Taking multiple contracts

[Lance]

Demonstrates financial risk...

I think in a brave new world, fixed price SOW is the way forward personally, but who knows how things wiil turn out?

IS a financial risk. Which whilst on CEST, is not actually a factor in IR35 legislation or case law.
Real businesses don't do fixed price without a lot of commercial savvy and aggressive project managers who protect their scope. If you're a one-man band who doesn't know this already, then you're not ready for it IMO.

What you gonna do when the client makes you wait 20 days for a change request?

[perplexed]

not necessarily.

You'd have to very brave to do a fixed price SOW for a client you don't know.
A T&M SOW is common.

Demonstrates financial risk...

I think in a brave new world, fixed price SOW is the way forward personally, but who knows how things wiil turn out?

[Lance]

The "hours per day" only matters for T&M gigs surely? If you're working to SoW with milestones that trigger payment, it's irrelevant the hours you put in?

not necessarily.

You'd have to very brave to do a fixed price SOW for a client you don't know.
A T&M SOW is common.

[ladymuck]

The "hours per day" only matters for T&M gigs surely? If you're working to SoW with milestones that trigger payment, it's irrelevant the hours you put in?

Agreed but that type of gig isn't as common as you'd like to think, and there's still an expectation on the part of most clients that you'll be available for meetings, etc, which you'd need to co-ordinate (hardly difficult if you have a clue, of course).

[perplexed]

The "hours per day" only matters for T&M gigs surely? If you're working to SoW with milestones that trigger payment, it's irrelevant the hours you put in?

[ascender]

I know a couple of people who regularly do this and they seem to cope just fine, but I know they take time over selecting contracts to make sure they can cope with both and I'd say their characters & personality are perfectly suited for doing this. I guess its the sort of thing where if you're just seeing the £ and pick up two contracts without much forethought it could turn in to a mess quite quickly though.

[The Spartan]

I agree with Lance - the main problem is that you'll either be double-booked (if both contracts want you available from 9-5) or that you'll burn out by working 16 hours a day.

However, you said "start hiring": are you planning to subcontract, i.e. hire someone else to do one of the contracts? If so, that puts a different spin on it.

I am working multiple contracts at the moment and work 14 - 16 hours a day for 4 days and only 8 hours on a Friday. It's perfectly doable if you're willing to do it, in addition to those 2 contracts I have a 3rd client who I do at least 8 hours of work for a month. It's not like there is much else to do at the moment with everything the way it is.

[LondonManc]

it's the same as the "I want to run my own consultancy" questions. If they have to ask they don't stand a chance. Doesn't mean it cannot be done, just that they probably cannot do it.

Yeah, it's a bit different to a "how do I run...." question about how soon you need a HR rep, what additional paperwork, insurance etc.

Largely agree with NLUK on the matter, but if you feel that you can get through a PWD in 6 hours at home due to lack of interruptions and have two different PCs to do the work on and keep it segregated, why not? Not as if you're off out. That said, with lockdown easing soon, could be completely the wrong time to do it. If I were still contracting and could have taken on two contracts for a year, I'd have probably done it but not now.

[GitMaster69]

Currently doing this, it is hard work yeah, but obviously good moolah.

Don't listen to the permanently embittered NLUK, he always wades in to these threads stating some nonsense about misleading clients or whatnot, but he's obviously not capable of doing it so thinks no one should. Has no problem posting on here 24 hours a day for the past 10 years on clientco time though...

In terms of running multiple contracts concurrently: organise everything and plan in advance if you can, and tell at least one of the clients that there might be times you're not available or block your calendar out. You'll be working evenings and probably some of the weekend too, unless one of the clients is not demanding at all.

I've got two clients and both have been absolutely delighted - one has even extended twice now because they've been so impressed. 7 weeks work originally has turned into a full 5 months outside IR35 on a solid rate.

Go for it, I say. I was bricking it originally, but you just need to adapt. I'm due to start another contract as well, so there will be around a months overlap when I have 3 contracts but there's always ways you can make it work and please everybody.

Nice one, have you not considered taking some offshore resource? Not necessarily from India, was thinking same time zone.

I’m at a stage in my career that it’s so easy for me to get a contract that I’m thinking of scaling up.

problem is ...well... contracting.
when I had my software service consultancy for 3 months I noted that every single project is taken by contractors , so there was no room for consultancy to get a project. What I’m thinking now , because of ir35, and lack of immigration, clients might be more keen to take consultancy-style contractor with proper substitution this time around.

worth a shot IMO

[NotAllThere]

Currently doing this, it is hard work yeah, but obviously good moolah.

True. But NLUK is correct that if you have to ask, then most likely you shouldn't do it.

I did it for years.