If you are thinking about contracting as the next stage in your career, there are plenty of things to consider. While it’s an exciting time to move into contracting, there are some worries that play on the minds of every contractor (regardless of gender), at the beginning.

Contracting PLUS works with hundreds of female contractors like you – women who move into contracting for their own reasons. Women who want to be more financially independent, working when you want, for clients you enjoy working with and leave the restrictions of being an employee behind. We have outlined some themes you may wish to consider before making the move to contracting.

• Clarity of purpose: Are you looking to increase your skill set (contractors often work across various industries and with a greater range of senior professionals), move from role to role quickly, or simply gain greater autonomy? Whatever your reason, having a clear plan from the outset will help you better navigate this new way of working and increase your chances of success. For example, how long do you want to contract for? Where do you see yourself in five years from now? If you plan on contracting as a way of life for the long term, what protection and financial plans do you have in place
• Lean into your network: According to independent research into the Irish contracting industry, almost 40% of contractors rely on their own initiative to secure work. This will typically involve reaching out to your network of contacts via LinkedIn for example. Networking events are also a great way to meet potential connections. It pays to build your own trusted peer network – these people will often have similar skill sets as you do and can sympathise during the tough moments, help out in a crisis and celebrate the wins with you when the times dictate.
• Plan ahead: It always pays to be prepared but when planning, it helps if you can try to identify the worst case scenario and mitigate for this as much as possible. This includes forecasting – holidays and sick pay are a luxury that only full time employees can enjoy. Contractors need to factor this into charging structures and plans. Professional indemnity insurance and income protection are two priorities we highlight for contractors as it can provide that all important safety net should you find yourself unable to work for whatever reason. Rather than operating as a sole trader, consider instead operating under an umbrella company or setting up your own limited company. This will provide better legal protections with multiple clients and different sources of income which can be more easily managed under an umbrella or limited company structure.
• Optimise: Once you are happy with your legal and accounting structure, we advise our clients to get in touch with a financial advisor. All Contracting PLUS clients have access to a free financial advisor through our sister company. This will help you optimise your income and create wealth further down the line.
• Confidence: More than anything – be confident in your skills and ability to deliver. Women in contracting have as much to gain as their male counterparts, so take the first step and start today.

Here to support your future success

If you are interested in joining the hundreds of female contractors, but you’re not sure where to start, talk to us. We have been supporting contractors for over 20 years, ensuring you maximise the money you make, letting you focus on what you do best! Schedule a call with our team at a time and date that suits you.

We hope you’ll join our community of female contractors Women in Contracting LinkedIn Group here*. We hope you will find it helpful.

*This is a community for women or people who identify as female. Please note, where we reference women or females, we include people who identify as female.