In or Out?

[BolshieBastard]

I have 20 plus years in computing, 15 as a contractor, now moving my company into a new business area (first property development just completed and on the market) away from bits-bytes and bolshi clients.

As a straw poll, any other lifers thinking about hanging up the timesheet pen and trying their hand at something else?

Do you feel working as a contractor has sharpened your wits or dimmed your enthusiasm for business?

Be careful! I lost over 70k doing this!

Now back in contracting building the nest egg up again, albeit slowly.

[TopNotch]

I have been in IT for almost 20 and about 10yrs ago went into property devlopment part-time (wanted to see if I could do it).

Needless to say when doing something like property you need to be on site otherwise you may as well chuck money down the drain as the builders will almost definitely try it on. Luckily I had help from a friend but the regular income provided by contracting really helped me out as my budget for the works was quickly eaten up on the unforeseen.

Unless the other business can provide cash flow or you have a sizable wad saved then it becomes very difficult to diversify.

Having said that, I have used a significant portion of my saved earnings in aquiring property and the deposits I had put down have been enuff to make my eyes water. Also, as my properties are now all let I have extra out goings when work needs to be done or a tenant trys it on by not paying on a regular basis and we have to serve eviction notices.

Not easy maintaing 2 or 3 businesses

[lukemg]

I have never been able to come up with something I was passionate enough about doing or that would be likely to generate comparable revenue. I have therefore concentrated on investing some of the surplus from good years into ISA's etc. These are as a buffer for potential bad years (hit the skids a few years back workwise and it was very tough to get back on course) and also to provide for me in later years. Overall they are ticking over quite nicely and require very little maintenance. I am looking for something I can pick up in between contracts just to keep busy and provide some revenue as I have been having quite long periods 'resting' (e.g. driving jobs, not minicabs), any suggestions would be gratefully considered !

[Bright Spark]

I think a lot of contractors are always trying to get something else on the go as well as
doing the day job of IT contracting, main reason is to keep the income going if the IT contracting
goes downhill.

The plan is always to scale down the IT contracting until the other 'more lucrative'
business generates reliable income over a period of time.

Clearly IT Contracting sharpens your wits about business because you learn a lot about operating
a small company, in terms of dealing with HMRC, Accountants, Agents and Clients, also you tend
to keep more of any eye on the economy, house prices and politics.

[Estragon]

I have 20 plus years in computing, 15 as a contractor, now moving my company into a new business area (first property development just completed and on the market) away from bits-bytes and bolshi clients.

As a straw poll, any other lifers thinking about hanging up the timesheet pen and trying their hand at something else?

Do you feel working as a contractor has sharpened your wits or dimmed your enthusiasm for business?