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Taking the plunge

 
forum comment
#0 Taking the plunge
 
Monks123
17.02.15 00:00
 
So after working in consulting for around 7 years with as a perm with a salary that averages at around 80k including bonus, I’ve decided to take the plunge into contracting to chase the £ however have some reservations.Career wise I think I’ve hit a plateau, I’ve got a unreasonable sales target which is going to hurt me getting promoted in the near future restricting any pay rises. I then work with a number of contractors who laugh at us ‘permies’ as we have to have permanent duties for our company after work, which can take up a lot of our time.On a personal level, the other half is due and you I’m sure many of you will attest to the fact that money is even more important when this is the case. I’ve just bought a new house with a bigger mortgage then the last and the Mrs will be going on maternity for a year and then down to a four day week when she is back and will be sending the little one to nursery – more expense. I could afford the aforementioned on my current salary but it wont leave me with a great deal left come the end of the month and with little or no savingsNow my question is how many of you have done a perm to contract whilst in a similar situation. When I speak to colleagues a number of them do it with little or no responsibilities whilst I am thinking of doing it with a number responsibilities.Is it worth the hassle? Is it worth doing it for a couple of years to build a nest egg and move back to perm for security.How is the contract market currently? Any agencies I should be targeting?I’m presuming I would have to quit my current role first then start applying for roles? Any other advice is much appreciated.
 
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forum comment
#0 RE: Taking the plunge
 
noctilucus
17.02.15 00:00
 
Not speaking from experience myself (haven't become a contractor) but based on what I've seen & heard from many contractors out there: I would recommend not making such a move when your personal situation is changing this much.Reason: while your bonus may take a hit and pay rises may be next to nothing, if you perform decently you should still have the security of your fixed salary, which you don't have as a contractor. Unless you have a rich network where you could immediately land a few contracting roles, I would expect you to end up earning less in the first years as a contractor, even if the market seems to be doing quite well for consulting in general & contractors.I would imagine the hunting for opportunities as a "new contractor" will be really heavy on top of your personal obligations.
 
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