Plans B

[bobhope]

Perversely, the high contract rates act as a disincentive to plan B. Whenever you compare setting up a plan B with just doing some extra hours contracting, the extra hours always seems to win out.

[MarillionFan]

"Couldn't you have offered a management role to someone making the demands on your time less so that you could start up another one? and then another one?"

On the first year and partial second year I had a ft manager and book=keeper. The more you pay the better they are the more they turnover and cover there own costs.

So two shops would make me £50k, four would get me close to £100k and required a huge amount of input (especially as I was purchaser and travelled abroad). So you then factor in storage and a regional manager at 4 shops and the profit drops again by 50k.

Its all about good and honest staff in retail and they are very hard to find.

But least I know I have something I can be successful at something outside contracting.

[DimPrawn]

You just have to prove you can be successful in contracting now MF.

[BlasterBates]

Anyone ever tried online trading or spread betting on shares/markets? Im sure you could make an extra 1k a month doing it.

This is my plan B.

However if this is your plan B then its a good idea to have a good sturdy weather proof cardboard box on hand, just in case.

[n5gooner]

I'm looking to start my Plan C, my Plan B is the BTL I have, my Plan C which I'm in talks about now, will NET me 50k per year, the investment is 250k, and to top it everything is in cash !!! Once this is setup, I won't need to contract and it will only need me to put in about 8 hours per week, but I do have a plan D which again is cash and will give me about 70k per year but I'll need about 300k investment for it. The work will be about 3 day every two weeks.

[BlasterBates]

...aha that's interesting Gooner, we can compare out strategies at the end of the year.

May the best man win.

[rootsnall]

This is my plan B.

However if this is your plan B then its a good idea to have a good sturdy weather proof cardboard box on hand, just in case.

Brings a smile to my face thinking about one of favourite contracting colleagues who worked a lot of 7 day weeks to get his bank balance to bragging proportions before losing 70K in a matter of days while Day Trading in tech shares.

I have done a couple of building projects for my Plan B, hard graft and risky compared to contracting but a good way of taking a break from IT monotony and travel.

[ASB]

My plan B was to take a reasonable permie package ofter 23 years on the game. Pays better and much less stress than any of the other ventures I looked at.

After all that time contracting and with a reasonable asset base one does tend to think why bust a gut and only clear 25k.

[milanbenes]

incase you are wondering benes planb is doing very well

like any business would benefit from more investment, but
that's life and will come with time

good luck with your plan b's

Milan.

[rootsnall]

My plan B was to take a reasonable permie package ofter 23 years on the game. Pays better and much less stress than any of the other ventures I looked at.

After all that time contracting and with a reasonable asset base one does tend to think why bust a gut and only clear 25k.

I ponder this one every year or 2 but the trouble is that reasonable permie packages tend to mean they expect you to take a bit of responsibility and hastle on board. Code cutting permie salaries don't seem to have gone up much in years outside London.