Thinking about going Independent?
it's a good idea.
Most of us started our careers as therapists with a dream and a plan. We would finish school, get a full time job that came with a great boss and with benefits and start to make a positive difference to our patients and practice all that we had learned. Sound familiar?
Now fast forward – a few days, weeks, months or (ahem, years) ahead. Life often gets in the way of full time work. Sometimes the challenge comes from finding the right company and right job, sometimes there are layoffs and other times we just want a change. That change can come from becoming an Independent Contract Therapist. Most of us know the advantages of being an employee but here are some great reasons to consider becoming an IC.
Earn more money
Independent Contract Therapists typically earn a higher per hour rate than employees. Why? Because companies are willing to pay more for independent contractors since they don’t have to enter into expensive, long-term commitments or pay taxes.
Deduct expenses (it adds up)
Being an independent contract therapist offers an opportunity for you to save money through deductions. Sadly, every year, contractors lose thousands of dollars by not maximizing their deductions simply because they are not aware of the opportunities and deductions that an IC can benefit from. Here is a short list of what you can deduct as an Independent Contractor:
Health Insurance Premiums
Office Space & Utilities
Repairs & Maintenance
Cell Phone Costs
Any and every expense related to your business.
The #1 fear that we hear at ITA from therapists considering work as Independent Contractors is the fear of taxes. But just like everything else in life, it's just a matter of understanding the process.. you can actually save yourself a ton of money.
More flexibility (less burnout)
Burn out is real and scary. It can come not only from work but because most of us are juggling lots of responsibilities including work, kid schedules, caretaking or fill in the blank with whatever you have on your plate right now. As an independent contract therapist, you are in charge of choosing your work hours and work location. So, if you need to be free at 3:00 to pick up those kiddos, as an Independent Contractor, you can make that happen.
Try new things
Maybe you’ve been a pediatric therapist for years but have always wanted to try work in the geriatric field. Or perhaps you have an interest in a specialty area or certification that you want to explore. Work as an independent contractor is the way to do it. You can work in multiple settings to give you a chance to explore new options without the commitment of a full-time job. This helps you gain experience and further advance your career.
Be your own boss
This is perhaps the most rewarding part of being an Independent Contract Therapist. According to a recent study, more than half of Americans want to “Be Their Own Boss”. This doesn’t have to mean a brick and mortar practice and starting an expensive business but can simply mean making the choice to work as an Independent Contract Therapist. By definition, legally and in practice, this puts you in charge.
If you're ready to get started, start with our Signature Course, "How to Be Your Own Boss", included free with membership. With this course, you will learn:
The Benefits of IC Work
Understanding Liability Insurance
Business Structure for an IC
About Business Tax Receipts
CDC Guidelines for Vaccination of HCP