4 Common Myths About Being An Independent Contractor

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The Arizona Contractor License Center, discusses some of the myths about being an independent contractor.  Arizona recently enacted legislation that allows an independent contractor file a declaration of independent business status.  These are some of the myths identified by the Arizona Contractor License Center blog:

1. Self-employed people make their own hours  – Yes and no. While you will have some flexibility, the world tends to function on a set schedule. Your customers and clients will have expectations of when you will be available to complete tasks. Ultimately, you have to work when work is available. Therefore, you may not have that much control over when you work and when you are off.

2. Independent Contractors have more risk than a normal 8-5  –  Ask yourself how much safety and control you have in a regular job? You can be laid-off or fired with a moments notice. Your health care and other benefits can change and diminish to satisfy a company’s bottom line. If you need extra money, overtime is limited or unavailable. However, on the other hand, a self-employed person is completely in the driver seat.

3. Independent Contractor means having a limited revenue stream  – If an employer fires you, your source of income goes away in that instant. How long will it take you to find another job? A self-employed contractor and or entity can diversify itself with multiple licenses. When you are receiving different types of revenue, from different customers, you have more security than receiving just one paycheck.

Read the full story at Blog | iContractor.net | Investigated | 4 Common Myths About Being An Independent Contractor

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