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Why Contractors should save for a rainy day
Article Author: Brendan Beeken Posted on: April 14, 2016 (Full Author Bio in the box on the right side)
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One of the biggest advantages for umbrella or limited company contractors is the opportunity to increase your take home pay. However, it is crucial to remember that contracts will not always remain steady, so it’s important to put aside some of your earnings for a ‘rainy day’.
When it comes to managing your finances as a contractor, the first thing you need to ensure is that you’ve pitched yourself at the right rate. Through simple market research, you can discover how much your competitors are charging and how it varies depending on location and experience.
It can be tricky to firm up your pricing, but by overselling or underselling yourself, you could miss out on a lucrative contract by creating a false impression of what you offer. That’s why it’s so important to do your research and price competitively within your market.
Sometimes, it can be more profitable to lower your rates – especially if you are just starting out and building up a clientele and reputation – but, don’t sell yourself short. Remember, you have to make sure you earn enough to support yourself during potential quiet periods where there is less work.
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