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.
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.
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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