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What Are the Benefits of Being an Independent Contractor?

In May of 2017, there were over 10 million people in the U.S. who were considered independent contractors. In the UK, there are about 2 million people who consider themselves freelancers. 

Needless to say, the rise of being your own boss isn’t just a fad. Thanks to the impact of the Coronavirus pandemic, more people than ever are considering starting their own businesses, especially if their previous employer has shut down or they’re struggling to find work. 

One thing that has been apparent during this pandemic is that gig economy workers have been the most successful, and the most needed. Without workers to deliver food and medical supplies, for example, many people would have been out of luck. Those people are independent contractors.

But, the gig economy covers a variety of different industries. So, whether you want to be a freelance writer or work with Drills and tools as an independent in the construction industry, there are many benefits to consider when being an independent contractor. Let’s cover a few of them. 

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You Become Your Own Boss

Have you had a string of horrible bosses? Or, are you just the type of person who works better independently? As a freelancer, you get to be your own boss. That means you make your own decisions about how you want your business to work. 

There are some potential risks to working for yourself. You’ll have to pay for your own insurance, retirement fund, etc. There are no protections in place like there would be if you worked for a company. But, if you’ve always dreamed about being the one “in charge,” you can do so as an independent contractor. 

You Can Achieve a Better Work/Life Balance

Independent contractors have the ability to create their own schedules. You can work when you want. So, there are no long hours at the office filled with meetings, no long commutes into a city, and no work trips out of town. 

Because of that, you can make the rest of your life outside of work a higher priority. That can allow you to spend more time with your family, friends, or just doing the things you love. 

There Is a High Earning Potential 

There’s a misconception that you can’t earn much as an independent contractor or freelancers, but that just isn’t true. Like any new business, it’s important to market yourself and develop a good track record with a client base. 

But, as you continue to grow, there is really no limit to your earning potential. You can earn more if you work more. Or, if this is more of a part-time gig or side hustle, you can choose to work less and just make a bit of extra money for yourself. How much you make depends on how much you’re willing to push yourself, but knowing there is no real limit can be a huge motivator for some people to earn as much as possible. 

If you’ve been thinking about becoming an independent contractor for a while, now might be the perfect time. Of course, there are some risks and drawbacks to consider (as with any job), but for many people the pros outweigh the cons. Don’t be afraid to do your research on the gig economy and how it can benefit you.