{"id":7065,"date":"2021-04-15T12:17:12","date_gmt":"2021-04-15T12:17:12","guid":{"rendered":"https:\/\/coolcompanydev.staging.wpengine.com\/uk\/?post_type=blog&p=7065"},"modified":"2023-06-29T13:16:38","modified_gmt":"2023-06-29T13:16:38","slug":"five-tips-on-the-road-to-a-life-in-contracting","status":"publish","type":"blog","link":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/","title":{"rendered":"Five tips on the road to a life in contracting"},"content":{"rendered":"\n
\n
\n
\n
\"\"<\/figure>\n<\/div>\n\n\n\n
\n\t<\/span>\n\t<\/div>\n\n\n\n

Five contracting tips before starting off<\/h1>\n\n\n\n

Here are the consultancy and contract professions that are growing despite Covid-19<\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n

<\/div>\n\n\n\n
\n
\n
\n

Working sustainably from the start and planning your finances are two of the tips from Cool Company to professionals who are starting to look at contracting as an alternative to working as an employee. Although the labour market has been severely affected by Covid-19, the contract profession is still strong.  <\/p>\n\n\n\n

The road from employment to contracting life does not have to be so difficult and, many have succeeded even though Covid-19 has had a significant impact on the entire labour market. But when you look at the contracting market, certain areas have seen increased activity. Our data shows that contractors in the IT and administration industry have seen an increased requirement for services<\/p>\n\n\n\n

Industries that are often associated with contractor and consultants appear to be the safest areas to turn to. \u201cBut we are seeing more and more professional areas opening up role for project-based contractors,\u201d says Matilda Konkell, communications manager at Cool Company.<\/p>\n\n\n\n

Changing the form of employment as an alternative to changing occupations<\/strong><\/p>\n\n\n\n

Leave, and layoffs have affected many, however, for those who want to remain in their profession. It may be an alternative to change from employment to contracting rather than of changing occupation.<\/p>\n\n\n\n

Changing the form of employment instead of completely changing profession can be a very good alternative in conditions like these. But you must think about finances, to make such a move will require a buffer to cover current financial commitments (rent, food, car etc).<\/p>\n<\/div>\n\n\n\n

\n
\"\"<\/figure>\n<\/div>\n<\/div>\n\n\n\n
\n

\u201cIt may be an alternative to change from employment to contracting rather than of changing occupation.\u201d<\/strong><\/p>\n<\/blockquote>\n<\/section>\n\n\n\n

\n
\n
\n

5 contracting tips for those getting into the life as a contractor<\/h2>\n\n\n\n

1. Build yourself and your network<\/h3>\n\n\n\n

When you want to venture out into the contract market, you need to be able to showcase your skills and find out who to show it to. Think about your USP (unique selling point), your resume and\/or portfolio. Social media, apps, and job networks online are great for starting to build your own network and letting potential customers know that you are on the market.<\/p>\n\n\n\n

Join a professional group or association<\/h4>\n\n\n\n

There\u2019s a reason why rent is so high in hubs like London, Manchester and Edinburgh: ambitious professionals with great ideas like to be around people with similar energy.<\/p>\n\n\n\n

Groups on social media networks can fill that gap if you prefer to work remotely in a rural or an island setting. Besides trading ideas and learning new tips, a group of like-minded professionals can support each other during difficult times and give advice when help is needed.<\/p>\n\n\n\n

2. Planning your finances<\/h2>\n\n\n\n

When you take the step into the contracting world, there are some pieces that you need to think about. If you start your own business, you need to make sure that you set aside money for, among other things, pensions, insurance, holidays and benefits.<\/p>\n\n\n\n

Join an umbrella company<\/h4>\n\n\n\n

Taxes can be complex and will take up valuable time that can be better spent working on assignments or upgrading your skills. Consider employing the services of an umbrella company that takes care of everything<\/a> for you with less paperwork and zero administration hassle.<\/p>\n\n\n\n

3. Know your value<\/h3>\n\n\n\n

Putting a monetary value on your own time can be difficult. Map your experience, do research and ask around in different networks to create a picture of what fair market value looks like. It\u2019s not about overcharging, but rather about getting paid the right amount for the services you provide. Getting this right will make all the difference in your contracting journey.<\/p>\n\n\n\n

Avoid discounts<\/h4>\n\n\n\n

In most cases, it\u2019s not a good idea to price down your services to the lowest bidder because these types of clients continuously price-shop and will drain your energy over time.<\/p>\n\n\n\n

Instead of declining their offer, try adding extra services to increase the value of your proposal. Prospects that consider you replaceable will look elsewhere while the most ideal clients will accept your offer because they recognize your unique skill set.<\/p>\n\n\n\n

4. Have a buffer<\/h3>\n\n\n\n

When working as a contractor, salary and workload can vary. Similarly, depending on the payment terms, it may take some time before the payment arrives. Make sure you have a financial buffer so you can feel safe even when you have some air between assignments.<\/p>\n\n\n\n

Make a list and schedule everything<\/h4>\n\n\n\n

Working in an office can be super-productive \u2013 especially when there is a supervisor constantly looking over your shoulder and micro-managing your workflow.<\/p>\n\n\n\n

Working at home is an entirely different story. While there is a lot of freedom in working independently, it\u2019s super easy to get side-tracked. Stay organized by scheduling everything (including meals and breaks) so all your assignments are completed on time.<\/p>\n\n\n\n

5. Work smart from the beginning<\/h3>\n\n\n\n

It doesn\u2019t matter if you are an employee or contractor, you need time off to stay productive in the long term. Plan your time well so that you do not work too much and ensure a work life balance. Last but not least \u2013 don\u2019t forget your vacation.<\/p>\n\n\n\n

Take time to rest and recuperate<\/h4>\n\n\n\n

Our nervous system has two sides: the sympathetic side which is dominant during times of activity and the parasympathetic side which is involved with rest and repair.<\/p>\n\n\n\n

Finding a balance between these two sides in life as a contractor is critical to your work performance and is central to managing stress. That is why it\u2019s important to ensure that you work reasonable hours and get adequate, quality sleep.<\/p>\n\n\n\n

Further contracting advice<\/h2>\n\n\n\n

Remember to set goals<\/h3>\n\n\n\n

All random paths lead to the same place called \u201cnowhere\u201d. Setting goals gives you a target for where you want to be, who you want to work with and how much money you want to make. Each goal should follow the S.M.A.R.T. formula as follows:<\/p>\n\n\n\n

S: Specific<\/p>\n\n\n\n

M: Measurable<\/p>\n\n\n\n

A: Achievable<\/p>\n\n\n\n

R: Realistic<\/p>\n\n\n\n

T: Timely<\/p>\n\n\n\n

This works well for financial, fitness as well as career goals. Try setting at least three goals to start and put them in a text note on your computer or phone to review each morning. This quick practice can do wonders for keeping you on track in multiple areas of life.<\/p>\n\n\n\n

Never stop learning<\/h3>\n\n\n\n

Learning new things increases neuroplasticity \u2013 the ability of the brain to take in and process information. This is especially important as we get older so it pays to stay on top of your field by taking seminars and courses. Competition is tougher than ever, and continuing education provides an edge that pays dividends in the long run.<\/p>\n\n\n\n

Pretend you are the best in your field<\/h3>\n\n\n\n

No one started out at the top and everyone that\u2019s reached success remembers the grunt work they did at the beginning. That\u2019s because it was exactly that sort of experience that gave them the skills they needed to keep moving up.<\/p>\n\n\n\n

Pretend that you are already at the top. If you make \u00a320 an hour, pretend it\u2019s \u00a3200 and give that level of service to each and every client. That\u2019s precisely the mindset required to gain client loyalty and move to the top of your field for increased financial and professional success.<\/p>\n<\/div>\n\n\n\n

\n

<\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n

<\/path><\/svg><\/div>\n\n\n\n
\n

Do you want to know more?<\/h2>\n\n\n\n

Do you have any questions or are you ready to get started with Cool Company? <\/p>\n\n\n\n

\n
Sign up<\/a><\/div>\n\n\n\n
Read more<\/a><\/div>\n<\/div>\n<\/section>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

When looking into life as a contractor, there are some things that might be good to keep in mind. Our freelance expert gives you our best tips.<\/p>\n","protected":false},"featured_media":5656,"template":"singular.php","categories":[6465,6757],"tags":[6753,6771],"class_list":["post-7065","blog","type-blog","status-publish","has-post-thumbnail","hentry","category-cc-insights","category-tips-inspiration","tag-blog","tag-tips-inspiration"],"yoast_head":"\n5 Contracting tips before starting off | Cool Company UK<\/title>\n<meta name=\"description\" content=\"Looking into life as a contractor? Our freelance experts give you five contracting tips: \u2713Know your value \u2713Work smart \u2713\u2026\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five tips on the road to a life in contracting\" \/>\n<meta property=\"og:description\" content=\"Looking into life as a contractor? Our freelance experts give you five contracting tips: \u2713Know your value \u2713Work smart \u2713\u2026\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/\" \/>\n<meta property=\"og:site_name\" content=\"Cool Company UK\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-29T13:16:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png\" \/>\n\t<meta property=\"og:image:width\" content=\"808\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/\",\"url\":\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/\",\"name\":\"5 Contracting tips before starting off | Cool Company UK\",\"isPartOf\":{\"@id\":\"https:\/\/coolcompany.com\/uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png\",\"datePublished\":\"2021-04-15T12:17:12+00:00\",\"dateModified\":\"2023-06-29T13:16:38+00:00\",\"description\":\"Looking into life as a contractor? Our freelance experts give you five contracting tips: \u2713Know your value \u2713Work smart \u2713\u2026\",\"breadcrumb\":{\"@id\":\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#primaryimage\",\"url\":\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png\",\"contentUrl\":\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png\",\"width\":808,\"height\":700,\"caption\":\"Relaxed invoice\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Blog\",\"item\":\"https:\/\/coolcompany.com\/uk\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Five tips on the road to a life in contracting\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coolcompany.com\/uk\/#website\",\"url\":\"https:\/\/coolcompany.com\/uk\/\",\"name\":\"Cool Company UK\",\"description\":\"PAYE Umbrella company for freelance contractors\",\"publisher\":{\"@id\":\"https:\/\/coolcompany.com\/uk\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coolcompany.com\/uk\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/coolcompany.com\/uk\/#organization\",\"name\":\"Cool Company UK\",\"url\":\"https:\/\/coolcompany.com\/uk\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/coolcompany.com\/uk\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/blue-cc-logo.svg\",\"contentUrl\":\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/blue-cc-logo.svg\",\"caption\":\"Cool Company UK\"},\"image\":{\"@id\":\"https:\/\/coolcompany.com\/uk\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"5 Contracting tips before starting off | Cool Company UK","description":"Looking into life as a contractor? Our freelance experts give you five contracting tips: \u2713Know your value \u2713Work smart \u2713\u2026","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/","og_locale":"en_GB","og_type":"article","og_title":"Five tips on the road to a life in contracting","og_description":"Looking into life as a contractor? Our freelance experts give you five contracting tips: \u2713Know your value \u2713Work smart \u2713\u2026","og_url":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/","og_site_name":"Cool Company UK","article_modified_time":"2023-06-29T13:16:38+00:00","og_image":[{"width":808,"height":700,"url":"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/","url":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/","name":"5 Contracting tips before starting off | Cool Company UK","isPartOf":{"@id":"https:\/\/coolcompany.com\/uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#primaryimage"},"image":{"@id":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#primaryimage"},"thumbnailUrl":"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png","datePublished":"2021-04-15T12:17:12+00:00","dateModified":"2023-06-29T13:16:38+00:00","description":"Looking into life as a contractor? Our freelance experts give you five contracting tips: \u2713Know your value \u2713Work smart \u2713\u2026","breadcrumb":{"@id":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#primaryimage","url":"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png","contentUrl":"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2020\/06\/fakturera-avslappnat.png","width":808,"height":700,"caption":"Relaxed invoice"},{"@type":"BreadcrumbList","@id":"https:\/\/coolcompany.com\/uk\/blog\/five-tips-on-the-road-to-a-life-in-contracting\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/coolcompany.com\/uk\/blog\/"},{"@type":"ListItem","position":2,"name":"Five tips on the road to a life in contracting"}]},{"@type":"WebSite","@id":"https:\/\/coolcompany.com\/uk\/#website","url":"https:\/\/coolcompany.com\/uk\/","name":"Cool Company UK","description":"PAYE Umbrella company for freelance contractors","publisher":{"@id":"https:\/\/coolcompany.com\/uk\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coolcompany.com\/uk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/coolcompany.com\/uk\/#organization","name":"Cool Company UK","url":"https:\/\/coolcompany.com\/uk\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/coolcompany.com\/uk\/#\/schema\/logo\/image\/","url":"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/blue-cc-logo.svg","contentUrl":"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/blue-cc-logo.svg","caption":"Cool Company UK"},"image":{"@id":"https:\/\/coolcompany.com\/uk\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/coolcompany.com\/uk\/wp-json\/wp\/v2\/blog\/7065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coolcompany.com\/uk\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/coolcompany.com\/uk\/wp-json\/wp\/v2\/types\/blog"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coolcompany.com\/uk\/wp-json\/wp\/v2\/media\/5656"}],"wp:attachment":[{"href":"https:\/\/coolcompany.com\/uk\/wp-json\/wp\/v2\/media?parent=7065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coolcompany.com\/uk\/wp-json\/wp\/v2\/categories?post=7065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coolcompany.com\/uk\/wp-json\/wp\/v2\/tags?post=7065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}