Whilst the lifestyle of a contractor can prove particularly hectic and stressful at times, the pay-packet alone can often make up for this.
However, the major concern amongst many of those in the contracting profession revolves around the challenge to make money in-between secured job positions. It's likely that contractors will only work for a couple of months at a time; and it's not uncommon to take long breaks or holidays before venturing onto the next one. But what happens to your income during these periods?
This is where the downfall of contracting comes into play. The uncertainty and the general lack of security can put people off the idea of contracting completely; because if you don’t get another role sorted straight away, how will you make money in the meantime? And if you were to start working again immediately, what's the point of even calling yourself a contractor?
This is a rut that many contractors find themselves in. But we're here to tell you that there are plenty of ways to compensate for those unpaid spaces of time between roles; and some of them are much easier than you think!
No, it's not impossible to earn extra income; even if you're already a highly-paid contractor. At KnowNetwork, we specialise in giving you that much-needed helping hand in a variety of areas to maximise your value, time and lifestyle as a contractor.
Firstly, our referral scheme is something that not many other similar companies can compete with. You can join us as a member for free and still make money from the services we have available.
Making referrals can benefit you in more ways than one. Firstly, if you refer someone to a client or an agency who is worthwhile, your reputation will soar in a big way. Why? Because if the person that you refer does a good job, you'll be viewed as a trusted, reliable and legitimate contractor who takes the time to build relationships with worthwhile contacts.
In turn, you’ll be met with respect and credibility; and it gives you the opportunity to lend a helping hand to your fellow contractors too. When it comes to the money side of it, some companies may reward you for making good referrals. Here at KnowNetwork, that's exactly what we do. With KnowNetwork referrals, you can make money for each referral you make and increase your earnings whenever you need to.
Unlike many other similar schemes set up in other businesses, KnowNetwork don't give you a limit on how many times you can refer OR how much you can earn. As a member, you can recommend as many jobs and contractors as you want to increase your chances of earning. Not only that, but you'll earn extra cash throughout the lifetime of their future placements.
Of course, it isn't totally selfless. By referring people to join KnowNetwork, you're also contributing to the success of a business. But to return the favour, we offer you a host of bespoke benefits exclusively tailored for your work and personal life.
Trust in our referral scheme. We've paid out over £5,000 so far purely in referrals; and it's all structured with easily tracked payments directly to you. Help us, by helping yourself.
Find out more here.
There are of course, alternative ways to hike up your income as a contractor: the art of negotiation being one of them.
Negotiating Higher Rates
Negotiation might be a bit of a scary abyss to crawl into without knowing the reaction you'll receive on the other end, but it’s a classic case of ‘don’t ask don’t get’ when it comes to contracting.
If you don’t push yourself to your limits, you’ll never be able to up your game. Don’t de-value yourself when agreeing on your daily rate for a role. Whilst it can be daunting to approach intimidating clients with money on your mind, it is a necessary part of the job that your clients will hopefully sympathise with.
At the end of the day, there's always the possibility that you might be selling yourself short, and if you do, you’ll kick yourself at the end of it. You need to assess your skillset and what you're really bringing to a business. If they really want you, they'll pay what you're worth.
The trick of negotiating is finding the appropriate balance between maximising your earning potential, and keeping prospective clients and agents happy. To find out more about the power of negotiation, you can do that here .
Implement New Ideas
One thing contractors rarely fall flat on is ambition.; and on that note, you could prove your professionalism by promoting and pitching your own idea to support the company you’re currently working for.
For instance, if you have obtained good technical knowledge of a specific system, and the system is starting to get a bit old or tired, you could make an assessment of how much you think it would cost to re-write it in a more modern language and present a proposal.
Something like this would take a lot of work and it would be time consuming; but it will prove that you have innovation, creativity and boldness – qualities that go down very well in the world of contracting. If it all works out how you intend it to, you’ll likely receive some sort of commission or bonus from the company.
Making the most of your abilities and services is never something that should fall short when you're a contractor. If you have a niche, there are endless ways to put that skill into practice by demonstrating it to businesses in need. For instance, if you're an IT contractor, you could make yourself more money by offering your talents to independent IT departments.
Most users are technophobes and only get a fraction out of their software systems and packages that they could get. They have a requirement of someone to essentially hold their hand - especially when dealing with their own IT department. You could do the business analysis for any future requirements before it is handed over to their IT department.
This is just one of several unique ways to capitalise on your profits as a contractor. So what are you waiting for?
Earning more money on top of your existing rates is perhaps not at the top of your priority list, but it can help when you're on the move or seeking out a new job. If you need any tips regarding contracting, KnowNetwork can help. Join us and many other professional contractors for free here.
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