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- Ken Uchikura Newsletter Vol. 252 Independent Contractor
Independent Contractor
In Japanese, sometimes we call independent contractors, freelancers. They are independent professionals who take on work themselves and offer their skills and services.
The term, independent contractors, alludes to the fact that they are on their first step toward building an independent career. It implies that they’ve taken the first step toward independence by accepting work as a contractor rather than an employee, giving them the freedom to choose their own schedule and clients.
There are many benefits to being an independent contractor, including:
1. Managing your own schedule
As an independent contractor, you can set your own work schedule. This makes it easier to allocate time to family, hobbies, other projects, etc.
2. Selecting your clients
As an independent contractor, you can choose which clients you want to work with. You can work on projects that match your preferences and areas of expertise, and avoid unpleasant client relationships.
3. Maximizing earnings
Because you can freely set your fees, you can earn an income equivalent to your skills and experience. If you’re successful, you can also earn more revenue.
4. Reducing fees and expenses
Compared to getting hired as an employee, an independent contractor can reduce expenses for office space and equipment. Other expense reductions can include commuting time and transportation costs.
5. Tax benefits
In some countries, there may be tax incentives available. In some cases, you can deduct a portion of expenses, which would reduce the tax burden.
6. Skill development
You’ll have opportunities to work on a variety of projects and gain a wide range of skills and experiences, which promote personal growth.
7. Access to infrastructure
You may be able to access the infrastructure and networks of large companies and organizations, which can improve the quality and efficiency of your work.
On the other hand, the disadvantages of being an independent contractor include:
1. Income instability
Your income may fluctuate from project to project, which may not be stable. Some potential risks like loss of work from clients and delays in payment may occur.
2. Lack of benefits
Benefits such as health insurance, retirement, and paid time off are typically not provided. You must manage and pay for insurance and benefits yourself.
3. Self-employment tax
You are responsible for paying self-employment taxes when you’re an independent contractor. This can be a higher tax burden than working as an employee.
4. Competition for Clients
You may have to compete for clients as an independent contractor. In a competitive field, it can be difficult to find work.
5. Difficulty in balancing work and personal life
On the one hand, free schedule management is an advantage, but on the other hand, it can blur the line between work and private life, causing excessive work and stress.
6. Risk of contracts and disputes with clients
Contracts with clients and dispute resolution are responsibilities that you must bear. In the event of a breach of contract or dispute, it will require legal action.
However, these disadvantages can also exist when starting a company.
Kenichi Uchikura
President / CEO
Pacific Software Publishing, Inc.
ken.uchikura＠pspinc.com
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ABOUT PSPINC
PSPINC (Pacific Software Publishing, Inc.) is a technology company based in Bellevue, Washington, USA. Founded in 1987, PSPINC provides web hosting, email hosting, and other internet-related services to businesses and individuals worldwide.
In addition to its hosting services, PSPINC also offers website design and development, domain registration, and online marketing services. The company has data centers located in the United States and Japan, and it offers multilingual support to its customers.
PSPINC has a strong focus on customer service, and it has received numerous awards and accolades for its quality of service over the years. The company is committed to staying up-to-date with the latest technology and industry trends in order to provide the best possible solutions for its customers.
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