Take a short term gig?

One of the reasons a prime may want to bring on a 1099 is because they have a vacancy on a contract that is ending in less than six months or sooner.

Taking on a full time employee may be risky if the contract doesn't get extended or if they lose the re-compete, so bringing on a 1099 is a good compromise.

The question is, should you take a short term gig?

Here are a few factors I'd consider:

• If the contract ends and you're out of a job/gig, how easily could you get another job?
• How much extra money could you make in that time period? If you can, for example, double your income in a six month time frame, you could conceivably take the rest of the year off.
• What is the likelihood this contract gets extended? I've been on projects that have been extended for years past the original period-of-performance.
• Can you leverage this gig into more gigs? Is it a highly visible project?
• Are you just sick of working as a W2 and need a change of scenery?

Generally speaking I'd probably take a project if there was at least four months left and it was a pay bump with more interesting work. I'd bet on the contract being extended and me being able to find a new gig in the meantime.

But, it really depends on your personal risk tolerance and financial situation.

If you got a good thing going as a W2 and the 1099 role is only marginally better financially and professionally I'd stay put and look for another 1099 opportunity.

The choice is yours.

Want the full playbook? Check out Going 1099.