Contracting as a Project Manager

My Take On Being Your Own Boss In this Tough Climate

There's no denying it — the market is tough right now, especially for contractors. This is my first experience being out of work in over a decade, which has turned out to be surprisingly rewarding and fulfilling. However, it can also be daunting, particularly when calculating how many months of financial security remain. It's like a ticking clock, which for me has been temporarily paused by taking on a few days of work each week.

Despite these difficulties, contracting does still offer a number of advantages that make it a viable and attractive option. I thought I'd take some time to explore these for others who might be looking to take the plunge.

Flexibility and Autonomy

Control Over Work Schedule

One of the most significant benefits of contracting is the ability to control your work schedule. Unlike permanent employment, contracting — with the right company — allows you to choose when and where you work. This flexibility can lead to a better work-life balance. Over the past 6-8 months, I've enjoyed working from home and, within reason, choosing when to work. However, most of my contracts have been far less flexible, and can depend on size of the company, the team you are in, as well as the type of project you a running.

Diverse Work Opportunities

Contractors have the unique advantage of working on a variety of projects across different industries. This diversity not only keeps the work interesting but also helps build a broad skill set and a versatile portfolio. Each new contract can provide fresh challenges and learning opportunities, enhancing your professional growth. This is what I love best about contracting — the fresh challenges it brings and the ability to lead and deliver to expectations.

Financial Benefits

Potential for Higher Earnings

While contracting can sometimes come with income uncertainty, it also offers the potential for higher earnings. Contractors are often paid a premium for their specialised skills and the temporary nature of their work. By managing multiple contracts or negotiating favourable rates, you can maximise your income. As a Project Manager, I've typically handled one contract at a time. You don't get holiday or sick pay, so factoring this in is essential, especially in a tough market with high-interest rates and upcoming elections!

Tax Advantages

There are tax advantages, albeit slim these days. Business expenses such as office supplies, travel, and even portions of your home used for work can be deducted. While I'm less interested in this side of things, focusing on maximising my career through freelancing remains a priority.

Skill Development and Career Growth

Continuous Learning

Contracting often requires you to adapt to new environments and learn new skills quickly. This continuous learning can be a significant advantage in a competitive job market. Staying current with industry trends and technologies makes you more marketable and increases your value to potential clients. I love bringing the experience I have gained from my previous roles and adapting it to current ones, always learning new things and improving the way I work as I go.

Building a Professional Network

Working as a contractor allows you to interact with a wide range of professionals. Each contract is an opportunity to expand your professional network, which can be invaluable for future job opportunities. A robust network can lead to referrals, recommendations, and new contracts. While networking is not my strongest skill, I recognize its importance. Like many, I find it challenging to step out of my comfort zone.

Independence and Entrepreneurial Spirit

Being Your Own Boss

As a contractor, you essentially run your own business. This independence allows you to make decisions that align with your career goals and personal values. You have the freedom to choose the projects you take on and the clients you work with, giving you greater control over your professional life. This can often be the most rewarding part of contracting.

Opportunity to Specialize

Contracting allows you to carve out a niche in your area of expertise. By focusing on specific skills or industries, you can become a sought-after specialist. This specialisation can lead to more lucrative contracts and a reputation as an expert in your field.

Or, if you're like me, you can become a specialist in generalising — gaining experience in multiple fields such as e-commerce, digital, and infrastructure projects, this is turn can give you more reach when looking for that next contract, and, I believe, can be more interesting.

Navigating the Challenges

Managing Financial Uncertainty

One of the primary concerns for contractors is financial uncertainty. To mitigate this, it's essential to have a solid financial plan in place. Building an emergency fund, budgeting carefully, and diversifying your income streams can help you navigate periods of low work availability. I say this from experience, and in the past have not always been good at it.

Staying Marketable

In a tough market, staying marketable is crucial. Continuously upgrading your skills, obtaining relevant certifications, and marketing yourself effectively can help you stand out. Online platforms, professional associations, and networking events can be valuable resources for finding new opportunities.

And let's not forget the humble CV. At the end of the day, this is the most important thing. I recently paid someone to look at my CV, something I had never considered before. I hadn't realised what a mess it was, and how bloated it had become. With this person's help I feel a lot more confident applying for roles.

Conclusion

Despite the challenges posed by a tough market, contracting remains a viable and often rewarding career choice. The flexibility, financial potential, and opportunities for skill development and networking make it an attractive option for many professionals. By understanding and navigating the inherent challenges, contractors can thrive and find success even in uncertain times.

Embracing the entrepreneurial spirit and taking proactive steps to manage financial and professional risks can lead to a fulfilling and dynamic career. Whether you're new to contracting or an experienced freelancer, the benefits outlined here can help you make the most of your contracting journey, regardless of market conditions.