New Here... Made up my mind!

[BND100]

How do,

I came across the forum about a week ago and assume a here alot of people who are trying to take the leap but keep fannying about...

I am pleased to say I have convinced myself this is for me and will hand in my notice following my bonus in March pay.

I have more than 12 years financial services experience and have been a BA / Change Analyst / PM for a good portion of that time with some operational experience in Retail & Commercial Banking. In that time I have been permanent at two of the big four UK banks and to be honest have always said once I have the experience/knowledge etc I will make my way into contracting and if it weren't for getting the amazing news last year that we were expecting (my now 5 month old son) I would have returned to my previous bank as a contractor.

Anyway the reason for my post is abit of advice - Other than waiting for my bonus I have a couple of holidays booked already this year... One in May for 2 weeks and another for 1 week in July.

I have decided to get the business set up early in the new financial year and will be looking to agree a contract so I can start on return from the May holiday (approx 23rd May) I will need to work a four weeks notice and therefore hope I will be able to return to my previous employer [EDIT:Not the one I will be leaving] (as some colleagues have) due to them being happy to wait the 4 weeks.

Couple of questions.

If the previous employer isn't an option would you think getting my first contract where I have to take a weeks holiday during the contract would be an issue (roughly 11 weeks in for a close friends wedding in Italy so I cant cancel) I appreciate a response may be depends on the client so hopefully to avoid that - has anyone ever taken a contract where they had to inform them they had holiday booked?

On setting up a Business Account would an overdraft be a means to cover the costs before the cheques start coming in? and are there any negative impacts?

it would be great to hear your thoughts and feel free to ask q's if I have missed the glaringly obvious.

Cheers,

[Boo]

You don't have to ask permission, or notify before signing the contract, that you are taking a weeks holiday just tell them 8 weeks in or so that you will be away for a week and unable to provide services during that time.

I doubt you'll find a business bank account that will give you an overdraft for the business setup costs. Honestly though if those trivial amounts give you concern then I think you would be better off saving up for a while longer before taking the plunge.

Good luck,

Boo

[northernladuk]

Read all the newbie guides to the Right.

Check the welcome/faq pages for sticky in how to search the forums. Anything a newbie needs to know has been asked a lot.

Read the stickies at the top of all the forums particularly Contractor 101 one.

Avoid General like the plague.

Learn to bleed radiators and have a good appreciation of Gladiators.

Learn what FTFY means cause your likely to see it a lot.

[PerfectStorm]

Get in, wait a month then announce the holiday. Part of being a contractor is setting your availability to supply, and it's very much a "tell, not ask" thing. As others have said, simply say you won't be available on the dates given. I wouldn't even justify it with the wedding stuff.

[northernladuk]

If they ask you tell them the truth, if they don't then you are ok. Get in, make your mark suss out then work around that time and then decide when to advise your unavailability. If it's right in the middle of a critical period for them then there's going to be a problem...

[BND100]

Thanks for the replies. I have looked around the forum and to be fair was trying to find somewhere for all the acronym's but didn't see the 101 post. Will have a look now thanks.

RE Savings I might hold off paying the credit card debt with my bonus so I have a mini kitty until The money starts coming in.

Cheers.

[stek]

Thanks for the replies. I have looked around the forum and to be fair was trying to find somewhere for all the acronym's but didn't see the 101 post. Will have a look now thanks.

RE Savings I might hold off paying the credit card debt with my bonus so I have a mini kitty until The money starts coming in.

Cheers.

The money won't 'start coming in' until after your first CT payment and even then you owe for the next financial year.

[northernladuk]

And your first money coming in should be as low as possible to start saving a war chest for when your back on the bench. The second gig is the hardest to get.

[BND100]

And your first money coming in should be as low as possible to start saving a war chest for when your back on the bench. The second gig is the hardest to get.

Yep, thats the plan.

Aslong as I have between savings / minimal salary etc enough to pay the bills I will be happy.

Also I know this might sound bad but my FIL has alot of money in the bank and has always offered to help out if needed. Its the last option but worst case scenario I have a back up back up ;-)

I have started to engage with all contacts and recruiting managers I have worked with over the years so hopefully with a decent network I can get that next contract.

Is there any reason you suggest its the hard one?

Its no guarantees (what is) but I have built some great relationships/friendships with a couple of programme managers who have said if I don't mind travelling out of the midlands (don't judge me) then they will sort me out.

As I say I am not naive to think thats a done deal but its good to have friends in high places

[pr1]

If the previous employer isn't an option would you think getting my first contract where I have to take a weeks holiday during the contract would be an issue (roughly 11 weeks in for a close friends wedding in Italy so I cant cancel) I appreciate a response may be depends on the client so hopefully to avoid that - has anyone ever taken a contract where they had to inform them they had holiday booked?

You'll likely be entering into a business-to-business relationship and as you know the exact dates you have plenty of time to subcontract out the work or send in a substitute to cover your holiday period to provide continuity of services, that is unless you're going to be a disguised employee who "tells" his boss when he's going on holiday, but the majority of people on here do not fall into the latter category