How to Measure Success as a Contractor

[Svalbaard]

For me it's all about how many of my permie friends and colleagues stop talking to me when I announce that I'm taking another 3 or 4 months off to go sailing or diving.

[Scrag Meister]

amen to that

i took a fixed term contract for £25k to work on a project when i had the option of a £150 p/d contract, because of THAT woman, was there for two years, would have been minted

boy do i regret that, but you live and learn eh

Fixed term contract? Was that a 3 monther? :P

[filthy1980]

Annoying though when women try and get you to take a permie job for 'stability' then whine when you have to tell them they can't afford things.

amen to that

i took a fixed term contract for £25k to work on a project when i had the option of a £150 p/d contract, because of THAT woman, was there for two years, would have been minted

boy do i regret that, but you live and learn eh

[Fred Bloggs]

Annoying though when women try and get you to take a permie job for 'stability' then whine when you have to tell them they can't afford things.

How true is that! But at the moment, I am seeing many contract roles where the rates are so low, you barely clear more than a staff guy, but you still have the risks and the overheads of a contractor.

[contractor79]

The general population, who are permies, are shocked to find that perhaps you've not worked for a year and can still afford to pay a mortgage and run a car.

Do you find that increasingly it's hard to relate to such people?

And when they ask you where you work and you say "nowhere at the moment" they get all worked up and concerned for you, thinking you are going to go bankrupt at any moment.

It just goes to show to me that the vast majority of people live from one paycheque to the next and are blissfully unaware of the concept of putting money aside. And there is no entrepreneurship or risk taking in their lives. Then they complain they're struggling to afford things. Well they've made their choices so there we go.

Annoying though when women try and get you to take a permie job for 'stability' then whine when you have to tell them they can't afford things.

[TestMangler]

Can only really come down to how happy you are I reckon.

Rates come and go with the market. I got rates in early 2000 that I doubt I will ever see again, so if I used rates to measure success, I'd be ****ed

Keeping yourself in work ? Don't really care anymore after fifteen years of doing this tulip. I'm luck enough to get work when I want it, but that only adds to the happiness factor I suppose.

If you're happy doing what you do and happy with what you get for doing it, then that has to be success, right ?

[northernladuk]

How to Measure Success as a Contractor?


Tape measure ... one corner of your mouth to the other.

Are you happy?

Everyone has different expectations/needs/goals and success is your own personal measure depending on your goals...

Being happy is a great one yes I totally agree but isn't always what you would measure success on.

Maybe your goal is to work your nuts of for 3 years to get a huge warchest and nice car then slow it down. You won't be overly happy with crap travel, little holiday and some naff clients but after three years you have what you set out for. Success!!
If the same guy needed this and worked a mile from home on a less rate and was benched waiting for another role, doesn't get his warchest and can't slow it down.. Not success.

Work hard grow, add a sub contractor - could be success
Work easy, don't travel more than 10 mins from your family and be happy - could be succses.

I think it is a highly personalised thing and only you can measure it based on your own goals.

[AnthonyQuinn]

How to Measure Success as a Contractor?


Tape measure ... one corner of your mouth to the other.

Are you happy?

Fantastic. Good to meet a contractor who is really happy as you would definitely score high on that count.

[Dearnla]

The traditional promotion and team size metrics will not apply to a contractor.

I view these in reverse - I've managed to work my way up the pay scale and down the responsibility scale. At the peak of my permiedom, I ran a team of 52 but was paid £23k a year. Now, I don't have to wipe anyone's backside or spend half my time in disciplinary proceedings, while getting paid considerabley more.

[Aman]

How to Measure Success as a Contractor?


Tape measure ... one corner of your mouth to the other.

Are you happy?

[nomadd]

Do we measure success as the % rate increase per year over the last 5/10 years. Or, in this falling market, is an ability to hold on to a contract (and your rates) over a sustained period of time considered a success?

Just renewed for 6 months. That takes me comfortably into my 22nd year of contracting. I'd say the two sentences above just about sum it up for me. Contradictory, I know, but that's been the nature of the market the last few years.

Still, as long as I'm not permie, and earning 2-3 times as much as the permies I work with, I'm happy.

[Old Greg]

The success indicators of an employee won't apply, but the standard indicators of the health of a business ought to. Turnover, efficiency, utilisation, customer retention etc, to varying degrees.

WHS + happiness.

[thunderlizard]

The success indicators of an employee won't apply, but the standard indicators of the health of a business ought to. Turnover, efficiency, utilisation, customer retention etc, to varying degrees.

[AnthonyQuinn]

Assuming that it takes some skill and experience to be a contractor in the first place, how does one measure progress over the years. The traditional promotion and team size metrics will not apply to a contractor.

Eventually does it all come down to rate? Do we measure success as the % rate increase per year over the last 5/10 years. Or, in this falling market, is an ability to hold on to a contract (and your rates) over a sustained period of time considered a success? Or, does a low % of time on the bench over , say 5 years, considered a metric? What do you feel?