Contracting prospects

[ForBajor]

Hi Everyone,

This is latest in a series of "will I won't I" posts this week. I'm getting pretty close. This thread is specifically about my chances of contract employment. I'm in the kind of state where most contractors would want to give me a slap and say just do it.

Computing graduate 2:1, then
6 Years core development, 4 of that as an Implementation Consultant - all in mobile comms sector - 2 years PM experience embedded in that (consultancy so by implication multidisciplinary)
8 Years Project Management (80% bespoke, 20% COTS) - software suppliers public & private sector
6 years of PM consultancy in technical environments, working with senior management and MDs hepling grow businesses.
Just spent 6 months as a 90% infrastructure PM as part of my latest permie role: on-boarding and internal product dev (IL2 / IL3 platforms), just got SC cleared.
Prince 2 certified, experience across multiple methodologies including generic SDCL / waterfall, RUP, and Agile.

Whenever I post my CV up I'm called by recruiters most days - and often too busy to get back to them all. Mostly about permie roles in the south west, but some asking if I want contract work. A glance at job boards says there are plenty of jobs I could go for in the south west. I'm in Bristol, so my catchment area is Bristol, Bath, Cardiff, Gloucester, Newport, Chippenham, Swindon - then out to Birmingham and London if needed if it gets a bit sketchy at any point.

The Mrs and I have designs on moving nearer the city in the future, and having kids - so I'm figuring best try out contracting now rather then when the stakes go through the roof and we've got a little one. I can't see a better time really based on the job market at the moment. But that's just based on my own research on job boards over the last couple of months, plus the months before I made my permie move over Christmas.

There are moments where I'm thinking "Definitely up for this, I reckon I can nail this" (and I'm genuinely excited / feel empowered), which is 80% of the time, then theres the other 20% where I'm basically just scared. The Mrs says she's up for mucking in if I get stuck for work at any point, so that's good to know.

What kind of day rate should I be aiming for? Am I deluding myself - which I guess is the think I want to be VERY sure about. Big decision. Literally thinking this coming Friday I hand my notice in. I've got savings to last me 2 months out of work to make sure the mortgage gets paid. Reality is I start applying for contract jobs as soon as that resignation gets handed in and the aim is for there to be no dead time on the bench. As I get nearer to the permie end date I see the chances of a successful application increase. So it would be Monday 30th July I'm on line for contracting - available immediately - lets do it.

I don't know any technical PM contractors see, so it's tricky. I've got two friends who are contracting as .NET web developers and they are doing just fine. One operates in the south west and the other is in the city.

[tomtomagain]

I have no idea whether you are employable as a contractor or not. Nor whether there are any demand for technical PM's within your area.

But ask yourself this.

IF you are still employed by the company you are currently working in 5 years time will you be happy? Will you regret never having tried to be a contractor?

[vwdan]

Can't really comment on your specific circumstances, but I found myself in a similar place and went for it in March. It's one of the best decisions I've ever made and, to be honest, even if I went back to permie right now it would have been completely worth it (Ltd company and all) for the boost in our finances. My advice is that "you can always go back" - you're making a big decision, but it's not a '"rest of your life" decision - just get your ducks in some kind of order and give it a shot.

Do make sure your Mrs is on board, though - I've just worked my first ever bank holday weekend, having not seen her in a week and I'll see her again for 20 minutes tomorrow as I pass by while moving from one end of the country to the other. You've got to be prepared to be flexible - the work is out there, but you have to go to it IMHO.

[ForBajor]

I have no idea whether you are employable as a contractor or not. Nor whether there are any demand for technical PM's within your area.

But ask yourself this.

IF you are still employed by the company you are currently working in 5 years time will you be happy? Will you regret never having tried to be a contractor?

Yep - this comes up time and again in my head. If I don't give it a go I'll never know. Totally agree.

[ForBajor]

Can't really comment on your specific circumstances, but I found myself in a similar place and went for it in March. It's one of the best decisions I've ever made and, to be honest, even if I went back to permie right now it would have been completely worth it (Ltd company and all) for the boost in our finances. My advice is that "you can always go back" - you're making a big decision, but it's not a '"rest of your life" decision - just get your ducks in some kind of order and give it a shot.

Do make sure your Mrs is on board, though - I've just worked my first ever bank holday weekend, having not seen her in a week and I'll see her again for 20 minutes tomorrow as I pass by while moving from one end of the country to the other. You've got to be prepared to be flexible - the work is out there, but you have to go to it IMHO.

Yep - can always back out into permie with the added bonus of being available PDQ. Good point. The Mrs is ok with the idea - and the catchment area means if needed off to the old smoke. We're prepared for that - and it remains to be seen what happens. Who knows. Could get contracts in easy striking distance - might not. Swings and roundabouts.

[CheeseSlice]

I've got savings to last me 2 months out of work to make sure the mortgage gets paid.

So lets say it takes you 1 month after finishing your permie job to actually land and start a contract.
The terms of this contract state that you're going to get paid 1 month after invoice, and you will be invoicing weekly. You fill timesheets in each week, and Clientco approves them at the start of next week. Clientco is crap at approving invoices, sometimes they approve them on a monday or tuesday, sometimes they forget or your time is rejected for some petty time code reason, meaning you wait about a week to get it resolved. You can't invoice until this is approved. In this scenario you're getting paid more than 2 months after you've finished your permie job.

You'd be pretty unlucky to get messed around so much, but it happens. Got enough savings for this? Can you stretch it out by reducing your outgoings, etc?
What if it takes you 2 or 3 months to get your first contract?

[ForBajor]

So lets say it takes you 1 month after finishing your permie job to actually land and start a contract.
The terms of this contract state that you're going to get paid 1 month after invoice, and you will be invoicing weekly. You fill timesheets in each week, and Clientco approves them at the start of next week. Clientco is crap at approving invoices, sometimes they approve them on a monday or tuesday, sometimes they forget or your time is rejected for some petty time code reason, meaning you wait about a week to get it resolved. You can't invoice until this is approved. In this scenario you're getting paid more than 2 months after you've finished your permie job.

You'd be pretty unlucky to get messed around so much, but it happens. Got enough savings for this? Can you stretch it out by reducing your outgoings, etc?
What if it takes you 2 or 3 months to get your first contract?

All good points. More savings will be required the worse the situation may become. As to how bad it will be - who knows. My assessment based on my skills, catchment area, and research on job boards suggests I would have to be really unlucky - but it's either chance it or do nothing. Where do you drawn the line in terms of savings to do for it the first time?

[tractor]

...

All good points. More savings will be required the worse the situation may become. As to how bad it will be - who knows. My assessment based on my skills, catchment area, and research on job boards suggests I would have to be really unlucky - but it's either chance it or do nothing. Where do you drawn the line in terms of savings to do for it the first time?

No one can really answer that for you. How much do you need to live? How long can you go hungry?

A good rule of thumb is at least 3 months worth of funds. Then, if you don't get anything or can't hack it after that, at least you tried and you have 3 months to find something else; that of course assumes that you have a contract to walk into after your permy notice runs out. Maybe you would want to save more.

The thing is though, that as soon as you secure a contract, you will be adding to the warchest weekly/monthly so the risk become less and less as time goes on.

[vwdan]

I stole our house buying fund - was doing great until I had to buy a 'new' car

[SussexSeagull]

You also need to be mentally prepared that you do become something of a one man army without the security blanket of an HR department or any professional friends you may have picked up.

Also you can go from being a key part of a major project one week and mowing the lawn the next.

Saying that, this might appeal to you (I find it quite liberating, personally).