Contemplating the freedom of being your own boss and progressing your career to become a Project Management Contractor? Contractors can enjoy setting their own schedule, picking and choosing the jobs that are most interesting and best suited to their skillset and decide when it is time to take a holiday. Here we break down everything you need to know about becoming a Project Management Contractor, as well as discussing why we believe one of the most important things every new contractor can do is hire the services of an specialist and trusted accountancy service.
Is the Career of a Project Management Contractor Right For You?
Work for Project Management Contractors as abundant right now, with more businesses than ever appreciating the benefits of utilising the skills of specialists who can assist on short term projects, without the long term financial commitment involved in hiring a full time member of staff.
If you have a wealth of experience within the field of Project Management and transferable skills that are likely to appeal to employers, then it is possible to forge a very lucrative career as a Project Management Contractor. It is worth noting, however, that regular work is not guaranteed and you will have to work hard to secure and keep clients – something that many people don’t feel comfortable with. If the idea of not knowing what your next job will be, where you will be working, or where your next pay cheque is coming from, doesn’t appeal to you, then the career of a Project Management Contractor might not be the right choice for you.
However, if you love the idea of working in a wide range of different environments, commanding an income that is considerably higher than you would receive when working in a permanent position and having the flexibility to work whenever you want, then taking your Project Management career to the next level and become a Project Management Contractor could well be the perfect career for you.
Beginning Your Project Management Contracting Career
There are many different reasons you might choose the life of a Project Management Contractor; it could well be your dream career path, you could side step into contracting as a result of redundancy or because there aren’t any appropriate jobs in your area or you could simply really like the idea of being your own boss. Whatever reason you choose to become a Project Management Contractor, the good news is that establishing yourself in the profession is surprisingly easy.
The first steps are to set up your own Limited Company (by submitting an online form – a process that takes around 15 minutes) and then open a business bank account for your company. Working under a limited company (rather than under an umbrella company) has many benefits, but the most attractive of these is that you will be able to keep hold of as much of your money as possible. There is a popular myth that running a limited company involves a lot of paperwork but, in reality, it only actually takes between 15-20 minutes of paperwork each month and the return for this small amount of work is significant. Contractors working within a limited company generally keep between 75-80% of their income, whilst those working through an umbrella company will generally keep between 60-65% of their earnings from each contract they complete.
Finally, you will need to secure the services of a knowledgeable accountant who can help you to make the most of the tax benefits that come from owning a limited company. A firm that specialising in working specifically with contractors, freelancers and other limited company owners would be best placed to help you with the specific advice that you need.
