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Dear Pro Contractors please guide- Vote

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    Dear Pro Contractors please guide- Vote

    Dear Pro Contractors,

    I am a recent entrant to contracting world. I have been a permie since graduation and at 41 am a Tech Lead for a significant sized team in one of the largest organisations in uK. I have been watching with awe at my contractor friends making a lot of money from sidelines for many years and finally decided to dive into contracting. I have been offered a contract now @350£/day for a 1 year. As a permie I earn 70k£p/a with great benifits such as final salary pension scheme and health ins etc. Now I am really confused whether to take a plunge at my age or not. Kindly note Yes for me to join and No to reject offer. Any advice/suggestion from pros will be highly appreciated. Thanks.

    #2
    So you want advice from strangers on a life changing career event?

    You've left it too late. Don't do it.

    My vote is No.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    Comment


      #3
      Forget the year bit. 350 a day for everyday you work and that's it.
      You are forgetting the crap and bad times they have to put up with as well.
      And the way the market is going.

      On that basis its No from me as well.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        If you can command £70k a year as a permie, then you should be looking at £700 a day. £350 is a cop out, you'll end up being worse off. Factor in how much the pension contributions on top are worth, plus you having to pay for an accountant and insurance and other stuff. You'll quickly feel the pinch if you have a few days off sick.
        Taking a break from contracting

        Comment


          #5
          No from me.

          Now spend your energy on climbing to a higher status in your permanent job.
          "You’re just a bad memory who doesn’t know when to go away" JR

          Comment


            #6
            No.
            You're awesome! Get yourself a t-shirt.

            Comment


              #7
              I would base it on 350/7.5 = £46.7/HR and then x1000 to get a £46k equivalence.

              FWIW I'm on over £500 a day and i start to get interested at £75k plus. The right company and the right location etc...
              http://www.cih.org/news-article/disp...housing_market

              Comment


                #8
                You haven't left it too late IMO but I wouldn't make that jump for <550 pd.

                Comment


                  #9
                  It's never too late but the rate is low... however, as a first time contractor you have to suck that up. The rationale is that you've not contracted before, so there's a risk you might run back to the permie teat. The agency feels entitled to a higher margin, so you get a lower rate.

                  If you have to ask the question about whether you should or not, then my answer has to be "no".
                  Down with racism. Long live miscegenation!

                  Comment


                    #10
                    It is never too late but it is not just about rates, it is about an entire life style change.

                    If you are not sure then do not do it.
                    "He's actually ripped" - Jared Padalecki

                    https://youtu.be/l-PUnsCL590?list=PL...dNeCyi9a&t=615

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