About to through in job.. am I nuts?

jamie · Post by **jamie** » Fri Feb 16, 2007 6:36 pm

Ok I have worked for a certain bank for the last 3 years and amassed a ton of experience and training. To the point where I can hore my self out as a day rate contractor and make my current salary in 3 months! But I have to start my own ltd co and if the market went I would be stuffed....

Last week I got an email from a mate saying a certain co needs someone of my tallents to work for them for a 3 month period at least.

So do I jack in the safe bet for a life of hore-inn?

Discuss

renmure · Post by **renmure** » Fri Feb 16, 2007 6:49 pm

I didn't get where I am today without taking chances!!

Jim
(up sh1t creek wiv no paddle faction)

k12chu · Post by **k12chu** » Fri Feb 16, 2007 7:10 pm

what r ur options? grow or fall. now that u have ur experience in hand, why not try the optimist path? worst that can happen is... u'll fall! with ur current experience u can always get another job some time down the line.
i would take the chance.

tut · Post by **tut** » Fri Feb 16, 2007 8:01 pm

jamie

If you can hore yourself out for that sort of money, then go for it.......

tut

Sanjøy · Post by **Sanjøy** » Fri Feb 16, 2007 8:12 pm

Regrets, I've had a few....

GregR · Post by **GregR** » Fri Feb 16, 2007 8:29 pm

no contest. Drop your pants for the money

ryallm · Post by **ryallm** » Fri Feb 16, 2007 8:45 pm

At your age I would definitely take the chance to go contracting. The contracting market is never going to return to the buoyancy it had 10+ years ago (too many Indian companies offering to work for peanuts), but in most IT sectors it is ok and I can't see that changing quickly.

I have been having a major rethink about what I am going to do work wise in the last couple of weeks, in part brought on my a major barny with one of my business partners. After 9 years of doing the same thing, albeit very well paid, it may be time for a change even if that could mean less money to spend on cars and other toys. Sometimes you have to make the leap and avoid the safe option......

Mark

Post by **campbell** » Fri Feb 16, 2007 8:53 pm

jamie wrote:Ok I have worked for a certain bank for the last 3 years and amassed a ton of experience and training. To the point where I can hore my self out as a day rate contractor and make my current salary in 3 months! But I have to start my own ltd co and if the market went I would be stuffed....

Last week I got an email from a mate saying a certain co needs someone of my tallents to work for them for a 3 month period at least.

So do I jack in the safe bet for a life of hore-inn?

Discuss

[2p mode]

If you have no major family commitments, and nothing above general mortgage and car loan to service financially, then you are probably well placed for a bit of risk-taking.

If you do your homework thoroughly, and identify the potential opportunities and how to line up for them, and even it did go a bit pear-shaped then...

you have no-one else to support / worry about and most mortgages / car loans etc can offer the odd payment "holiday", worst case you can sell coffees in Starbucks until the next contract comes up
you can be confident that you assessed all the facts available at the time, so your original decision remains intact and there is no need for regret
You can surely return to paid employ in the same / similar organisation or industry

As someone who has been through the cycle of "what-if" a couple of times, but never quite taken the plunge, I say go for it young man!

Get yourself a decent accountant who knows about independent contracting, an IFA to help plan the pension stuff, and crucially a decent agency to represent you at least initially until you build up some experience of the self-employed game. RecruitmentZone are one of my personal recommendations, worked with them as a client for years, ask for Gillian Wilkinson and tell her I sent you

[/2p mode]

PhilA · Post by **PhilA** » Fri Feb 16, 2007 9:02 pm

u have skills.
u have experisnce.
and now u have an opportunity...
=)

i have experience.
i have skills.
if I had an opportunity, id take it.
but thats me, having worked for the same company for 9 years (in may) doing web application development.
at 33 years old, and with the experience i have, id look to move up a level. i dont have kids or other stuff just now so no harm done if it no work.
if it does work - way better off and more opportunities will come after that

jamie · Post by **jamie** » Fri Feb 16, 2007 9:38 pm

I think everyone has said go for it! My recent 'restructuring' (car wise should help)
Sounds like I need to get my old A-level accountancy books out and do it!
Only down side is being based in Brum for the next 3 months

Ta peeps!

I guess Monday my manager will be getting a surprise ......

dezzy · Post by **dezzy** » Fri Feb 16, 2007 10:27 pm

Definitely think you're making the right decision Jamie. Go for it!

I've toyed with the idea myself, but going to wait until I've got a bit more experience first. I know a few people who have done it and they've done very well through contracting.

If you're looking for an agency to help you out, I've got another one for you as well as Campbell's suggestion. First People Solutions. My friend is their FD and she can put me in touch with the relevant person for your line of business. Is it IT you're in? If so, I know the IT recruitment guy at First People Solutions . . . he helped me get my current job (for free) and so I owe him one. Will pass your details onto him if you want. Just PM me.

Cheers,
D

wil_scotland · Post by **wil_scotland** » Fri Feb 16, 2007 10:36 pm

I have often thought about doing the same.

I am currently doing an MSc part time at the moment and should be finished my thesis some time in July. Perhaps then I will have a think and maybe go for it.

No matter what way you look at it, it is a scary business going out on your own for the first time.

I would also second the point about getting a good accountant. My Dad has his own ltd company and has told me that when I asked about going out on my own.

Good luck what ever you do.

jamie · Post by **jamie** » Fri Feb 16, 2007 11:23 pm

I am a software tester and focus on fault/defect management which is exactly what the contract is that I have been offered with a bonus for hitting targets (unlikely since this is testing

)
Cheers for the contacts guys
A lot of old colleagues have made the jump too I guess its having the balls and lack of financial ties.

First things on my list to do on Monday is to talk to a finance guy about pensions and talk to an accountant.

Big thing is tax

dezzy · Post by **dezzy** » Fri Feb 16, 2007 11:33 pm

Other bit of advice I have heard is to have a 3 month "emergency" savings account in place. That is, have enough money put away to cover your rent/mortgage, car payments, bills, food, etc. for 3 months in case you don't get a new contract immediatley after the current one finishes. This should make sure you're never caught unawares with no job and no cashola.

Post by **campbell** » Sat Feb 17, 2007 12:38 am

dezzy wrote:Other bit of advice I have heard is to have a 3 month "emergency" savings account in place. That is, have enough money put away to cover your rent/mortgage, car payments, bills, food, etc. for 3 months in case you don't get a new contract immediatley after the current one finishes. This should make sure you're never caught unawares with no job and no cashola.

Yep, this is the bit I forgot to mention. It features at slot number 1 in my own planning, and with the incomes available from contract positions, there is NO excuse not to have one. The Porsche can wait until you are sure you have made it

All the successful contractors I know have created an "emergency fund"...in some cases it's meant they could enjoy 6 months off...

Scottish Elises

About to through in job.. am I nuts?

About to through in job.. am I nuts?

Re: About to through in job.. am I nuts?