There is an old saying which suggests that ‘necessity is the mother of all inventions’, and the aftermath of the 2008 global recession has provided a perfect embodiment of this theory.
This year security giant Symantec commissioned a survey into the nature of modern day entrepreneurship, and discovered that those who started their ventures after the global financial crisis are markedly different in their mindset from those who established themselves prior to this date.
Setting Out as a Contractor in 2013: Three Tips for Success
These individuals are often referred to as accidental entrepreneurs, as they are forced to seek out opportunities as contractors due to circumstance rather than choice. This is not always a recipe for long term success however, and those who work independently in the current climate must still adopt a focused and disciplined mindset if they are to proposer.
Consider the following: –
- Be Prepared to Start Small: There are an increasing number of independent contractors in the current economy, and this means that is difficult to distinguish yourself from your competitors. You must therefore be prepared to begin your journey as a contractor on a small and modest scale, especially if you are operating in a congested market space such as IT or web design. Develop competitive pricing and a clearly-defined service to entice new clients, and commit to the process of steadily building a core body of custom.
- Emphasise Quality Rather than Volume: While completing a high volume of work may deliver instant financial returns, this earning capacity cannot be sustained without the requisite quality. You must aspire to the highest possible standard when completing projects on behalf of your clients, so that they begin to place trust in your service and engage in a long term commercial relationship. For those with long term aspirations of succeeding independently, emphasising quality rather than volume can deliver outstanding results.
- Deliver on Time and Communicate with your Clients: Meeting deadlines often relies on the honesty of your communication. In order to complete high quality work in a timely manner it is important to schedule your time realistically.
So be proactive when conversing with clients and set viable working deadlines, as these improve your chances of delivering a timely service that does not compromise on quality. If you are set to miss a proposed deadline, then let your client know immediately and keep them informed throughout the course of the project.
Author Bio: This post was contributed by Nixon Williams. To learn more about IR35 eligibility and your legal requirements as an independent contractor, click here.