It’s always a liberating feeling when you begin to work for yourself. As a contractor, you have the freedom to work with a variety of clients and build a strong, positive reputation for yourself. Working in IT, in particular, is a good choice in the current climate as more and more advances in technology and computer software development take place. If you have recently become self-employed in this field, or are considering making the switch, read on for a few factors that you need to keep in mind before you do.
Any self-employed individual needs to build and maintain strong relationships with their clients. Without them, it will be much more difficult to secure work and maintain a steady income. Before you decide to start your own IT contracting business, think about the connections you already have in the industry and how you can utilize them. Identify which companies and firms you can offer your services to and which are most likely to take you up on your offer. Continue to nurture these relationships, and they will recommend you to other people in the industry.
If you’re going to set your business up as a limited company or even as a sole trader, you will need the correct insurance in place. If you’re going to have other people working for you, think about getting worker’s compensation cover in case any accidents cause an employee to become injured at work. You should contemplate getting professional indemnity insurance to protect you from claims regarding negligence or damage. There is also the opportunity to get contractors insurance, which might be more specific to your work. Do your research to find the best contractors insurance rates before you settle on a policy.
When you start as a self-employed contractor, it’s tempting to say ‘yes’ to every project you get offered. While it’s important to make money and build up a portfolio of work, you should also be carefully considering each project you take on. It needs to be relevant to what you’re trying to achieve from a business perspective. For example, is there a particular field of expertise you want to specialize in? Not only that, but you must be realistic about your ability to complete the work to a high standard. If you can’t take on a sizeable project because you don’t have enough staff to help you, don’t put yourself or others under unnecessary pressure. This will only lead to low morale for yourself, your staff, and disgruntled clients who are unhappy with the work.
Keeping up to date with trends and developments within the IT and tech industries will be essential to keeping your business relevant. Read B2B magazines and blogs that have a lot of useful articles and information, and attend industry events and networking opportunities. All of this knowledge will help you to continue developing your business successfully.
Deciding to become an IT contractor, or indeed embarking on any self-employment venture, can be intimidating, but it can also be the best decision you’ve ever made. Remember to think about these points to help you develop your IT contracting business.
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