What is the realistic income?

[Sigur]

You're running a business now, in effect. What you take home and what you leave n the company is your decision, which is why your original question is pretty much unanswerable.


As part of your reading, go to www.ipse.co.uk and download their Guide to Freelancing and study it. Needs a free registration these days but it's pretty comprehensive. Between all those resources you will rapidly find out how much you don't know!

And have fun. It's a brave new world that hath such people in it.

Thanks. What's the usual notice period for contracts finishing? My biggest fear is being out of work!

[jamesbrown]

Thanks. What's the usual notice period for contracts finishing? My biggest fear is being out of work!

Get used to the idea that it’s zero. You will only get paid for work done, and the client may not offer work during any notice period. In other words, notice periods are effectively meaningless. So you need an adequate warchest.

[northernladuk]

Thanks. What's the usual notice period for contracts finishing? My biggest fear is being out of work!

Instantly. And forget your income for the next 6 months. You should be taking the minimum to build up a warchest so when the inevitable bench time hits you've got some backup. The second gig is the hardest to get so start your warchest now.

[Sigur]

Instantly. And forget your income for the next 6 months. You should be taking the minimum to build up a warchest so when the inevitable bench time hits you've got some backup. The second gig is the hardest to get so start your warchest now.

Can people go 6 months without finding a contract in IT? Maybe market is over heated right now as recruiters call me constantly with contracting jobs.

[BR14]

Can people go 6 months without finding a contract in IT? Maybe market is over heated right now as recruiters call me constantly with contracting jobs.

Aye, - right.

[northernladuk]

Can people go 6 months without finding a contract in IT? Maybe market is over heated right now as recruiters call me constantly with contracting jobs.

Easily. Have a look at a thread title State of the Market. Plenty of people on there with a couple of months bench time. Just becasue an agent calls you after doing a basic keyword search on your CV it doesn't mean you'll get the gig. Plenty of much more experience contractors on the bench ahead of you.

[jamesbrown]

it doesn't mean there is a gig

[Sigur]

Easily. Have a look at a thread title State of the Market. Plenty of people on there with a couple of months bench time. Just becasue an agent calls you after doing a basic keyword search on your CV it doesn't mean you'll get the gig. Plenty of much more experience contractors on the bench ahead of you.

May be a dumb question but why would people not jump back to permanent roles if unable to get contractor work for so long?

[northernladuk]

May be a dumb question but why would people not jump back to permanent roles if unable to get contractor work for so long?

Some do but if you've been smart you'll have a warchest that should last a year plus. OK you don't make as much money but most of us don't want to be permies so it's an absolute last resort.

All that said finding permie roles as a long term contractor isnt that straightforward. The employer will be highly suspicious of a contractor coming back to perm and quite rightly.

[Sigur]

Some do but if you've been smart you'll have a warchest that should last a year plus. OK you don't make as much money but most of us don't want to be permies so it's an absolute last resort.

All that said finding permie roles as a long term contractor isnt that straightforward. The employer will be highly suspicious of a contractor coming back to perm and quite rightly.

That's what I'm slightly nervous about, I want to ensure my contract lasts long enough to build a large war chest. This is an initial 6 month but been told likely a multi year project for an investment bank. 6 months isn't long to build a decent war chest if they change their minds.