We realise that some of you are thinking of taking the plunge in the contractor pool. And why wouldn’t you, the rates are excellent. But there are other considerations that you need to be aware of to succeed as a contractor. Don’t worry, we’re here to help. We pride ourselves in helping our candidates to succeed as a contractor. Read on for our contractor tips.
Remind yourself constantly that working as a contractor is running your own business. Consider all aspects that other business owners do, such as:
• Finances – do you have enough capital to cover all living expenses before being paid on invoice? Allow for downtime when not earning. Take the time to put good systems in place to manage your invoicing and collections.
• Insurance – Check whether your insurance covers your earnings in case something goes wrong.
• Taxation – Plan to put aside a portion of each payment in a separate bank account. Research what you can and can’t claim for and seek an accountant’s advice if necessary.
• Marketing – What brand and image do you wish to portray? How will you build your brand?
• Business Development – How will you market yourself? Use LinkedIn and other business social networks and groups. Keep future work in mind and have a strategy that ensures you receive notification of work ahead of your competitors.
• Business Improvement – Try to up skill yourself on a regular basis so that you are consistently marketable.
The responsibility of working as a contractor is yours. As you are not a permanent staff member, a change of mind-set is often needed. When you start your next assignment, always think about how you can create a positive, professional impression. Try to fit into the company culture as quickly as you can while delivering top quality work.
We have a regular stream of contract work coming in every week. Follow our Jobs page to see if we can help you with your next contract role.
One other fundamental consideration is what happens if the Contractor makes a mistake in their work? Who is going to pay for it?. In a vast majority of cases , contract conditions will insist you hold certain insurance cover such as Professional Indemnity, Public Liability and Statutory Liability (and failure to provide this cover could lead to a breach of contract for the Contractor and the Recruitment Agency!) Any business providing consultancy services is vulnerable to claims of negligence.
Contractors are definitely liable for negligence. Luckily working through a reputable recruitment firm (ahem) ensures you are covered. We hold PI and PL for all of our contractors and for the company.