Independent Contractor - Becoming Your Own Employer

Why spend the day making money for someone else when you can be an independent contractor? If you have experience working on different home improvement projects or you have worked in the commercial building industry for an extended amount of time, it might be time to go out on your own and begin to bring in your own customers. Prepare yourself for the upfront cost and risks and begin to create a game plan.

Finances

Before you get started, you need to make sure that you are going to be financially secure while you are working on becoming an independent contractor. In the past, you may have been paid by the hour or by the project. As you look for clients, attain the right tools, and begin to put together a business plan. Make sure that you have plenty of money in savings, in case you are not able to bring in any type of income for an extended amount of time.

While you need to have some money in savings to get started, there are financial benefits when all is said and done. Now, an employer is not taking a portion of your paycheck. When you are an independent contractor, when the job is complete, after paying for the materials and paying any workers that helped, the rest of the money is yours. For most people, this is the motivation behind going into business for themselves.

Take Advantage of Your Experience

It does not matter if you have worked on residential or commercial building sites. Both have provided you with the experience necessary to become an independent contractor. When you advertise or speak with customers, it is important that you talk about your experience in the industry. You may have only been in business for yourself for a short amount of time, but make sure that people understand that you know what you are doing.

Marketing and Business Connections

Vendors that you have dealt with in the past could be a great resource for you to utilize. While you may not get as good of a deal if you are buying materials in smaller increments, you will be able to maintain and even build up those relationships. Over time, you will be able to negotiate your own cost for materials and supplies as an independent contractor.

Some customers will want to make the transition with you. Now that you are working for yourself, you may be able to offer them lower prices compared to what they have paid in the past. They already know that work that you are capable of and so they will feel confident hiring you. Even if these opportunities are not bringing in tons of money, remember that you are starting to build up your reputation.