There are many great benefits to being a contractor but one must first understand what these may be to know if it is a suitable lifestyle.
When working as a contractor in Australia, you must have an Australian Business Number (ABN).
Redfern accountants have provided some insight into what the benefits of working as a contractor are in this article. For some people, the better approach to working as a self-employed entity has become a marvelous and rewarding experience with much more advantages than a daily job.
1 – Flexibility
As a contractor you have control over your own schedule. This allows for better time management amongst a range of different projects or a specific client depending on the needs of each one. This also contributes to better work-life balance
2 – Be your own leader
Provisional work gives you greater autonomy, more unexpected control over your work, and for some people, more notable employer flexibility than regular work. Nevertheless, you are responsible for costs, arrangements, benefits, and excursions of your own.
3 – Maintain a good balance between work and life
In relation to flexibility which leads to better work-life balance. The reason why this is a key point is that if you are able to control when you work, what to work on, where to work and when to stop working at your disposal you can enable yourself to be at your peak mentally and physically if done right. It is important to have a good balance and not to abuse it. At the end of the day we need to get the job done. If done and respected right then quality of work and quality of life will improve.
4 – Earning potential
Being an independent worker allows you to set your own rate of pay and also take up multiple opportunities across a range of different environments. This ultimately contributes to increased opportunities as you are upskilling at a faster rate by taking more roles which allows for more streams of income.
5 – Upskilling opportunities
As mentioned earlier, with being an independent worker you are able to take on a variety of different challenges meaning you can take on different projects and work a variety of systems and processes at the same time. This allows you to expand your knowledge and build your resume.
6 – Test your skills
If you are a current employee but you want to expand your skills or work on a different set of skills you have developed. Perhaps this is a way to get started. You can start off as a part-time contractor at a very minimal cost and see if things work out from there. This will allow you to see where your skills stand, the current market for your desired role and also whether contracting or/this new role is for you.
7- Job Security
With being an independent worker you could argue that there may be risks involved such as not having work to do. The upside is that when the contract is first formed you create the end date for your contracts therefore allowing you to prepare for what’s next when the time is near. Now if you were to work for a company as an employee in a time like today you never know what the company’s future is, they could be offshoring accounts or downsizing. In the end both risks are there for either path but on the bright side you’re always on the move with being independent and with the accelerated upskilling opportunity there should always be an opportunity down the road.