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Being an independent contractor has some incredible perks, perhaps the main one being that you are in control of your days, you can design a life you love without the restraints of employment. However, there are some down-sides to the self-employed lifestyle and independent contractor trade.
The construction sector is vast, providing ample options for those considering turning to independent work. Perhaps you’ve dipped your toe into the trade and have discovered certain aspects of it such that just don’t interest you, yet you have a skill and passion for other areas. By being self-employed, you have the freedom to accept and reject jobs that don’t suit your skillset or that you simply don’t enjoy.
Working as an independent contractor in the construction trade can be a hugely fulfilling career option but there are some things to consider before making the leap.
As an independent contractor, you have the freedom to choose your projects, work at your own pace and schedule, and enjoy the flexibility of being your own boss. Finding the right clients, managing finances, and staying competitive in an ever-changing industry are all challenges you may face. In this blog, we’ll discuss these and provide you with some tips on how to make it work for you.
Finding work
One of the biggest challenges of working as an independent contractor, (particularly for those who are just starting out on their own), can be finding work and securing contracts. Unlike traditional employees who are usually given assignments by their bosses, contractors must actively look for clients and projects to work on. This can be a daunting task!
It’s important to build a strong network of industry contacts, advertise your services on social media, and maintain a portfolio of your past projects. Registering with directory listings are a great place to start, signing up with Checkatrade, TrustATrader, My Builder and Rated People will all help. Local SEO is also important for service based business, so setting up a free Google My Business account should be a priority to help customers discover you when searching for a construction company. You may also want to consider partnering with other contractors or agencies to pool your resources and share work opportunities.
How do you stay competitive in a ‘gig’ economy?
Firstly, what is the ‘gig’ economy? For anyone who isn’t familiar with the term, this refers to the short-term and often last-minute market within which many independent trade contractors operate.
Much of their work will come from domestic enquiries requiring a quick fix for a singular problem, as opposed to long-term contractors or large jobs. With the rise of the gig economy, it’s more important than ever for independent contractors to stay competitive and relevant in the construction industry.
This means keeping up with the latest trends and technologies, staying on top of industry regulations and standards, and investing in your own (and that of your team’s) education and training.
How can you differentiate yourself from other contractors and position yourself as a sought-after expert in the field? Two great ways to do this is, firstly to build on your reputation through word-of-mouth recommendation….. people trust other people’s recommendations. Can you be their go-to trader? Work on building those relationships! The second way builds upon the first point; your marketing will be invaluable as an independent contractor just starting out.Don’t be afraid to show prospective customers the person behind the brand name. People feel more at ease when they feel like they know who they’re welcoming into their homes, adding a touch of personality to your website and/or directory listings/and or social media pages will pay dividends in the long term.
Tips for managing finance:
As an independent contractor, you’re responsible for managing your finances, taxes, and expenses. This can be a daunting task, especially if you’re not familiar with accounting and business management. To ensure your financial stability and success as a contractor, it’s important to set up a system for tracking your income and expenses, create a budget, and invest in accounting software or professional services to help you manage your finances.
If you haven’t already done this from the outset, you will also want to consider setting up a separate bank account for your business and establishing a routine for invoicing and collecting payments from clients. There are a number of online accounting software companies designed to make all of this easier for the self-employed or small business owner such as Xero and QuickBooks.
If you can, finding an accountant or bookkeeper from the outset is a great solution to ensuring you stay on track when it comes to taxes and the requirements of owning a business or being self-employed which can often be stumbling blocks for first timers.
What are some of the challenges of being an independent contractor?
Although working as an independent contractor offers a lot of flexibility and freedom, it also comes with its own set of challenges. For example, you’ll have to deal with the stress of managing your own business, maintaining your own schedule and workload, and dealing with difficult clients or projects.
Try to ensure you prioritise downtime, to switch off and recharge from the stresses of managing your business. Downtime looks different for everyone, but exercise or socialising with friends and family are good places to start. Additionally, since you won’t have the safety net of a steady monthly income or employer benefits, it’s important to have a strong sense of responsibility and commitment to your work to succeed as a contractor.
Ultimately, working as an independent contractor in the construction trade can be an incredibly rewarding experience, both financially and professionally. By taking the time to build a strong reputation, staying competitive and up to date with the latest industry trends, and managing your finances and workload effectively, you can enjoy the benefits of being your own boss and set yourself up for long-term success in the field. With the right mindset, the right tools, and a lot of hard work, you can make independent contracting work for you.
If you would like to speak to Edge about how we can help you manage your project time-lines, please do drop us a line at [email protected] or telephone 0345 021 333. We offer installation guides, payment options, delivery & returns, alongside a whole host of information and support for you, the trade.
11th May 2023