Contractors Reporting Services has helped contractors manage their paperwork and Florida contractors’ license processes for over 50 years, allowing them to focus on what matters, their craft. Their services save contractors time and money, keeping permits, tax forms, and employment documents up to date to avoid costly delays or inquiries.
When thinking about making the change from full-time work to contract work, here are five things to consider before taking the plunge:
Five Things to Consider Before Making the Switch to Contract Work
The Right Mentality
Make sure to go into contract work for the right reasons and with the right mentality. Contract work is a great way to grow skills and obtain a better work/life balance but requires other sacrifices. Being a contractor still means being part of a team and entirely investing in whichever company holds a contract, no matter how short the term.
It is a switch that can take some getting used to, but with the proper help along the way, it can be rewarding and profitable. Companies like Contractors Reporting Services can make obtaining a Florida contractor’s license easier, as they take care of any paperwork needed once a contractor has set up shop.
Be Flexible
Flexibility is vital for a contractor. While they can often set their hours, they also may have to take on shorter contracts than they may like. Contract work expects just as much flexibility from an employer’s end as it offers on the contractor’s end. That is why the pay is often higher for contractors than full-time workers.
Financial Implications
A contractor’s salary often fluctuates from contract to contract depending on the nature of the work, the contract’s length, and any additional benefits or perks offered by the employer. How often a contractor receives a paycheck also depends on an employer.
While some employers may offer weekly or bi-weekly pay, others may pay on a 60-day term, meaning the contractor will have to rely on savings until their next check. A variable pay schedule is something contractors need to consider in their yearly planning to make sure they have enough money in the case of longer periods between paychecks.
Benefits
Benefits work differently for a contractor than they do for full- or part-time employees. Often contractors have to pay for their own benefits out of pocket or go without retirement accounts and health insurance services.
These costs can add up and have to be taken into account when switching to contract work. Always check with potential employers, as benefit packages for contractors are becoming increasingly popular and may be available.
Get Support
Contractors often encounter a lack of support without departmental staples such as HR and payroll. They also need to handle all the business administration, set up a limited company, and worry about all the little details that come with doing business.
To alleviate these stresses, they can hire companies such as Contractors Reporting Services to take care of items like their general contractor license, renewals, annual reporting, credit reports, and more.
Need Help With Florida Contractor’s License Requirements in Tampa?
Contractors Reporting Services supports contractors in and around Tampa, Florida, by helping them with Florida contractor’s licensing requirements and other administrative functions. Located at 13795 N Nebraska Ave, Tampa, FL 33613, they can be reached by phone at (813) 932-5244 or by email at info@activatemylicense.com.
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