Becoming a Consultant

[markysimmo]

Ive worked in the insurance industry for 22 years now and over that time have accumulated a large amount of knowledge and also process skills

Ive been at my company for over 16 years now and I fancy a change..

I look around at how bad generally the consultants my company employ are and honestly think I could do well for myself financially if I became one, obviously I realise its a big step to go from an annual salary, sick & holiday pay, pension, life & health insurance

Is there any consultants on this board and if there is some advice would be good

Thanks

 

[Dicko]

I left my company to become a Consultant last summer and don't have any regrets.

I set up myself as a Ltd company and now do pretty much exactly the same job as before excepts earning 3.5x more and without any of the stress of being a permanent employee! Although as you say, no sick pay, pension, annual bonus etc.

For some people I can understand preferring to stay permanent with the aim of climbing the ladder and getting promoted etc but I'm not interested in managing people or the stress of being senior management. I'm in a role where just being good at what you do is important and means i'll always be in demand. My old company even offered to hire me as a contractor again if I wanted to return but I am taking the opportunity to get out there and try something different (currently on a contract in Brussels).

One important thing is to get yourself a decent accountant. Some people will tell you to just do it yourself and save a few hundred quid but having a decent accountant who knows all the in and outs will save you SO much more than any fees you pay them.

Good luck whatever you decide. It's not for everyone and I could understand some might have young families or big mortgages etc and don't want the risk of contracting but for me it's definitely one of the best decisions I ever made.


*(I work in the Pharma industry btw)



PS. I have also come across some shocking contractors out there who all seem to find work ok.. but I think it's definitely an advantage if you know your s**t. I learned everything I know at a well respected company in my industry so that has pretty much set me up well for working anywhere. So make sure there is plenty of demand out there for the skills you have or you could end up desperately looking for another perm role in a years time.

 

[markysimmo]

Good luck whatever you decide. It's not for everyone and I could understand some might have young families or big mortgages etc and don't want the risk of contracting but for me it's definitely one of the best decisions I ever made.

This currently is not a problem for me, not married, dont have kids and dont have a mortgage, obviously when im looking to do this which is in about 18 months time things could be different you never know

Thanks for your reply though, good to read