Many people working as full-time employees have considered becoming a contractor but are worried about the risks involved and are unsure about how to do so. This article briefly discusses both issues. First, the risks -- the key risk and worry is that you will hit periods of time when you are not working and have no income. While this is a possibility, our experience is that with good skills (including interpersonal skills), a strong work ethic, appropriate rates and some proactive effort as you near the end of your contract these hiatuses are not common. Working with a firm like Infotek also helps to reduce this risk. However, it is a good idea to set aside some funds as a contingency (as well as funds to pay upcoming taxes). This will allow you to be choosier when selecting your contracts.
As for the steps involved in becoming a contractor, they are outlined in another article you will find here on our site -- Incorporate Yourself. You may also want to look at our article Contract vs Full Time (Employee) -- also here on the site.
In becoming a contractor, you will need to adopt a more entrepreneurial attitude -- you will need to work with firms like Infotek to find your next engagement and you will need to develop in-demand skills and to sell you abilities. More importantly, you will want to be constantly ensuring that you are adding value to the client you are working for -- this is the easiest way to get that next contract -- by extending your current one or being the first choice for the next project the client is planning.