Setting Up
A few things to consider when going independent:
Getting work
- Polish your cv
- Sell yourself: know your USP (unique selling proposition) and be able to explain in 30 seconds exactly what you do
- Network: friends, family, former colleagues and employers
- Check the online jobsites: jobserve.com, jobsite.com
- Contact recruitment agencies
- Keep your skills up-to-date and competitive
Working efficiently
- Compare your options and determine how you will structure your new enterprise
- Decide how to balance your time between contract work, administration, and finding new work
- Look into what a contract specifies so you know exactly what you're getting into
- Draft a business plan—even if it's as simple as 'get three more clients by next year.' Know where you are going and how you will get there.
Maximising your income
- Find out the market value of your service—you're most likely worth more than you think
- Clue yourself up on accounting and taxation issues to keep as much as possible of your earnings
- Consider including a bonus/penalty clause in your contract that will pay you more for exceptional service
Paying your taxes
- Inform yourself about applicable legislation: IR35, S660, IR591
- Consider contacting a creditable accountant or management company to ensure you pay only what you should
Planning for the future
- Not working: get yourself sorted for holidays, illness, and when you're between contracts
- Accidents and lawsuits: look into insurance and what it covers
- Children: if they're in the picture, consider maternity/paternity leave and childcare
- Pension: invest in a good pension scheme to enjoy your golden years
Contracting can be personally and financially very rewarding when you've done your homework and know what you are getting yourself into. When you're ready to make the switch, contact us; we'd be happy to help.
“I have worked with Consultant Technologies on numerous positions during the past 4 years. They only employ people with integrity, know-how and most importantly—people who work hard when the chips are down. I highly recommend, without a shadow of a doubt, their services and commend their professionalism and integrity.” Coenraad Bezuidenhout, Middlesex
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