Independent Contractors - Work on Your Own Terms
Independent contractors exist in almost every industry. If private companies need specific jobs done the right way, they often contact their network of contractors to handle their issues. This is the practice for editors, writers, publishing houses, technology companies, and many more kinds of companies. At their core, independent contractors are specialized workers who have developed their particular skill to the point in which they can offer companies their services on terms they have a large say over. Contractors can work for themselves, create their own hours, decide the rates they will charge, and develop their own network of trusted partners. Independent contractors live the life they want, doing the work they are specifically trained for in the industry they love.
There are some potential pitfalls to being an independent contractor. They often owe more in taxes because of their status according to the IRS as a small business owner. Full-time employees are protected by the company they work for and don’t have to pay as much in taxes. Full-time employees are often compensated in part with company health insurance while independent contractors have to purchase their own insurance at market rates. While independent contractors don’t have the same safety net that full-time employees do, most say they wouldn’t want to work any other way.
Keegan Andrew Duffy of Minnesota is an example of a successful independent contractor, working with technology companies as an IT expert in Minneapolis. Duffy struck out on his own after college, developing the skills and network he needed to succeed as a contractor.