I went from w2 full stack web dev to a contractor about 3 years ago. I waited until I had about 5 years experience to do it. I got an accountant through a referral who guided me through the entire S corp setup, and the whole invoicing/tax stuff. It's really not that complicated, and I could probably do it myself, but he just sends me documents to sign and mail to IRS/State/Unemployment/whatever. Worth every dime.
I primarily write Java/J2EE code and the demand seems to be very high for that type of work. I have been on my current contract for over 2 years, and keep getting significant raises every 6 months when they renew my contract because they know I have domain knowledge and finding competent people is hard and expensive. My advice is to leverage your connections so that you can bill directly as possible. This is sometimes hard to do with vendor management systems at big companies, but if you're able to talk to the hiring manager directly, you can avoid the recruiter middle man and get $15 - $30 + more on your rate, which is huge.
In my opinion, if you really like to code and can produce quality stuff efficiently, you owe it to yourself to look into it. Times are good, you should get paid what the market will bear for your skills. In my case, I was able to triple my income in about 2 years. I was scared a bit at first, but the way the job market is right now at the very worst someone will pay you to do something . You can always go be an employee again. I have had 0 gaps in work thus far.
Trying to get to a point where there is not a linear correlation with my time and money, which will obviously require a different approach . But in the meantime it's a good situation to be in for someone who likes to write code.
I primarily write Java/J2EE code and the demand seems to be very high for that type of work. I have been on my current contract for over 2 years, and keep getting significant raises every 6 months when they renew my contract because they know I have domain knowledge and finding competent people is hard and expensive. My advice is to leverage your connections so that you can bill directly as possible. This is sometimes hard to do with vendor management systems at big companies, but if you're able to talk to the hiring manager directly, you can avoid the recruiter middle man and get $15 - $30 + more on your rate, which is huge.
In my opinion, if you really like to code and can produce quality stuff efficiently, you owe it to yourself to look into it. Times are good, you should get paid what the market will bear for your skills. In my case, I was able to triple my income in about 2 years. I was scared a bit at first, but the way the job market is right now at the very worst someone will pay you to do something . You can always go be an employee again. I have had 0 gaps in work thus far.
Trying to get to a point where there is not a linear correlation with my time and money, which will obviously require a different approach . But in the meantime it's a good situation to be in for someone who likes to write code.