Have experience with IFS ERP? Ever thought about going freelance?
Making the move from a permanent role to contracting can be daunting, but it can also be incredibly rewarding. This blog aims to share insights into the pros and cons of becoming an independent IFS contractor, helping you make an informed decision.
Why More Professionals Are Turning to Contracting
Recently, I’ve seen a surge in IFS professionals reaching out to discuss leaving their permanent roles for a shot at contracting. Many are seeking my advice on the challenges, risks, and potential rewards. Here’s what I share with them:
The Benefits of Being an IFS Contractor
Most contractors I talk to started in permanent roles before taking the leap into contracting. Here are some of the top reasons they made the switch:
1. Financial Rewards
One of the most attractive aspects of contracting is the financial upside. Contractors often earn higher rates than their permanent counterparts, especially those with in-demand skills. Some IFS contractors can earn six-figure incomes by staying on top of industry trends and honing specialised expertise.
Contracting also opens the door to potential tax advantages and the opportunity to save more for the future through pension contributions. But remember, nothing in the world of contracting is guaranteed—having a financial buffer of at least 2-6 months' worth of savings is crucial as you build your reputation.
2. Greater Control Over Your Career
As a contractor, you have the freedom to choose when, where, and on what projects you work. It’s a fantastic way to take control of your career, especially if you’ve felt limited by the scope of your role in a permanent position. You can explore a variety of projects, learn new skills, and gain experiences that might be out of reach in a permanent job.
3. No More Broken Promises
In permanent roles, sometimes bonuses, pay rises, or promotions fail to materialise, leaving employees feeling undervalued. In contracting, you’re in control. You get paid for the work you do without having to rely on promises or navigating the internal politics that can sometimes come with permanent employment.
4. Flexibility and Freedom
Contracting provides the flexibility to take time off between projects if you want a break or to pursue other interests. Of course, this flexibility comes with responsibility - ensuring you have enough funds saved to cover expenses when you’re not working is essential. Some contractors work year-round, while others enjoy longer holidays; the choice is yours.
5. Building a Strong Network
Another key advantage of contracting is the opportunity to expand your professional network. Working with multiple clients gives you the chance to build valuable relationships in the IFS market, making it easier to find new projects and stay up-to-date with the latest developments, such as IFS Cloud roles. The more projects you complete successfully, the more you can position yourself as an expert in the field.
What to Consider Before Making the Jump
While contracting offers many rewards, there are challenges to consider:
-
Marketability and Experience: Clients are often looking for contractors who can hit the ground running and handle projects from start to finish. If you’re new to a particular skill or technology, it might be worth gaining more experience in a permanent role before making the switch.
-
Starting a Limited Company: In the UK, setting up as a contractor is relatively straightforward. You’ll need to incorporate a company, set up a business bank account, buy insurance, and get your financials in order. While this can be done quickly, understanding the administrative side is crucial for success.
Final Thoughts: Is Contracting Right for You?
Moving from permanent employment to contracting is a big decision. It offers freedom, flexibility, and the potential for higher earnings—but it’s not without its risks. If you’re considering this path and want to discuss it further, feel free to reach out. We are always happy to chat about what it takes to succeed in the contracting world and the opportunities available in the IFS market.
