What are the drawbacks for contractors in 2019?

contractor drawbacks

Alongside the huge variety of advantages contracting offers, the participants of our recent State of the Nation survey acknowledged there were some day-to-day downsides to being a contractor. These largely related to the uncertainty of the market they operate in. The main concern was not knowing where their next job would come from.

Ensuring a steady flow of work in the long term is a common concern for contractors, especially if they’re relatively new to the profession. While you can always line up a great specialist recruitment agent to find contracts that not only keep you in work but develop your career and skills, there are many other ways you can keep your pipeline full as a contractor. Going for the right sort of contracts, building your client relations, harnessing the power of social media and investing in yourself are all great ways to keep your roster full.

Working via a recruitment or employment agency?
Signing your first contract is straightforward with inniAccounts. We liaise with agencies large and small and we’ll provide your agent with the documents they need to draw up your contract.

While flexibility is one of the key benefits highlighted in our results, taking time off (whether it’s a bout of sickness or a holiday) is a stress for many contractors. A vast majority of contractors are guilty of not taking a break. Many of our clients carry a lot of responsibility and have high demands on their time, they can find it nearly impossible to put down work. There’s an inherent concern that unlike the full-time workforce, time off is time not earning.

We try to get to know each of our clients and help them towards both their business and personal goals; working out how to get away and provision for the unexpected is a common objective. Taking the time to formulate a strategy ensures your business continues to thrive whenever you want or need to take some time out.

Read a little more about strategy planning for time off here. Or download our free Day to Day Management of Your Company eBook, where you’ll learn the business essentials you need to start trading, how to keep accurate records, the low-down on VAT, how to invoice clients and pay yourself, as well as planning for absence efficiently.

Of course, one of the major concerns for contractors is the looming off-payroll working changes to the private sector and what it could mean for not only forthcoming contracts but the government’s future intentions. You can read more about IR35 and how contractor’s are addressing the potential risks it poses here.

The State of the Nation 2019

2019 is set to be another year of monumental change and uncertainty. Politics, the economy, society and technology are all continuing to change at lightning speed. That’s why, in January, we conducted a survey to find out how contractors are preparing for the future. Our 2019 report brings together our thoughts on the current mood of contractors across the nation, leveraging data from our expert clients and comment from our in-house specialists, to provide a close-up look at what contractors are talking and worry about for the coming year.

Download the free full report in our eBook library.