The top 5 benefits of being a freelance contractor
There are nearly two million freelance contractors in the UK contributing a staggering £130bn to the UK economy. The number of freelance contractors has risen sharply over the last five years, with that trend set to continue we look at the benefits of being a freelance contractor. Whether you are looking to join the 1.8m people who class themselves as fulltime freelance contractors or perhaps the 200,000 who do it part time, here are our top 5 benefits.
- Be your own boss – I am sure we’ve all had those moments after your boss asks you to do something you don’t want to or perhaps they don’t appreciate the hard work and effort you’ve put in when we think how good it would be to be your own boss. Being your own boss allows you to control your own work life. When you work, where you work and for whom you work. Having that control is a luxury that many of us never achieve and is, in our opinion by far one of the greatest advantages of being a freelance contractor.
- Flexibility – One of the best things about being a freelance contractor is the flexibility that it brings. You can work when you want and where you want. This can make it much easier to accommodate life commitments such as child care that you may have. While being a freelance contractor will always involve a lot of hard work, it also allows you the flexibility to take time off when you want it and when it is right for your family. Forget the days of being constrained by what your employer requires or when your colleagues are planning their holidays.
- Earn more money – Being a freelance contractor affords you the potential to enhance your pay packet. Day rates and project packages will often yield more than you would earn as an employee. Of course this is dependent on how much work you have but if you are able to achieve a consistent pipe line of clients and work, you could find freelance contracting a lucrative business. Another financial benefit to being self-employed is that HMRC allows you to deduct certain expenses, which could include business travel and utilities from your tax bill.
- Ditch the Commute – It will come as no surprise that a recent survey of commuters found that their commute to work was one of their lease favourite activities. The same study found that generally speaking those with longer commutes are unhappier than those with shorter commutes. Well, as a freelance consultant, commutes can be a thing of the past. As well as having great benefits, we realise that working from home can have it challenges too. So, why not check out our post Working from home – Our top tips on how to remain focused.
- Variation – As you are your own boss, you can choose which projects you take on and who you work with. This has endless benefits in that not only can you do what you enjoy and work with people you like but you can also be working on differing things at any one time. Many freelance contractors that we speak to cited variation as one of the key things they enjoyed about being self-employed. Many also mentioned the fact that it allows them to learn new skills and get into areas of their work that they would not have been able to had they been constrained by traditional employment.