Urgent: Do I Leave Perm 4 Immediate Contract!?

[MaryPoppins]

Fred:

Read my post from the 3rd page.

This is a different contract on offer.

Things can't be that bad in the market ey?

Having learned the extremely, massively hard way - ensure you save as much as humanly possible should you go down this route.

A contract is only as long as any notice period in reality, is the way I always see it, so be prepared.

It might take months, it might take years - but at some point, you will probably be out of work.

[Soled73]

Fred:

Read my post from the 3rd page.

This is a different contract on offer.

Things can't be that bad in the market ey?

Do it, enjoy your contract, you have signed on the dotted line haven't you?

Then use all the money to buy a new house, car and maybe a boat in the south of France. Don't forget to look for a new contract when this expires. Best start looking a week before expiry so you have enough time to get a decent rate. If the rate's poor, REJECT IT. Then choose the next offer.

Remember contract life is cool, permi land sucks.

[mobi]

Everyone should try both permanent role and contract some point in career.

Only then you understand the pros & cons of each.

It is easy to be armchair critic but every person's situation is different.

There is no straight forward answer to this question.

[SBK1972]

Been reading this thread with amazement.

Ive been contracting 14 years, was a permy before that for about 4 years, so can relate to both sides of the fence.

Dont be dazzled by the amazing day rate you see. In your head your thinking that the £3/4/500 a day is all yours, and compared to what your currently on, incredible. Corp tax, employers liab, accountant fees, bank holidays, holidays, sick days, etc all eat into that figure. In this current climate, you also have to consider that you wont be working all the year, so need to store cash to live on, from a company and personal, position.

Never burn bridges, your current employer might be a future client. So, I would give my notice in and work the notice period out, whilst also looking for contracts, stating you can start in a couple of weeks. Your only as good as your word as a contractor, and If I was recruiting you, knowing you can jump ship at a moments notice, I wouldnt be too interested.

Never tell anyone who / where your new client is. Loose lips sink ships, I lost a contract in the city once, by telling fellow colleagues where I was going. Friend of a friend senerio, and my contract was terminated before I even began. Jealous makes people do silly things, so always keep your cards close to your chest.

Never over look travelling time. I live on the south coast, near Worthing, and do a lot of travelling to clients. The older you get, when you have familes, children, you soon realise the quality of life factor creeps in. I try and now keep to a 1.15hr travel time, aka 2..5hrs a day, tops. In my youth I would travel further and work as many hours I could. Nowdays, Im happy with my easy 37.5hrs a week.

No matter how many times / people you ask these questions too, going contracting is a decision only you can honestly make. I jumped feet first into contracting, but on reflection should of waited a little more, i.e. got some more training course from my permy employer at the time. Only you can workout whether the travel time / daily rate / effort is workwhile.

I must admit, for you to ask these questions, sort of implies that you might not be ready to contract yet, as a contractor is his own `island`, and has to make his own decisions. When you contract, you now decide upon your own fate, your own development, and need to make decisions at time that can effect you later on. You are accountable to yourself, you are seen as a limited company and now can be terminated, sued, etc etc. Also, account rules, IR35, and other rulings cause endless problems, so you need ot be fully up to speed on these issues.

Sit down, work out the true costs, not only financially, but also costs to your standard of living, career path and personal development.

Decision made in haste, are often regretted in lesuire.

What ever you do, best of luck.

SBK

[pmeswani]

Do whatever you want to do. I went into contracting 2 years ago. I am at the point right now where I may have to declare myself and the business bankrupt because I cannot get a contract and pay off my existing commitments. It's up to you if you want to risk your career and finances for something that is a flash in the pan. I reckon you are a sockpuppet and for that I claim my prize.

[northernladuk]

Fred:

Read my post from the 3rd page.

This is a different contract on offer.

Things can't be that bad in the market ey?

I give up....

I have tried and tried to point out your rose tinted approach to all this and tried to help you by bring a bit of reality to you world but this just finishes me off..

You are sayin 'Things can't be that bad in the market ey?' on a forum where people are often going on about being on bench, dry markets, hard times.

Are you simple or something? Are you not reading what people are putting or just have such a high opinion of yourself it doesn't matter in which case why are you asking us lowley plebs who know nothing?

This attitude isn't going to help you in the real world and it certainly isn't going to make you any friends on here.

[NorthWestPerm2Contr]

SBK:

Thanks for your thought provoking reply.

Everything you said made 100% sense and I would agree with you that it's the ideal scenario.

However, as a permie I can't afford to put my notice in whilst looking for contracts. Due to the day to day struggle of living a permie lifestyle I never have enough money at the end of the month, which is one of the reasons (not the only reason) I wish to move into contracting. I want to be able to save some money and actually have a life, I am not the type of person who spends a lot either so I am struggling on a basic lifestyle not a luxurious one.

I might get a contract offer every couple of months and I don't mind waiting between contracts but financially I need to be able to make a straight move for my first contract and try to build a war-chest (otherwise I will never be able to afford it while I am permie).

So you see my predicament?

I am stuck between a rock and a hard place. Barely surviving as a permie and unable to risk it to quit and then look for a contract.

What to do?

[NorthWestPerm2Contr]

I give up....

I have tried and tried to point out your rose tinted approach to all this and tried to help you by bring a bit of reality to you world but this just finishes me off..

You are sayin 'Things can't be that bad in the market ey?' on a forum where people are often going on about being on bench, dry markets, hard times.

Are you simple or something? Are you not reading what people are putting or just have such a high opinion of yourself it doesn't matter in which case why are you asking us lowley plebs who know nothing?

This attitude isn't going to help you in the real world and it certainly isn't going to make you any friends on here.

Sorry for trying to give others an optimistic outlook.

[northernladuk]

Sorry for trying to give others an optimistic outlook.

But you arn't a contractor and have absolutely no idea of what is going on at this side of the fence. Your optimistic opinions on something you have absolutely no idea about just make you look stupid I am afraid.

[northernladuk]

However, as a permie I can't afford to put my notice in whilst looking for contracts.

I might get a contract offer every couple of months and I don't mind waiting between contracts

Explain how this one works to me? You can't afford to be out of work from permie to contractor land but you believe you can survive between contracts. What happens if this gap is for 6 months after you first 3 month contract. How do you stand financially then?