Reply to: Newbie cracking the market

[Scratch It]

Scratch it

An intelligent and sensible response, well done.

- You have a side business, great news as there is some dough coming in to help you pay the bills. This is as good as having your partner working, it just eases off some of the pressure I think

- You will not be living like "The Wolf of Wall Street" now that you have a fat rate coming in. Also great news! I totally agree with you, yeah sure give yourselves a treat here and there, but in general build that war chest and THEN use that money for something really useful (for me, it helped to create a bigger deposit for a very nice house in the area of London that I wanted to live for as long as I am in London).

My gut feel is that you will do just fine and will make an excellent contractor. Enjoy the pluses of running your own little firm and all that comes with it.

Appreciate the kind (and unexpected) words, thanks!

[tiggat]

6-7 yrs is probably is on the short side, but depends on how well you interview and how new the technologies you work on.

I started contracting with 2 years experience.

[PermMCCon]

Thanks for the replies.

I did quit before I had a contract lined up, though I had mitigated the risks somewhat.

I'd gone through the application process two or three times, only to miss out because of the notice periods (I had a client email read out to me, so I was reasonably convinced that in other circumstances I would have got the gig).

At that point, decided that notice period was enough of an issue to take the risk and quit. I have a side business which supports me enough to make sure that we have a roof over our head etc, the risk was relatively modest.

First gig is lined up - recruiter and client very reputable and professional.

I know the advice is to keep on looking and applying until your backside is on a seat, though notice period is pretty full on so will hope for the best and react/adjust accordingly if things do fall through.

I get that it's a tough market. Contracting is a means to an end for me and we'll be keeping our costs as low as they are at the moment to improve the warchest or invest in the side project.

Scratch it

An intelligent and sensible response, well done.

- You have a side business, great news as there is some dough coming in to help you pay the bills. This is as good as having your partner working, it just eases off some of the pressure I think

- You will not be living like "The Wolf of Wall Street" now that you have a fat rate coming in. Also great news! I totally agree with you, yeah sure give yourselves a treat here and there, but in general build that war chest and THEN use that money for something really useful (for me, it helped to create a bigger deposit for a very nice house in the area of London that I wanted to live for as long as I am in London).

My gut feel is that you will do just fine and will make an excellent contractor. Enjoy the pluses of running your own little firm and all that comes with it.

[Scratch It]

Thanks for the replies.

I did quit before I had a contract lined up, though I had mitigated the risks somewhat.

I'd gone through the application process two or three times, only to miss out because of the notice periods (I had a client email read out to me, so I was reasonably convinced that in other circumstances I would have got the gig).

At that point, decided that notice period was enough of an issue to take the risk and quit. I have a side business which supports me enough to make sure that we have a roof over our head etc, the risk was relatively modest.

First gig is lined up - recruiter and client very reputable and professional.

I know the advice is to keep on looking and applying until your backside is on a seat, though notice period is pretty full on so will hope for the best and react/adjust accordingly if things do fall through.

I get that it's a tough market. Contracting is a means to an end for me and we'll be keeping our costs as low as they are at the moment to improve the warchest or invest in the side project.

[PermMCCon]

Latest one was four weeks from confirmation email of first interview through second interview to starting on site. I suspect that the reference checks can be done more quickly but that they'll drag it out to justify the fee. The quickest I've had was starting the gig straight after a day's working interview. Contract was sent over that evening. It was almost verbatim with a previous outside IR35 contract with the same agency from five years previous so no review needed.
Crux of the matter for the OP is this though; in the current market, I would not recommend quitting a perm job without securing a contract offer. There still an element of risk until you're at the client's desk but only a fraction. I'd also say that it's likely someone will want a seasoned contractor but not always - immediate availability is often the key despite the hurdles of clearing checks.

Agreed!!!

[LondonManc]

Latest one was four weeks from confirmation email of first interview through second interview to starting on site. I suspect that the reference checks can be done more quickly but that they'll drag it out to justify the fee. The quickest I've had was starting the gig straight after a day's working interview. Contract was sent over that evening. It was almost verbatim with a previous outside IR35 contract with the same agency from five years previous so no review needed.
Crux of the matter for the OP is this though; in the current market, I would not recommend quitting a perm job without securing a contract offer. There still an element of risk until you're at the client's desk but only a fraction. I'd also say that it's likely someone will want a seasoned contractor but not always - immediate availability is often the key despite the hurdles of clearing checks.

[MrMarkyMark]

Wow! Usually they want to start from scratch.

For my current boom, it was a permanent position converted to contract. Permanent would require all the checks(3 months worth last time) being completed. Even though they are exactly the same as the contract checks I did March-May....

I also direct, so don't know if that made any difference.

Also, my gap had been less than a certain amount of time there.

Glad you are sorted in any case

[BrilloPad]

My last one did take 10 days, but I was already known to that client

Wow! Usually they want to start from scratch.

For my current boom, it was a permanent position converted to contract. Permanent would require all the checks(3 months worth last time) being completed. Even though they are exactly the same as the contract checks I did March-May....

[MrMarkyMark]

Indeed. In IB it usually takes a month to onboard anyway. An agent was trying to tell me 2 weeks earlier - I am very sceptical.

My last one did take 10 days, but I was already known to that client

[BrilloPad]

Depends what field he works in, whether he has a good network etc.

If experienced he is more likely to have an IB wait a month for him.
In fact I have myself waited a month for 2 particular contractors to be available, I sold them to them as best for the job considering the high level of risks involved.

A lot of other places demand a quick start and he isn't placed to provide one.

Indeed. In IB it usually takes a month to onboard anyway. An agent was trying to tell me 2 weeks earlier - I am very sceptical.

[MrMarkyMark]

Markey is right

It's not as simple as I stated. It worked for me, I had to give a months notice each time and it all worked well. All my roles involved lots of checks before I could be onsite, hence the 1 month was never an issue.

But in general Marky - come on - I think we would both encourage Scratch It to try and get a contract role while a permie with a months notice (which isn't that long in the scheme of things), rather than quitting his job and sitting around twiddling his thumbs.

Depends what field he works in, whether he has a good network etc.

If experienced he is more likely to have an IB wait a month for him.
In fact I have myself waited a month for 2 particular contractors to be available, I sold them to them as best for the job considering the high level of risks involved.

A lot of other places demand a quick start and he isn't placed to provide one.

[BrilloPad]

Markey is right

It's not as simple as I stated. It worked for me, I had to give a months notice each time and it all worked well. All my roles involved lots of checks before I could be onsite, hence the 1 month was never an issue.

But in general Marky - come on - I think we would both encourage Scratch It to try and get a contract role while a permie with a months notice (which isn't that long in the scheme of things), rather than quitting his job and sitting around twiddling his thumbs.

That depends on "Scratch It"'s level of risk.

[PermMCCon]

Not always, been plenty of times when I have started a day or two, after interview, on site.
It depends on the industry with regards to the level of the checks done.

You can even start at an IB the next day, if you go via a consultancy.

Markey is right

It's not as simple as I stated. It worked for me, I had to give a months notice each time and it all worked well. All my roles involved lots of checks before I could be onsite, hence the 1 month was never an issue.

But in general Marky - come on - I think we would both encourage Scratch It to try and get a contract role while a permie with a months notice (which isn't that long in the scheme of things), rather than quitting his job and sitting around twiddling his thumbs.

[MrMarkyMark]

Scratch it,

I think you have hit the nail on the head - here we have what seems an intelligent post by someone who has done their homework and is experienced in some of the latest tech... tough competition for some of the older guys!

Should you go contracting or shouldn't you? Well, this forum won't give you the answer, you need to decide for yourself. But believe you me, make sure you are wearing your big boy pants.

Some advice:

- you should test the waters. When you are (really) ready to go, while still employed start applying for roles on Jobserve / eFinancialCareers etc. If you are on a months notice, that is normal and not an issue, it takes 3 weeks to go through all the CV checks, credit checks etc anyway!
- do a credit check on yourself, make sure all is well. No bank will employ you if any issues with CCJs etc
- talk to a few recruiters, I mean really talk. I know one well who is telling me the market is as bad as 2009... but don't trust one recruiter, talk to a few and go from there
- after all your research, use your gut feel. Anyone getting back to you on the applications you made while still working as a Permie? Any positive recruiters getting you juicy roles?

And best of luck, contracting is a wonderful career and I thoroughly enjoyed it.

But please beware, it is very very tough going at the moment, whenever we have a contract role going in my area, we have a lot of excellent CVs coming through... people on this site are not being aggressive or trying to stop you, they just don't want to see another (nice) person with a good career ahead of them giving up on a nice permie job and sitting around at home with no contract.

Not always, been plenty of times when I have started a day or two, after interview, on site.
It depends on the industry with regards to the level of the checks done.

You can even start at an IB the next day, if you go via a consultancy.

[PermMCCon]

Jesus, I know CUK doesn't like new contractors entering the market, though this forum is even more aggressive than it was four years ago. Basically, just a boomed thread, guys, chill!

Scratch it,

I think you have hit the nail on the head - here we have what seems an intelligent post by someone who has done their homework and is experienced in some of the latest tech... tough competition for some of the older guys!

Should you go contracting or shouldn't you? Well, this forum won't give you the answer, you need to decide for yourself. But believe you me, make sure you are wearing your big boy pants.

Some advice:

- you should test the waters. When you are (really) ready to go, while still employed start applying for roles on Jobserve / eFinancialCareers etc. If you are on a months notice, that is normal and not an issue, it takes 3 weeks to go through all the CV checks, credit checks etc anyway!
- do a credit check on yourself, make sure all is well. No bank will employ you if any issues with CCJs etc
- talk to a few recruiters, I mean really talk. I know one well who is telling me the market is as bad as 2009... but don't trust one recruiter, talk to a few and go from there
- after all your research, use your gut feel. Anyone getting back to you on the applications you made while still working as a Permie? Any positive recruiters getting you juicy roles?

And best of luck, contracting is a wonderful career and I thoroughly enjoyed it.

But please beware, it is very very tough going at the moment, whenever we have a contract role going in my area, we have a lot of excellent CVs coming through... people on this site are not being aggressive or trying to stop you, they just don't want to see another (nice) person with a good career ahead of them giving up on a nice permie job and sitting around at home with no contract.