Taking the plunge

[eddie1507]

Morning Guys,

As a newbie wanted to going contracting but being too much of a Chicken to do it because of the initial financial risk i'm keen to understand how you made the transition from the permie world to the free world of a contractor ?

[FatLazyContractor]

Morning Guys,

but too much of Chicken

I can help you with that

[eddie1507]

I can help you with that

hahaha my bad that made me chuckle.

[FatLazyContractor]

Morning Guys,

As a newbie wanted to going contracting but being too much of a Chicken to do it because of the initial financial risk i'm keen to understand how you made the transition from the permie world to the free world of a contractor ?

A few questions:

- Do you have a warchest?
- Which technology?
- Family support etc?
- In demand tech?

to the free world of a contractor ?

Don't get carried away. It has it's own bureaucracy.

Accounts, expenses, company management, IR35, Agencies, Agents etc ...

Spend some time reading the guides to the right.

HTH

PS - Beware of NLUK in non-general sections and Suityou01 in General.
PPS - Cojak is very helpful though.

[eddie1507]

Thanks for the response FatLazyContractor, please see the below quote for updated info...

I know it need's to be my decision at the end of the day but i'm unsure how people do the transition, do they take the risk ? or is it a more strategic move ? I have been looking at calculators for a while now and benchmarking againist ITJOBWATCH it would take me 3.5 months of a contract at £400 a day to make what i currently do in a year !

When you think about it like that it does just seem a no brainer, for me at the moment I have no kids and a partner who is understandable that I could do it for 3/4 years pay a bulk off the mortgage and when kids do come along gives me options to spend that quality time with them..

A few questions:

- Do you have a warchest? - I have around 1 / 2 months worth of bills
- Which technology? - Integration (BizTalk / SOA)
- Family support etc? - Yeah I could rely on my parents if needed however i would prefer to fall on credit for a month if needed as currently I have Zero debt (Par Mortgage)
- In demand tech? - Yeah it seems the market for BizTalk consultants is a niche and constantly getting calls from PIMP's regarding this, the only problem being 1 months notice period tends to put the agencies off..

[cojak]

Should I move this somewhere it won't get flamed?

Or should I just let this chicken sizzle?

Or are we all too hungover to care?

[cojak]

I know it need's to be my decision at the end of the day but i'm unsure how people do the transition, do they take the risk ? or is it a more strategic move ? I have been looking at calculators for a while now and benchmarking againist ITJOBWATCH it would take me 3.5 months of a contract at £400 a day to make what i currently do in a year !:

Yeah, after Corp tax, VAT and personal tax, accountant's fees...

[FatLazyContractor]

Thanks for the response FatLazyContractor, please see the below quote for updated info...

I know it need's to be my decision at the end of the day but i'm unsure how people do the transition, do they take the risk ? or is it a more strategic move ? I have been looking at calculators for a while now and benchmarking againist ITJOBWATCH it would take me 3.5 months of a contract at £400 a day to make what i currently do in a year !

When you think about it like that it does just seem a no brainer, for me at the moment I have no kids and a partner who is understandable that I could do it for 3/4 years pay a bulk off the mortgage and when kids do come along gives me options to spend that quality time with them..

Have a look at the search results below and read what some posters say

http://forums.contractoruk.com/searc...030&pp=&page=2

I personally left my permanent role with a year's warchest and started looking around. I found a contract in 8 days. After the first contract, I had to wait for 2.5 months on the bench before the second!

Some people struggle to find contracts for months. It is all about skillset, availability (role and contractor) etc.

HTH

[eddie1507]

Have a look at the search results below and read what some posters say

http://forums.contractoruk.com/searc...030&pp=&page=2

I personally left my permanent role with a year's warchest and started looking around. I found a contract in 8 days. After the first contract, I had to wait for 2.5 months on the bench before the second!

Some people struggle to find contracts for months. It is all about skillset, availability (role and contractor) etc.

HTH

Thanks for the comment, its appreciated do you mind me asking what your skillset is ?

[eddie1507]

Why not try the fourth option and help

Should I move this somewhere it won't get flamed?

Or should I just let this chicken sizzle?

Or are we all too hungover to care?