Thinking of making the leap to freelance, or hiring an independent contractor? Here are some pros and cons to keep in mind:

FOR INDEPENDENT CONTRACTORS/FREELANCERS

Pros:

-- More control over the work you do.

-- Flexible schedule.

-- The possibility of making more money.

Cons:

-- You're responsible for finding the next job.

-- Need to figure out health insurance, retirement savings and taxes. Must also keep track of payments from gigs.

-- Not having co-workers can get lonely.

FOR COMPANIES

Pros:

-- Independent contractors bring in fresh ideas without paying a full salary and benefits.

-- Contractors can focus on one problem or issue that needs solving.

-- Hiring companies can vet contractors, saving time and money.

Cons:

-- If a company likes an independent contractor, it may be hard to get them to stay or work full-time hours.

-- The contractor might not be a match, and could take time and additional money to find a replacement.

--Associated Press

Published on: Jun 3, 2015