
I think the main things to consider is the regular monthly payments that you have to make; i.e. mortgage/rent, utility bills etc.
I've always seen two upsides to contracting. The first, and the most obvious, is the money. Contractors get paid more. Fact. The second is that you'll face different challenges on each contract making it (to me anyway) more enjoyable than most permanent jobs. As long as you plan well, financially, there's no major reason not to go in to contracting.
Contracting brings an uncertainty to life, the downsides can include being out of work for a couple of {insert own period of time here}, the social side of work can diminish too; not knowing anyone for any length of time (and those typical permies who hate contractors on principal :D) can leave you feeling like an outsider.
Basically, it all comes down to your situation and what you want. I hope that some of this (if not all of it ;)) helps.
April 24, 2008 at 10:13 am
I've not done any 1099 contracting, but I was a W2 contractor for almost 7 years with 3 different providers of various sizes. One of the things that I enjoyed most about it was that I was constantly tasked with learning new skills and evaluating new technology, and how it would apply to the projects I worked on. I also enjoyed mentoring a lot of my co-workers, which I was frequently called on to do.
On the downside, the last 5 years of my stint was for a state government agency, and the constant worry of whether or not my contract was going to be renewed was a definate source of stress. It kept me from being able to make long-term financial plans as much as I would have liked. Eventually, when my contract was not renewed, I had fortunately made good connections with business partners I had worked on projects with, and one of these recruited me to become a permie again, which I where I am now.
April 24, 2008 at 9:04 pm
Dont' forget estimated taxes. The penalties aren't huge, but why pay them if you don't have to.
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