Contracting in the UK Lessons Learned from the last 12 months

Here are my 12 Lessons from Contracting in the UK over the last 12 months ****** Check out my FREE MASTERCLASS on How to be a HIGH ACHIEVER in 2021 👉michaeltabirade.com/highperfo...
👉🏿📝 Show Notes & Links 📝 👈🏿
00:00 - 01:00 Introduction
01:00 - 01:57 Lesson 01
01:57 - 02:48 Lesson 02
02:48 - 03:58 Lesson 03
03:58 - 05:02 Lesson 04
05:02 - 06:12 Lesson 05
06:12 - 07:44 Lesson 06
07:44 - 08:33 Lesson 07
08:33 - 09:51 Lesson 08
09:51 - 11:46 Lesson 09
11:46 - 12:48 Lesson 10
12:48 - 15:11 Lesson 11
15:11 - 18:07 Lesson 12
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➡️ ➡️ Recommendations:⬅️ ⬅️
How to become an Independent Consultant (Contractor) in the UK
• How to become an Indep...
💰 Personal Banking💰
www.starlingbank.com/
💼 Business Banking 💼
www.tide.co/
Understanding off-payroll working (IR35)
www.gov.uk/guidance/understan...
FCSA umbrella employers and limited companies
www.fcsa.org.uk/members/
GOV.UK information on the Conduct Regulations 2003
www.gov.uk/government/publica...
Contractor Calculator | Guidance on Contracting
www.contractorcalculator.co.uk/
Referral (I get a remuneration if you use this link)
www.wearesapphire.co.uk/refer...
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About:
Contracting the UK can sometimes feel elusive, but in this video and in previous videos, I break down my experiences to date. I am not a guru in the contracting space, merely someone who shares their experiences. A lot of my experience has been public sector focused, and therefore my knowledge is limited within the private sector space. I liken contracting to independent consulting, as there is a professionalism that is associated with the profession.
Disclaimer: Some links in this description are affiliate links, which means I may receive a commission if you purchase from them. This helps to support my work focusing on creating everyday leaders through personal development, coaching, events and value-driven content.💸💰💼▶️▶️➡️⬅️⬅️⬅️

[@MichaelTabirade]

What other things would you like to learn about contracting? Comment below!

[@lawerenceolayemere1329]

What you saying bro. I just started a project administrator role at IBM. I could love to connect with you. Still very early and just entering project management. Great to see another black guy in the project management space.

[@lawerenceolayemere1329]

Trying to get really good at project management. Just starting out. I used to work in sales (revolving door). If you have any tips. That could be great.

[@garyquigley6210]

Great Video thanks Michael. I'm currently working as a Service Transition Analyst and I'm the lowest paid but have the most projects + extra work and still have highest overall completion on my projects. I'm now looking into taking this role into contracting.

[@MichaelTabirade]

Thank you for your feedback - it's good to know that you are channelling what appears to be a frustrating situation into a potentially fulfilling venture for you! All the best with your career endeavours 🙂🙏🏿🙏🏿🙏🏿

[@jamespatraiko1732]

Great video - very well spoken and useful information. Thank you very much for your content! Have subscribed 👍

[@dansmith5381]

Thank you for taking the time to put this together, is a great video and really helped me understand options for getting started with contracting

[@MichaelTabirade]

Hey Dan, glad it helped and good to know it has helped shape some possible options for you. Good luck on your journey! 👊🙏🏿👌🏿

[@AV-yq6gf]

Fantastic video!!

[@MichaelTabirade]

Thank you very much!

[@ElizabethObuks]

So happy I found this video! I'm just getting into contracting and your advice in this video is invaluable. Thank you!!

[@MichaelTabirade]

You're too kind, thank you and glad it was useful! 🙏🏾🙏🏾🙏🏾

[@user-yg9iy5fu9f]

Great video! Looking to go into engineering contracting as a ltd business and this video was very helpful!

[@MichaelTabirade]

I'm glad you find it useful! All the best! 🙏🏿🙏🏿🙏🏿✨

[@markbrowne181]

Thank you for this video. I am just starting into contracting and this video is really valuable. Appreciate you taking the time. It has helped me prepare myself.

[@MichaelTabirade]

Thank you Mark, much appreciated and glad it was useful for you! Good luck on the journey 🙏🏿🙏🏿🙏🏿🙂

[@MyAntony1985]

Great video thank you!

[@MichaelTabirade]

Thank you! Much appreciated 🙂

[@ket1217]

Can you talk about some particular experiences you had on your first week/s of your contracting job? Was there a room for learning curve? Or do you always hit the ground running?

[@MichaelTabirade]

For my first ever contract my first week was terrible. The leadership was poor and I was in the role role. They recognised this but placed me somewhere else a Deloitte consultant was leaving. I thrived in the role. The lessons I learned pushed me to develop this video below. If I didn't know something, I would research it inside or outside of contract hours, or just speak to someone. However, my experience in stakeholder management, change and project management helped manage my imposter syndrome kzbin.info/www/bejne/Y3zVlamBr6doepYsi=woYI401oR17L17rK

[@smtmeer]

Great video for introduction to contracting in uk. Can you please guide me the contracting business in process/manufacturing industries in uk. For example some sort of industrial engineering solutions which includes electrification, manpower, etc. Moreover I need to know some highly profitable manufacturing industries like oil and gas or automotive industries who generates some good profits. I hope you got my point.

[@MichaelTabirade]

Hi there, unfortunately I am not the best person to speak to regarding these types of contracts. I would check contracts finder online to get a better idea. Good luck with your search!

[@tobaadesanya32]

Great video Michael! Thanks a lot for sharing. Do you have any ideas on how professionals with sponsored visas can get into contracting? Thanks

[@MichaelTabirade]

No problem at all! This is not my area of expertise and you'd probably need to seek advice from the home office. What I do know is that a VISA is required for contracts, and if you live outside the UK, under an outside IR35 setup, you can get a UK limited company and get subcontractors to work for you. This would not be possible inside IR35. If you are on a temporary Visa, I imagine it comes down to time limit and the application process. If you do go down this path, let me know what you find out! All the best 🙏🏿🙏🏿🙏🏿

[@cyberwithdani]

Thank you for posting this. Is there a way to have a 1 to 1 session with you and ask a few questions? If there is, please let me know. Thanks!

[@MichaelTabirade]

Hey there, usually there is, however upon checking my calendar it's booked until October. Feel free to check the links in the description in any case just in case there is a slot available. Apologies for any inconveniences caused 🙏🏿🙏🏿🙏🏿

[@cuongme626]

Do you have any tips and how to do your own book keeping with accounting software?

[@MichaelTabirade]

Unfortunately I don't, I don't do any of it and try to steer away from that. I work with an FCSA approved company that does both inside and outside of IR35 contracts, as well as my business stuff. I would seek some advice from an accountant via a free consultation

[@mystyle_edit]

​@@MichaelTabirade Did you hire someone to deal with all the administration/accounting stuff?

[@MichaelTabirade]

@@mystyle_edit yes I did, I hired an FCSA approved accounting company to do it all for me.

[@jawadali5499]

Hi Michael, I'm in my late 20's and have been in my current role for 6 months. And collectively have had 2.5 years (in two different industries) of experience under my belt since graduating. Is it too early to make the step into contracting?

[@MichaelTabirade]

Hey Hamoudi, thank you for your question. This requires a delicate response as you are early on in your career. I have been told by friends that some people have infact started contracting early and made a career in it. The risk with this is that it may be harder to command the day rate you want and fit into industries you prefer (possible risks). The upside is that you may get some of the benefits early on if the risks don't play out. If it was me, I would get at least 5 solid years of experience vertically down a field, like project management and glitter it with vocational qualifications like Agile Prince 2 and/or MSP and try and get my workplace to pay for it. As I do this I would ensure my CV and LinkedIn was on point. Then I would go all in with contracting and build a solid emergency fun and index fund, and property deposit. My connections would also be solid and would use my age to get people to mentor me and show me opportunities (I wouldn't fully rely on this though). My day rate would not go below a certain threshold based on my experience and the market. I hope this helps!

[@jawadali5499]

@@MichaelTabirade Thank you very much Michael for your response. It's genuinely helpful. Keep up the great content!

[@MichaelTabirade]

@@jawadali5499 No problem at all, I'm glad it's helpful and thank you for the encouragement! 🙏🏾🙏🏾🙏🏾

[@expataccountantbackup]

Do you think contracting is still good even during in this economy?

[@MichaelTabirade]

Hey Crescencia, this is a great question and one I cannot respond to in a binary way. It depends on many factors, but ultimately there will be particular markets and roles that will thrive and some that won't. However, history has shown contractors are needed during these times and are usually the first to get the opportunities. I have recently produced a video on this very question: kzbin.info/www/bejne/r3qQdYOBp7ugbdE

[@expataccountantbackup]

@@MichaelTabirade thank you, i will take a look.

[@aymen222]

I’m 40 should I go into contracting?

[@just2goodpeace22]

Yes absolutely

[@MichaelTabirade]

That's totally down to you my friend! 😊🙏🏿 If you are still unsure speak to other contractors, hiring managers and agents to get a feel. I know many contractors in their 40s and 50s that are thriving. It's more to do with competence and experience l, but ultimately the decision is yours to make 🙏🏿🙏🏿🙏🏿

[@lesleymagee985]

Really helpful video! I’d be interested to know which agencies you use or agencies you are aware of which help you to find work? Thanks! 😊