This article provides real bone-fide information that 1.74m* professionals in the UK have successfully done to triple or even quadruple their salaries, and at the same time give themselves more income security, less red tape and greater job satisfaction.
I am of course talking about “going contracting”.
*ONS Self-Employment Data Oct-Dec 2022, based on classifications J,K,M, N, R, S and T
Contracting is the provision of your professional services on a temporary or interim “contract” basis.
Professional services simply mean your knowledge and time. In other words, the “regular” job you already do.
As a contractor, you are explicitly NOT employed by the “end client”: the company for whom you are completing the work. A contract is for a specified time period with agreed rates of pay either daily or hourly. With that being said, there is a chance that if you impress the end client and more work is required, the contract may be “extended”, and a new, similar contract issued.
Your contract will usually be between your Personal Service or Umbrella Company (more on this later) and a recruitment agency acting on behalf of the client. In this scenario, the recruitment agency will have a separate agreement with the end client.
Before I go on, this can be an enormously complex and detailed subject area – there’s a lot to learn! For the purpose of this article, I’m going to assume that you are a complete beginner in this world.
The content of this article is aimed at:
Becoming a contractor is a big decision – and a personal one – but the good news is that for the vast majority with the right mindset, the pros hugely outweigh the cons.
|QUADRUPLE YOUR INCOME
The big one, and if we are honest the main reason people “go contracting”. This is not an outlandish statement – in most of the industries and roles I work with people who have easily been able to triple (3x) or even quadruple (4x) their take home income
NO MORE (OR REDUCED) POLITICS
SKILLS AND EXPERIENCE
|BE MEASURED BY YOUR OUTCOMES
I’m not going to mince my words here and you need to be very honest with yourself. If you’re the kind of person who is happy to meander through your working hours, doing just what is necessary then please stop reading. Until you are happy to have the weight of expectation of being measured by – and ultimately being paid by – results, then contracting is not for you. If on the other hand, you are hungry, driven and happy to live and die by the sword then you are in the right place.
BE TREATED DIFFERENTLY
DEAL WITH UNCERTAINTY
So, you need to have an honest word with yourself and likely your significant other and/or dependents. If you think that the pros outweigh the cons then strap yourself in and start dreaming about what you’ll do with all that extra cash!
In a word, YES!
You’re going to need to do a bit of research but there is basically a market for contract services in pretty much every industry. Project Partners have worked with contractors in the following industries:
There are fundamentally 3 ways to find contract vacancies:
First of all, every job is different. My experience has been gained over 20 years in both Technology and Business Transformation disciplines for a wide variety of clients, predominantly Financial Services institutions. Tripling or Quadrupling your take-home pay is a typical experience, and certainly reflects my own experience.
Calculate your yearly “worth” and then add on the inflated “contractor rate”. It’s not just the work that you’re doing – you also need to take into account the risks associated with not being in a full-time position. Because contractors charge more, if you work the same number of annual hours as your counterparts in employment, the end result will generate much more.
At Project Partners, we offer a number of contractors roles outside of IR35. Allowing you to do the work you love as a contractor, whilst still being part of the Project Partners family. Check out our open roles now.