6 Pros and Cons of Being an Independent Contractor

Photo by Austin Distel on Unsplash

The Ohio News Time posts an article that discusses the pros and cons of being an independent contractor. It says, in part,

As an independent contractor, you’ll have to be your own boss and find your own clients. You’ll also need to be self-motivated and disciplined. But what are some of the pros and cons of being an independent contractor? Let’s take a look!

1. Flexibility and Choice

The gig economy has opened up the opportunity to be your own boss. You’ll have more freedom and flexibility with your schedule. If you want to work a bit longer, you can do it. If you want to work a bit later or earlier, you can do that, too. As an independent contractor, you’ll be able to work when you want. This is the biggest pro of being an independent contractor.

If you’re not the most self-driven person, then being responsible for your own schedule may be somewhat detrimental. The most successful independent contractors are people who are constantly on the go and take on different projects.

2) No Paystubs (Though You Can Generate Your Own)

Independent contractors don’t typically receive paystubs like salaried employees would. An employee’s paystub would typically hold information like tax withholdings, benefits, and contributions, which are calculated by the company’s payroll office. But an independent contractor is responsible for their own taxes.

An independent contractor can generate their own paystubs using an online paystub maker, which is useful if there are deductions that need to be made, like for healthcare.

3) No Employee Benefits

Independent contractors do not receive benefits. An employee is responsible for paying for their own health care.

A contract employee can potentially be injured on the job, which means they would need workers’ compensation insurance. That would make them a salaried employee and their compensation could be contingent on their employment. A contractor can work for a business or part of a business as they need and have no accountability to how much money they bring in.

Read the full story at 6 Pros and Cons of Being an Independent Contractor – Ohio News Time

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