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.
Ad – Contractor Services
If you do need an umbrella company you could try one of the following:-
Public Sector Umbrella Company
Or would you prefer to get expert advice about which umbrella company is right for your specific needs? If so fill in the form below and they will be in touch.
For Mortgages specially designed for contractors try Specialist Contractor Mortgages.
