Making your move – top tips for a smooth transition into contracting

Become a contractorThe self-employment market is growing throughout the UK, and for good reason. As well as providing greater opportunities when it comes to pay, contractors have the freedom and flexibility to take control of their careers and strike the right work/life balance. There are many more reasons why contracting is a great choice, but the leap into the world of self-employment can still be a little daunting.

You’re certain to discover a multitude of accounts from contractors who made the journey from employee to self-employed. However, defining your own path is important. If you’re looking to make the transition from permanent employee to a self-employed, independent contractor, here are a few tips to make the move with confidence.

Evaluate your skills

When considering a career in the contractor market, many first look at their own skill set to evaluate whether their experience is good enough to be marketed on an independent basis. But as Contractor Calculator notes, it’s not a matter of whether you’re good enough but whether your market is ready for you:

“Not being ‘good enough’ is a contracting myth. Supply and demand is what drives contracting careers. If a contractor has transferable skills that are in demand, then they will find clients who are prepared to pay them to supply their services. The key to contracting success is to identify the target market that requires those contracting skills and for the contractor to carefully time their transition into contracting. Some clients need highly skilled and experienced niche workers, whereas others might only require someone with fewer skills and less experience to cover an employee’s absence. There is a role – and demand – for both.”

Put yourself out there

As a would-be contractor, nothing is stopping you from putting the feelers out in your desired marketplace. Better yet, you can do this before you say goodbye to your permanent job for good. Determining demand for your skills is an excellent way to increase confidence before you make your move more permanent. Marketing your contract services will help you establish the industry connections you need to make your transition a smooth one.

Contractors, freelancers, consultants and interim managers are in high demand at the moment, despite the economic uncertainty that comes with our impending departure from the European Union. By testing demand in your specific market however you can better evaluate whether there is enough work to sustain your chosen contractor career path.

Find the right support

Finding the support you need to take you from new contractor to established market leader is vital. As a leading supplier of finance solutions, we work with contractors and small businesses to help them discover and utilise the innovative accounting options they’ve been searching for. We offer two packages – Premium and Premium Plus – each offering a variety of features and expert, ongoing support as standard.

To find out more about the accounting packages we offer, please contact us direct on 01992 668599. You can also email our team at: info@shieldaccountancy.co.uk.