Being an IC may or may not be for you...
Posted By: Grace on 2006-05-13
In Reply to: .... - Alwaysbeenanemployee
I've only been an SC (with MQ many moons ago) and an IC. I would only return to an employee-employer relationship if I had to. (If I find myself in need of health insurance.) In this season of my life I MUST have a very flexible schedule. My husband is traveling down the path of dementia and as time passes I'm becoming more and more his caregiver. If I were an employee I would probably have already lost my job, and we're not quite 2 years into this.
On the flip side, as an IC you must be self disciplined, which may go without saying; but more importantly you must be professional, respectful, reliable, and mature. A bit of humility doesn't hurt either. Your word is your bond. Yes, you are not bound by a schedule, but you must be mindful that the client has specific needs which are set in stone. If their need is not met they will go elsewhere. Even though an IC is not an employee, they do work for the MTSO. It has been my experience that once my MTSO learned that I do what I say I will do he looks upon me with favor as I do him.
Regarding what amount to pay and when to pay it, no that information will not come from your MTSO. As an IC you are a self employed independent contractor and all of this responsibility falls on you. That is not necessairly a bad thing. My only suggestion here is to find an accountant that you trust, if you don't already have one, and begin a long-term relatonship with him/her. My accountant has become a dear friend who has been instrumental in many decisions I've already made and will have to make regarding my husband.
Again, being an IC may or may not be for you, and that is neither good nor bad. I wish you luck in whatever you decide.
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