So you’re tired of battling peak hour traffic every morning, fed up with having your new ideas quashed in favour of the tried and tested formula that works for all your clients, and sick of feeling guilty for leaving the office early.

Perhaps you should consider venturing into the realm of contract work. Here are some pros and cons of contract work as well as some key factors which you should consider before switching to this alternative work arrangement.

Contract workers in IT, design, engineering, accounting and journalism are just a few of the many professionals that are already familiar with the benefits of ongoing contract work. Project-based work is fast becoming an option that employees are increasingly considering and opting for over full time employment. In a society where the transient workforce is rapidly emerging, employers are seeking out project-based employees that can deliver effective results on an assignment basis. Whether it is working from home or in the office for a few weeks at a time, the move from full-time to contract is one that should be seriously thought through.

Flexibility is one of the biggest draw cards of contract work. The autonomy to dictate your hours and working style, not to mention the added control you have over the direction of your career is an ideal scenario for many. Yet this freedom requires self-discipline and motivation on your part, especially if you are working off site, detached from an office team environment.

Contract-based work can be a less reliable working arrangement. It doesn’t provide the security and benefits of full-time employment, such as paid annual and sick leave, and it may be daunting going from project to project, not knowing where your next offer for work will come from.

However, contracting can also be very lucrative, depending on the industry and nature of work. Contractors typically get paid on an hourly basis for actual hours worked and depending on the specific job, can often make more money than if they were doing the same job on a full-time basis. Hence, working on contract – especially if you can find a long-term contract of one year or longer – can be quite profitable. Unlike most salaried staff, contract staff may also be paid overtime.

The opportunity to broaden your skills set as you work on a variety of projects and gain contacts in the industry is another major upside. Do your research before embarking on a contract-based career. Find out if there is a market for the service you are offering. While the absence of a nagging boss is an attraction, your contract work arrangement means that employers may not offer the same support, encouragement and positive feedback as would with full time employees. Contractors are expected to deliver outcomes. This means you will have to be confident in the skills and service you are offering.

Thus, it is important to assess your skills. Are they transferable? Begin by researching reputable courses to hone your skills. Talk to people in the industry to get an idea of what to expect. Not only are you gaining a broader understanding of contract work, but you are also networking. Let them know you are seriously considering the move, perhaps they have work that they can’t take on and would like to recommend you. Analyse the market demand for your service. If it is a highly competitive market, it may be hard to gain a foothold, but don’t let this deter you. Again, talk to contacts in the industry. Effective networking is the key.

You may be in a situation where contract work is not the ideal scenario for you, but rather a safety net or a band-aid solution while you are looking for full-time work. It is important to keep an open mind. Exploring contract work as an option does not mean that you will be forever locked into this arrangement. Often a job may be advertised only as a contract position but then develops into a full-time position. Organisations are continually changing. Restructuring or new business developments could mean a permanent offer in the future. If full-time work is what you are looking for, always be mindful that this is a possibility and perform as you would in a permanent placement. An employer will remember you based on your performance, attitude and presentation.

What it comes down to is your preference for a working environment and how you see contract work contributing to your career plan. If you enjoy the variety of working on various projects, and the greater freedom of being able to manage your own time and tasks, then contract work is definitely an option you should explore. Remember the importance of networking, and be confident in your skills and the service you are offering - you will never know unless you try!