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5 Things to Know Before Becoming a Contractor

If you are a freelancer, contractor or self-employed, there are things that you should know in order to protect yourself. A contractor is a business that people choose to be, and they want to enjoy the benefits of being their own boss.

However, being a contractor also comes with uncertainty and risk. Contractors are often underpaid, undervalued and at a higher risk of being out of work. The lack of security and benefits in permanent employment is a huge sacrifice for many contractors.


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However, things like health insurance, sick pay or holiday pay are not the reason why most contractors choose to be self-employed. Contractors often choose to be independent because of flexibility, which is the biggest benefit of being self-employed.

 

You will have more variety of jobs

As a contractor, you will be able to get more variety in terms of the jobs you do. As a full-time employee, you might find yourself stuck doing the same job every day, but as a contractor, you will be able to take on a wide range of different jobs.

This can be a huge benefit if you enjoy variety, but it can also be a problem if you are looking for a more stable income. One of the major benefits of freelancing is the freedom to work on a variety of tasks. You can work on whatever you want, whenever you want.

You will not be in the office at a specific time or day. You can work from home or from a coffee shop. The flexibility in freelancing is probably the most attractive aspect of it.

 

Get support to fill out forms for taxes

Taxes are a part of life. If you are a U.S. citizen, you will need to fill out a lot of forms for taxes. Since you will be a contractor and not an employee, you will need to pay self-employment tax. This also means that you will need to set aside money for taxes.

You will need to find a CPA that specializes in freelancers. You can ask around to find a good one or ask your friends or fellow contractors. You will also need to make sure you know your rights as a contractor. Watch out for scams and whatnot. If you are a contractor, you will also need to make sure you know the country’s tax laws.

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You will need support to fill out all the forms for your taxes, including the W9 form. The good thing is you have a lot of options. You can hire a virtual assistant to help with the tedious tasks, or you can use an accountant to take care of all the paperwork. But you will have to pay for these services, so make sure you have a good budget.

 

Keeping your skills relevant

As a contractor, you will be offered jobs on a project basis. This means that you will need to stay up to date with the latest trends in the industry and keep your skills relevant to what your clients want. This can often be a challenge, but as long as you are committed, you will be fine.

The need for relevancy is especially important for web designers. The world of web design is constantly changing, and the web designer who is able to keep up with the trends is more likely to get more work. This can be done by signing up for workshops, taking online classes, and following what is going on in the design world.

 

You will need to take control

As a contractor, you will need to take control if you want to manage your own business. You will be running it on your own, and you need to make sure you can do a great job while controlling your own schedule, priorities and workload.

No manager is going to look after you and ensure that you get paid on time and that you get your work done on time. You need to do it all by yourself.

Even if you are working in a small team, there are a lot of decisions you will need to take control of. The best way to do this is to simply not wait for your manager to make these decisions.

You need to make decisions that will have an impact on the overall project. Even if your manager has the power to make these decisions, you can still present your point of view on how to approach the situation.

 

Set your own rates

It’s a common misconception that when you’re starting out as a freelancer, you must take whatever job you can get. You may be thinking that this will lead to more work in the long run. However, doing work for cheap is not going to help you in the long run. In fact, it will almost definitely hurt you.

If you’re good at what you do, you should be paid accordingly. You need to be able to charge what you’re worth, and this will help you do that.

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. You can get in touch with him on Instagram @ifiokobong. If you need a personal assistance on this topic, kindly send a message. Much Love!

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