War chest Almost Depleted and Getting Desperate

[northernladuk]

I was thinking of going back to contracting but after reading this...its scaring me off

One less competition.. It's working people. Keep at it.

[rogerfederer]

Similar here. I had a terrible run when the financial crisis hit. The London banking sector was dreadful and my skills weren't in demand outside of that. I spent a few periods of 2-3 months on the bench between end of 2009 and mid-2012 and it came close to wiping me out. I suffered but learned a lot over that period and fortunately the experience has set me on the right path. Looking at your situation, it is absolutely nothing to worry about, although it might seem like it is. Believe me when I say how long you can survive when you really need to. Over my 'troubled' period I had a lot of interviews, both telephone and face-to-face but failed to land anything. I honestly believe they could smell the desperation. Keep applying but try enjoy the time you have off because pretty soon your number will come up and you'll be sat in a miserable office looking outside at the sunshine!

Ok, I'll bite: why did you feel so nervous?
If you're a very high earner and keeping some money in the company, it's possible to switch between industries, use ER to close the Ltd co and remove the cash in an optimal way. No financially astute contractor should be complaining of just a few months on the bench!

It sounds like your outgoings are far too high and therefore your money situation was/is irrational. If you're earning £130-£200k/year you should not be in the situation you were in after only 12 weeks out in 3 years, sorry if this is news to you.

[SussexSeagull]

Thing that never gets discussed here is personal circumstance. If you are married to someone who earns enough to pay the mortgage and bills you might be able to take six months out on the chin. People might have had an inheritence or other windfall that means they don't have to run back into another contract straight after another one finishes. More and more the age profile of contractors is middle aged to nearly retired men.

Also, to state the bleeding obvious, if there isn't any contracts out there you aren't going to get one, no matter how much of a player you think you are.

[Whorty]

Also, this forum does exagerate things, it does a lot of fearmongering for contracting itself - reading this forum it paints a picture of contracting that is very different to what myself and every other contractor I work with see it as

Must say, I agree with this. Been contracting since 2007, and never had a problem getting the next role. I know a lot of other contractors and again, not one of them have ever complained about not being able to find a role (mix of skills too, from PM, BA, technical). Maybe we're all lucky?

like most forums, it attracts the grumpy vocal people.

Again, agree with this. Forums attract the vocals interested in that topic. Some are just grumpy .... but then there is a vested interest with contractors telling other would-be contractors that this career is dying and to stick with permiedom .... we don't want any extra competition

Is contracting harder than it was 10 years ago? Possibly in some locations and some skills, although I'm not seeing this. Maybe I'm lucky in that my skills have always been in demand and I turn down many more interviews than I ever attend. I've not seen any changes over the 10 years (although rates haven't increased drastically I guess).

For me, what new contractors have to be mindful of, and this is what the OP is facing, is just making sure you have enough spondoolies in the bank to last between roles. Once you're up and running as a contractor, it is no more risky than being a perm.

Just my view. Others will no doubt disagree. But hey, it works for me and I see no reason why this career path can't work for anyone so long as they have skills that are needed by clients and that can't be off shored.

[ladymuck]

I have been lucky in finding work since I started in 2005 but that's more due to my network than the market. When I do have to resort to agencies finding me a role I have never been in a position where I've had so many interview offers where I've had to turn some down.

It could be that, by following what interests me rather than specialising in a particular industry or skillset, I have put myself at a disadvantage to those agents who can't see what that brings.

[Objected]

I have been lucky in finding work since I started in 2005 but that's more due to my network than the market. When I do have to resort to agencies finding me a role I have never been in a position where I've had so many interview offers where I've had to turn some down.

It could be that, by following what interests me rather than specialising in a particular industry or skillset, I have put myself at a disadvantage to those agents who can't see what that brings.

Very similar position - hey my first post - as in my CV is also full of 'value add' and sometimes this dilutes the proposition. This is DAY ONE on the BENCH after well over 5 years in Financial Services - no network to speak of as this was my first contract and first time in the industry. Finding LOTS of NICHE roles around which my experience suggests I am a good fit for but when approaching recruiters it seems it's a Niche in a Niche that is wanted.

[1manshow]

I have been lucky in finding work since I started in 2005 but that's more due to my network than the market. When I do have to resort to agencies finding me a role I have never been in a position where I've had so many interview offers where I've had to turn some down.

It could be that, by following what interests me rather than specialising in a particular industry or skillset, I have put myself at a disadvantage to those agents who can't see what that brings.

I don't think it is luck, I would say one is probably unlucky to not be able to secure a contract - even in more niche skill set roles. Really, over the years, some of the most disastrously incompetent people manage to get new contracts without fail.

I truly believe it is easier to secure a contract role than a perm role, simply due to all the overhead that comes with a perm employee.

[BolshieBastard]

Thing that never gets discussed here is personal circumstance. If you are married to someone who earns enough to pay the mortgage and bills you might be able to take six months out on the chin. People might have had an inheritence or other windfall that means they don't have to run back into another contract straight after another one finishes. More and more the age profile of contractors is middle aged to nearly retired men.

Also, to state the bleeding obvious, if there isn't any contracts out there you aren't going to get one, no matter how much of a player you think you are.

I always found living within our means meant I never had to scramble around for contracts and take piss poor rates or go live in the arse end of nowhere just to keep my head above water.

[NeedTheSunshine]

" Really, over the years, some of the most disastrously incompetent people manage to get new contracts without fail. "

That was once true. It isn't now unless you have a network.

And I can't see how anyone could say that contracting hasn't changed over the last 10 years.

[SimonMac]

" Really, over the years, some of the most disastrously incompetent people manage to get new contracts without fail. "

That was once true. It isn't now unless you have a network.

And I can't see how anyone could say that contracting hasn't changed over the last 10 years.

The the most disastrously incompetent people go Inside IR35 now <cough>Psychocandy</cough>