Should I start contracting?
Recession Advice
During a recession make sure you have set money aside for harder times or set aside funds for tax liabilities (e.g. VAT and corporation tax) by putting spare company funds into a high interest account.
Be prepared to lower your contracting rate expectations and accept contract extensions. On top of this, work extra hard to deliver high quality in order to secure work by becoming indispensible and in doing so get on the right side of your employer(s).
Remember to network with old colleagues, employers and agency contacts. Update your CV frequently, both in content and presentation in order to keep releveant skills up to date.
Above all, be reactive to your situation by offering extra hours, lower rates etc.
Should I start contracting?
Pros
- Freedom to work when and where you like
- Independence
- Potential to earn more
- Control over finances
- More personal time
- Variety of projects and industries
- Learn new and varied skills
- Gain confidence through postive experiences
- Less office politics
Cons
- Lack of job security
- No benefits e.g. sick pay, holiday pay
- May have to travel in order to secure work
- More paperwork Image by fspugna (flickr.com)
- Need to develop sales and networking sales
