Plans B

[SandyDown]

Has anyone managed to establish a good Plan B and get away from all this IT contracting malarkey? I know a some people who left, one opened a coffee shop in a business park, he says its OK, its hard work, and not really turning a huge profit, its the life-style change more than anything, another lady quit and bought a children nursery, again doing well, the best advantage for her is working very short hours having her little ones actually in the same nursery she bought, so she's never far away from them. A third contractor I worked with bought a taxi company, and a small corner snack place, again he made good money, but got fed up with being ripped off by employees, then sold out and stuck with IT contracting !

Anyway it seems everyone who left found it a good life-style change, but not a good profitable business.

MF what do you think? I know you still have to contract to compliment the losses made from your shops?

[Cliphead]

I'm currently working my Plan B alongside contracting. It's all working out very well, I play & write music which provides almost enough to live on already. My current contract is with a US based music software developer and I get to work at home with occasional paid visits to the US as well as the upcoming Musikmesse show in Frankfurt.

The way things are looking I'll likely join this company as a part of their development team which to be honest won't feel like a permie job nor will I be stuck in an office having to put up with the usual permie bitching and bulltulip.

The downside - I get paid in $$$

[SandyDown]

I'm currently working my Plan B alongside contracting. It's all working out very well, I play & write music which provides almost enough to live on already. My current contract is with a US based music software developer and I get to work at home with occasional paid visits to the US as well as the upcoming Musikmesse show in Frankfurt.

The way things are looking I'll likely join this company as a part of their development team which to be honest won't feel like a permie job nor will I be stuck in an office having to put up with the usual permie bitching and bulltulip.

The downside - I get paid in $$$

Sounds good - the purpose of a plan be can be:
1- complete change of life style, you do what you want to do e.g. music, own a ski resort etc not caring about the cash as long as the business breaks even
2- The above plus making a lot of cash.

I've been thinking of investing in a business and quitting IT for so long now *Sigh* want to have a small hotel by the beach somewhere ... inspired by Basil Faulty ...yeh completely stress free life



would anyone here invest in a nightclub/latino bar?

Oh or a classy village pub serving lovely sunday lunches in the county side(see SA - I know a bit about the English pub culture ) hehehe couldn't resist that one

[Buffoon]

Can’t say too much, but in essence instead of providing development and support of a financial analysis system for one client, I now sell the results to a number of clients. Sort of outsourcing I suppose.

I could make more if I was contracting at the clients and 10 or more years younger, but I don’t have to put up with so much tulip.

I too am paid in USD, well 75% of it. I am being a camp follower and moving into the same time zone and away from B’Liar, el Gordo, etc.

[SandyDown]

I am aware if wanting to buy a business its difficult (almost impossible ) get a loan unless you re-mortgage your own house etc, but does anyone know if someone to buy a business with a freehold premises (pub with freehold premises)- dos this make it easier to borrow against e.g. get a mortgage against the property

[VectraMan]

Seems to me you want something with absolute minimal regular costs otherwise it's not worth it. Not just because of the profit margins, but because of the stress of having to succeed to pay rent/suppliers (and worst of all employees) means you're not going to be better off lifestyle wise, even if you are financially.

The dream is always something that brings in money with little to no effort on your part. If I could get £1000 per month extra out of a plan B whilst carrying on being an IT contractor, I'd be happy, and I'd be in no hurry to jack in the IT bit for all the stress of trying to make the other business work.

[_V_]

IT Contracting (if you skills are in demand) is still the No.1 Plan A

Very little effort, and profits ranging £50K to £100K are achievable.

Find a plan B that comes close is almost impossible IMHO

[SandyDown]

IT Contracting (if you skills are in demand) is still the No.1 Plan A

Very little effort, and profits ranging £50K to £100K are achievable.

Find a plan B that comes close is almost impossible IMHO

Yeh suppose you are right *sigh* I rememebr in one of the 'No going back' programmes a story about an IT contractor who decided to jack the IT contracting and buy somekind of nut farm in France so that he can be with his family, few months later the plan went pear shaped and he had to come back to the UK to do more contracting to support the farm!

[Gonzo]

Oh or a classy village pub serving lovely sunday lunches in the county side

You do not want to run a pub Sandy - that is HARD work. Although on the plus side any money that you do make just accumulates in your bank account because you will not have the time to spend it.

[SandyDown]

You do not want to run a pub Sandy - that is HARD work. Although on the plus side any money that you do make just accumulates in your bank account because you will not have the time to spend it.

errr I wouldn't want to run the pub myself, I'd hire a manger - same thing if I invest in any other business, I'd hire a manger who knows about the business for at least one year