How to maintain/increase a good day rate

[NorthWestPerm2Contr]

4 years into contracting and I have managed to reach rates I would never have imagined when I first started off. It's the kind of rate I would be happy with for quite a number of years. I am just starting to worry that I will struggle to get such a good rate again. This is one of the few contracts where extension possibility seems slim at the very best (can't go into details why). Otherwise I'd stick around in this one for a long time.

Looking at roles on-line, there are no other roles paying this rate and I just worry that I will have to drop down again, which while not the end of the world is not what you want to do as a "business".

Anybody else been faced with this and how did things go?

[SteelyDan]

4 years into contracting and I have managed to reach rates I would never have imagined when I first started off. It's the kind of rate I would be happy with for quite a number of years.

Yeah, wouldn't we all? But life (business or other) is not like that, well not IME anyhow. Just make the most of it; bank it.

Also, another problem emerges; how would you be able to get motivated to take roles at lower rates? Difficult this contracting lark at times.

[NorthWestPerm2Contr]

Yeah, wouldn't we all? But life (business or other) is not like that, well not IME anyhow. Just make the most of it; bank it.

Also, another problem emerges; how would you be able to get motivated to take roles at lower rates? Difficult this contracting lark at times.

Exactly, forgot to mention that. If I am going to drop £100/day to the market rates in my area then wouldn't I be better off just relaxing at home and waiting for the next similar role to appear? I worry I might become lazy.

[SteelyDan]

If I am going to drop £100/day to the market rates in my area then wouldn't I be better off just relaxing at home and waiting for the next similar role to appear? I worry I might become lazy.

...I think you'd need to consider the high earner as a high point, maybe a lucky one-off, but now time to get back to reality. Sitting around waiting for another big one...well you could wait a long time couldn't you?

Relaxing at home, on the bench...wasting your war chest, getting lazy in body, and also in mind...while waiting for the bus which never comes? No, wouldn't be my choice. IMHO, a bad strategy for any 'business'.

[kaiser78]

I'm in a similar position in that I am on a top notch rate where I am now and working env pretty good.

Problem is I have been at client co for nearly 3 years and am wondering if I should look elsewhere to i) find a new challenge (3 years has become stale) and ii) distance as much as I can from being seen as 'disguised employee', which I can justify until now if I need to.

So not sure how long contract will run, there is work there, my decision to face whether to carry on as whilst the rate is good, or seek new challenge on what is likely to be a lesser rate in the next role.

[bobspud]

Exactly, forgot to mention that. If I am going to drop £100/day to the market rates in my area then wouldn't I be better off just relaxing at home and waiting for the next similar role to appear? I worry I might become lazy.

A guy that I have been working with reckons that you get a better rate by not rushing into the next contract. He said that he generally gets to add a few hundred on the published day rate at any given time just by saying no thanks I'd rather go fishing. Whether it works on other skill sets is to be seen however he does not seem to be too bothered about money and his accounts seem to show him making a good 12 months salary based on 9 months effort

[NorthWestPerm2Contr]

A guy that I have been working with reckons that you get a better rate by not rushing into the next contract. He said that he generally gets to add a few hundred on the published day rate at any given time just by saying no thanks I'd rather go fishing. Whether it works on other skill sets is to be seen however he does not seem to be too bothered about money and his accounts seem to show him making a good 12 months salary based on 9 months effort

That's what I was hoping to achieve, but as has been pointed out that may become difficult. Also when I have had 3 or 4 roles offered at the same time, turning the ones down I didn't want didn't end up in a rate hike....

[psychocandy]

Been there. Last contract was 250% more than the rate I'm getting now.

Few months on the bench but needs must. I did think at the time that taking the crap rate would be a bummer if I missed out on a decent one but I've got a week notice here.

Saying that though its not the best, especially if the commute is hassle, doing lower level work for a lower rate. But hey ho.

[d000hg]

250% more i.e. 3.5X as much? Or 250% of i.e. 2.5X as much?

[psychocandy]

250% more i.e. 3.5X as much? Or 250% of i.e. 2.5X as much?

2.5 x current rate.