Talk Nerdy to Me: How to Succeed as an Independent Contractor

Offered By Stander & Company

Are you one of the now 33% of Americans who work as either an independent contractor or freelancer?

 

If you answer yes, you are now a participant in the gig economy, a modern term for an economy characterized by workers who earn money through short-term contracts or freelance work.

 

Succeeding as an independent contractor can be challenging because it requires understanding a different set of key success factors than being a full-time employee. Here are some tips on developing your skill set as an independent contractor and where to turn to if you need help.

 

  • Contract for companies with generous payment terms. The time required for companies to pay its bills to contract workers varies from business to business. Investigate a company's policy for paying its contract workers to make sure it's what you're expecting. Remember, cash is king!

 

  • Market your services by creating an online portfolio. If being a contract worker is your full-time job, you’ll need to always be looking for your next gig. One great way to market yourself to prospective businesses is to create an online portfolio that showcases the work you can perform. You can choose to build a website using a do-it-yourself service or hire a developer to create a custom website.

 

  • Stick to a budget. As a full-time employee, you know the exact date you’ll receive your paycheck and usually the exact dollar amount. As a participant in the gig economy, however, you could earn a bunch of money in one month and hardly any money the following month. Prepare a financial budget so you can use income earned during your good months to cover costs during low income months.

 

  • Stay one step ahead of the IRS. Paying taxes is now your responsibility. Participating in the gig economy requires more knowledge about how to meet your tax obligations. So ask for professional help. Plus use other tools at your disposal. For instance, the IRS Gig Economy Tax Center gives guidance on how to figure out what you may owe the IRS. The website is https://www.irs.gov/businesses/gig-economy-tax-center.

 

  • Get advice from others. Working primarily by yourself can leave you isolated from fellow workers. Join a local group of self-employed workers that meets on a regular basis to network and learn what other workers are doing to be successful.

 

Remember that you are not alone. The complex nature of tax obligations for contractors can easily be navigated with professional help.

​​​​​​

Disclaimer

Stander & Company is not a CPA firm. Stander & Company accounting services provided through an alliance with Nicholas T Stander, CPA, PLLC

Business & Finance

Look Who's Best of Local

more listings
Chimichurri's South American Grill

Chimichurri's is an enticing spot located in a beautiful waterfront village in Kingwood, Texas. We strive to bring together the amazing South American flavor both on the dinner plate and throughout the entire dining experience.

The Veranda

It's more than a Meal. It's an Experience! The Veranda has won awards with the Go Texan program through the Texas Restaurant Association and the Texas Department of Agriculture.

Unique Showroom

Unique Showroom is an independent, locally-owned store that is just as unique as its name suggests.

Arturo's Hair Designs

A thriving, high energy salon in the heart of Kingwood. We have a large staff of talented, experienced stylists ready to help you love your hair. Arturo's opened in 2005 and has over 25 professionally trained service providers.

Must Read Articles

more articles
August 13, 2018
Kingwood PC Repair’s personal touch and love of computers drives a thriving business
Kingwood PC Repair’s personal touch and love of computers drives a thriving business

A fascination with computers and the desire to help people launched Ross Davis’ thriving computer repair career. Started in 2008 from his home, Davis expanded as a brick-and-mortar shop in Kingwood in 2012.

December 06, 2018
Why your business should care about online reviews
Why your business should care about online reviews

Today's customer rarely buys or tries anything new without doing online research, and that means reading reviews.

October 31, 2018
Life changing encounter leads duo to open first Sanké hair salon in the United States
Life changing encounter leads duo to open first Sanké hair salon in the United States

Mere steps away from opening her own salon, a potential investor backed out on hair stylist Lisa McSwain at the last minute. A scheduled cut with long-time client Mary Rocco changed everything.

The LocalMeA Letter

Sign up for occasional updates and specials

By signing up, you agree to our Terms of Service and Privacy Policy.