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There are several things that contractors setting out in their career need to know and take into account.
1. Beware of Agents
Agents are not your friends. They will try every trick in the book to take as much of the money you earn as possible, trick you into giving up leads, and lying to you on umpteen issues.
2. Befriend Accountants
Accountants are your best friends. Whatever trouble you get into, they can get you out of it, or at least alleviate it somewhat. Never be afraid to take them into your confidence in financial matters. The Inland Revenue normally comes off second best to them
3. Kick Agency Habit
It’s much better to do without agencies altogether if you can. It’s not that you’ll earn that much more money in the first instance if you go direct, as clients will want to get you cheaper.
However, it gives you a different status as a businessman or woman in your own right at the company, and you will find it easier to look out for more business opportunities from your client, without having restrictive agency contract clauses hanging round your neck
4. Expect a Downturn
There is going to be at least one downturn during the time that you are a contractor. There seems to be about one a decade (usually during the first half of it) lasting around a couple of years. During that time you may be out of work for long periods. Ask your accountant how you should prepare for it.
Make sure you have saved up enough to tide you over it – and make sure you are not fully stretched as regards mortgages, car loans etc.
5. Governments Are No Help
The Government (any Government) is always going to be a dead loss to contractors. Everything that they do to ‘help’ the industry will not work out to the benefit of contractors. The only ones that it might help are the big IT consultancies
6. Prepare to Meet the Taxman
At some stage the Inland Revenue are going to ‘try it on’ with you and try to get more of your hard earned money. This might be through a tax on contractors like IR35 or Section 660, or it may be an individual pursuit of you. Keep in touch with your best friend, your accountant, at all times
7. Keep Permies Sweet
Don’t annoy the permies at work. They almost always tell the boss, who is responsible for your renewal, if you’ve upset them. Don’t say things like “My time is more expensive to the company than yours”.
Help them out when they ask you to
8. Beware Lying Bastards
When agents tell you that you have to make up your mind that day about whether you’ll take the contract or not, they’re almost certainly lying (they do a lot of that). If you tell them that you’ve got another interview in two days time and want to wait for the that, you’ll find that your agent is very good at putting their client off for a couple of days
9. Beware other Lying Bastards
When agencies ask you for the names of other companies where your CV has been sent, so that they don’t send your CV there, they are deceiving you. All they want to know is where the jobs are, and then they will put someone up in opposition to you, probably telling the client that you are no good
10. No Quick Exit
Despite what you think, you won’t be “out of this game in 3 or 4 years with the money I’m making”. Your spending will increase accordingly, you will spend much of what you have put by in the periods when you are between contracts, and you are likely to be in it nearly as long as a permie.
Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson
Eh? thats not the URL I pasted? I even edited and redone it??? Is someone playing silly buggers?!
Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson
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