Contractors between contracts.

[Sir Lord Poopie]

I'm fairly new to contracting after being managed out of my permie role last August. On paper I've more than quadrupled my salary and I choose when I work, so naturally I'm happy with this arrangement.

The issue I'm having is that since breaking up for Christmas mid December, I've enjoying the leisure time so much that I've put back my work return date several times - I want to ascertain whether this typical for a new contractor or a problem. I don't think it's a problem as my savings are healthy and I live off a shoe-sting, and I'm sure once I get back into contract I will slug it out to the end of the year with little breaks in between, but at the back of my mind I've got a nagging feeling.

Nothing to worry about right?

[essayer]

I would say if you're not in a contract you're not a contractor

I wouldn't feel comfortable if I didn't have enough in the company account to pay at least 12 months worth of normal salary payments.
You never know when the next downturn is coming, and remember your first tax return after leaving PAYE will demand the following year's tax in advance ..

[pherlopolus]

I contracted between 1994 and 2003, and then from 2014 to now, In the time 94-03 i generally had 2-3 weeks off between, usually due to spending it as fast as I earned it, then had an enforced 7 months off in early 2000 due to IT budgets disappearing, luckily my wife was working full time. This time I am doing it right, I had 4 months off before finding first contract, and just had 6 weeks (inc christmas) before my current one. 6 weeks felt quite short, but It's good to be earning again.

I have about 6-9 months money put aside, but will be carrying on putting it away until I have enough to retire! But at the end of the day I contract for the lifestyle rather than the money, so plan on having time off as much as I can afford.

[Allanv]

Sir Lord Poopie said:

I'm fairly new to contracting after being managed out of my permie role last August. On paper I've more than quadrupled my salary and I choose when I work, so naturally I'm happy with this arrangement.

The issue I'm having is that since breaking up for Christmas mid December, I've enjoying the leisure time so much that I've put back my work return date several times - I want to ascertain whether this typical for a new contractor or a problem. I don't think it's a problem as my savings are healthy and I live off a shoe-sting, and I'm sure once I get back into contract I will slug it out to the end of the year with little breaks in between, but at the back of my mind I've got a nagging feeling.

Nothing to worry about right?

That nagging feeling is right, I have been contracting for a long time and taking time out for me extends to 2 days in April and 8 In September.

As a new contractor you have the wrong approach, there could be times of years without work dependent on the climate or your ability to travel.

Do you contract in your home town? Or will you travel?

Having the time now to say I will wait is contractor suicide, say you try to get work in a month and it has dried up, how long could you last on you savings?

My current contact sees me in either (Oxford / Corsham / Farnbourgh / Southampton / and lots of other places)
I have worked in Watford / Swindon / Europe / AsiaPac.

I live in Bristol BTW.

I could go to a site and then have to grab a hotel because it is now to late to drive home, this I feel will happen tomorrow so I have my bag packed ready.

What side or industry do you contract into? IT or something else?

Edited by Allanv on Sunday 19th February 19:48

[bigandclever]

One thing I would say is that, as a new contractor, you're an unknown, so you're competing in a market full of Bob's, newly-qualifieds and the like, and clients want experienced resources. Gaps in your profile at this early stage might make me question your capabilities at the initial cv/profile sift, especially if you're onshore expensive. Having said that, the whole point of contracting is flexibility, so if you can afford both the short and long-term, go for it. I took 9 months off last year (some of it was even deliberately!) because the war chest was sufficient and there were prospects lined up for q4.

[Sir Lord Poopie]

Allanv said:

What side or industry do you contract into? IT or something else?

The industry's engineering (civils). Day rates are not as good as IT but the work's very consistent. Prepared to travel, definitely. Could survive literally years on my savings - not that I intend to but gives you an idea.

[ClockworkCupcake]

I often take a month or so out between contracts, because I want to and I can. Nothing wrong with that if you can afford it.

It all comes down to your own circumstances and what you're happy with. That's one of the reasons we go into contracting, so that we have less bullst of other people telling us what to do.

Make your own decisions rather than letting a bunch of strangers on the internet tell you what you should do.