First of all you need money and lots of it if you want to be an independent contractor. I would never be in business without being protected by an LLC or Corporation entity. You will need to be insured as most all entities want a Certificate of Insurance. The pay you receive as a W2 has the payroll taxes prepaid by your employer and your employer pays half of your Medicare and Social Security payroll taxes (about 7.5% each). As a 1099 contractor you will pay your own income taxes. Since you have no employer you will pay all of your Medicare and Social Security taxes about 15% on top of you income tax rate.
Here is a link that may help determine if you are a contractor 1099 or an employee W2;
https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee
