I dumped IT Contracting after 10 years & made Million in a Year

dumped IT Contracting
dumped IT Contracting

Dumped IT Contracting

This was posted by a reader after our recent article Ten Reasons Why You Won’t Get Rich IT Contracting by reader Ex Con. It’s how he made a million quid in a year after he dumped IT Contracting.

So, I thought it was worth a wider audience.

No Security in IT Contracting

This article echoes my own thoughts on contracting and wealth. I’ll tell you why I dumped IT Contracting.

I could never quite accept that after almost 10 years of contracting, I still had no security and could go from earning £500 a day to zero with only 2 weeks notice.

The money was good, but I could never really live to my means as I was always saving for the next downturn.

Development Skills

I dumped IT Contracting about 8 months ago to use my development skills to start a new business.

I knew if this business failed there would be a real possibility that I would find it very hard to get another contract.

However, 8 months without an IT contract is a lifetime in the eyes of a lot of agents.

Million Pounds in a Year

Well things have gone well, really well in fact and I’m on target to make (almost) one million pounds profit this year since I dumped IT Contracting.

That makes the company worth somewhere between £10m and £20m.

I owe a lot of this to contracting.

If I were a permie, I don’t think I would or could have ever started this new business.

IT Contractor Comment

I did the same as you Ex Con. After many years in IT Contracting I never had any real money.

So, I decided to set up ITContractor.com (or NamesFacesPlaces.com as it was).

The reason I did it was to have something of value I could sell after I was no longer working for it. It would be my pension if you like.

I haven’t made anything as much as you have but I do make as much as a good IT contractor.

Own Boss

I’ve now got my own business, I’m my own boss, I can do it in my own time and I have something of saleable value rather than just a limited company that is just worth the cash that’s in the account rather than a multiple of profits.

So, I’m very glad I dumped IT Contracting.

I could be stuck in some office somewhere chasing a deliberately too tight deadline.

So, instead I’m going to have a walk along the shore of the lough now and when I come back I’ll do my Su Doku puzzle in The Times before writing and loading up my next article at about 1:30pm.

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