Recess Tip
Beating the Recession – Tips for Contractors and Freelancers
Understand and accept what is happening
Most people now believe that we are in for a spell of economic pain and recession, with which comes job losses and falling rates of pay. We’ve been here before and we’ll get through it again so accept and fight your way past it.
Timing can be everything
A major supplier to the construction industry recently laid off a significant number of contractors which flooded the market with engineers having similar skills. These contractors would have ended up touting for the same jobs and inevitably there would be sacrifices; lower rates, less interesting jobs or perhaps longer commutes. There is no harm in keeping your ears open to avoid being taken by surprise and even explore opportunities that are more secure. A useful trait is to be one step ahead and beating any possible rush.
Watch out for folding umbrellas in the storm
If we do enter a recession it is inevitable that companies will fold, Umbrellas included. If you use such a service, consider what you’d stand to loose if yours went under. Would it be a month or a week’s income? Perhaps you could change your arrangements with your umbrella to be paid weekly to minimize the impact of the worst happening. If you want to go a step further to protect your income then having your own limited company is probably the safest option. The real benefit here is that you are in full control of your income and by using a service such as inniAccounts the experience of running a business doesn’t have to be painful. Whatever you opt for, invoice frequently, monitor payments and as soon as you see the first sign of late payments, be alert.
Start saving (more)
Perhaps you consider yourself a good saver but there may still be opportunities to save a bit more. Are you paying for a gym membership and only going 4 times a month? Perhaps find a ‘pay as you go’ gym to save a few pounds. The more cash in the bank the less stressful any time out of work will be, and at the moment it may pay to have a slightly bigger buffer than normal.
Make yourself and your job as indispensable as possible
What if your client has to loose 50% of their contractor workforce? It is common for lists of contractors to be drawn up to assess who goes and who stays – make sure you’re on the right one. During tough times you need to put in 110%. Build trust, offer help rather than be asked, take on extra work, deliver high quality results, keep your promises and stay friendly with your client. Sometimes things are easy for you to do that are difficult for your clients, which mean a lot if you can be seen to be helping out. Don’t forget that these tough times affect pretty much everyone and your clients are probably struggling due to budget and resource cuts, schedule pressures etc. Doing little things for free will nearly always pay off.
Network like crazy
Strive to build a network with everything you do. Over the years you’ll meet so many people and each one is a prospective future client or has a link to one. Keep a list and if you’ve not spoken for a while give them a call to catch up – you never know where the conversation may go. Whenever you get the opportunity, give out your business card and always ask for theirs. You’ve no idea what happens to the cards you hand out, but those you collect are potential lifelines to future contracts. Don’t always think about what they can do for you, perhaps you can do something for them such as refer a potential client and you never know when the favour may be returned. The internet is the biggest network out there. There are plenty of networking groups, be they business or social but they are buzzing today more then ever. The likes of LinkedIn are free and powerful tools that are perfect for meeting new people and keeping in touch.
Make it easy to do business with you.
Understand your clients needs and be even more flexible than normal. Maybe your client can see budgets or contractor headcount cuts ahead and can’t afford a full time contractor. Perhaps you could agree part time support, work from your home office so not to be on the headcount or fixed price contracts.
Get a bit on the side
The internet is more useful than ever for sourcing work. Websites have started to appear such as oDesk and Elance where you can bid for work. They are not just limited to IT work either, there is a broad range from engineering drawings, technical reports through to marketing literature and freelance PR. It is a great opportunity to perhaps try something new, as you can bid for the work at a competitive rate and develop new skills along with gaining other revenue streams.
Be ready to act
If you did find yourself out of work, how quickly could you find new opportunities, get advice or find out what’s happening in the market? Our advice is to keep alert and be ready to react. Start by keeping up with current affairs and collect bookmarks of useful website – job sites, contractor forums, industry and market news, networking sites etc. It’s good practice to keep on top of your CV and portfolio. There’s plenty of guidance on writing CVs and during difficult times you need to make sure that yours stands out. Make sure it sells you well, it’s concise and professional. If this isn’t your strength, either perfect it through plenty of research on good CVs or consider paying for a professional to do it for you. It could pay for itself very quickly.
Think outside of the box
You may be able to avoid the competitive frenzy of jobseekers by looking for market niches that could be underserved or an untapped opportunity. It may mean a small sacrifice on rates in the short term (which is almost inevitable during a recession) but in the longer term greater opportunities could be waiting. A quiet time is also the best time to pursue past ideas you’ve just been too busy to explore. Dust them off, think hard about new ones and make best use of your time. Could you hold the key to the next big internet idea or the solution to the world’s green energy needs? Don’t forget that during this time people are hunting for work, and sometimes at knock down rates. Perhaps you have an idea but are short on skills to make it happen. How about putting packages on oDesk for others to complete? Maybe you have an idea for the next big mobile phone service or iPhone application? These are difficult times but they will pass and things will get better, so stay positive! In the meantime, put what you need to in place to survive and focus on the positive opportunities the corner. Good Luck!
About the Author
For more advice on contracting and freelancing, visit inniAccounts – the experts in contractor accountancy
|
|
DeWALT DW2201 #1 Square Recess 1″ Insert Bit Tips 2 Pack $0.99 |
|
|
DeWALT DW2202 #2 Square Recess 1″ Insert Bit Tips 2 Pack $0.99 |
|
|
DeWALT DW2203 #3 Square Recess 1″ Insert Bit Tips 2 Pack $0.99 |
|
|
DeWalt DW2212IR #2 Square Recess Bit Tip Impact Ready $1.00 |
|
|
DeWalt DW2202C10 #2 Square Recess Bit Tips 10ct *K $2.00 |
|
|
Irwin 6″ Power Bit CHOICE OF TIP STYLE New $2.99 |
|
|
Dewalt DW2203 #3 Square Recess Bit Tip, 2 Pack $3.45 |
|
|
5 DEWALT #2 Square Recess Insert Bit Tip Model # DW2202IR5 Robertson 1″ $3.99 |
|
|
Recess is Over!: No Nonsense Strategies and Tips for St $4.95 |
|
|
DeWalt #2 Impact Ready Square Recess Bit Tips – MISSING 1 BIT! $4.99 |
|
|
KLEIN TOOLS 668 #1 Square-Recess Tip Screwdriver $6.15 |
|
|
KLEIN TOOLS 669 #2 Square-Recess Tip Screwdriver $6.15 |
|
|
Klein Tools: #2 Square-Recess Tip Screwdriver: 4″ Round $6.78 |
|
|
DeWalt DW2202B10 #2 Square Recess 1-Inch Bit Tip, 10pc $6.95 |
|
|
DEWALT SCREW BITS IMPACT READY 1 INCH #1 SQUARE RECESS BIT TIP DW22011R5 2 PACKS $6.99 |
|
|
Bosch SQ2120T #2 Square Recess 1″ Bit Tips 20pcs. $7.00 |
|
|
DEWALT SCREW BITS IMPACT READY 1 INCH #2 SQUARE RECESS BIT TIP DW22021R5 2 PACKS $7.49 |
|
|
Radnor 724 Miller Style MIG Nozzle 1/2″ Bore Tip Recess 1/8″ (1 Per Card) $7.53 |
|
|
Radnor 725 Miller Style MIG Nozzle 5/8″ Bore Tip Recess 1/8″ (1 Per Card) $7.77 |
|
|
DW2200 DEWALT #2 Square Recess Bit Tip (25 Pk) 1″ $7.99 |
|
|
Klein Tools 662 # 2 Square-Recess Tip Screwdriver 4″ Round Shank $9.90 |
|
|
Klein Tools 663 #3 Square-Recess Tip Screwdriver 4″ Round Shank $9.95 |
|
|
Tweco Arcair EL22CT37 Nozzle 3/8″ Bore 1/8″ Tip Recess $9.96 |
|
|
Klein Tools 661 #1 Square-Recess Tip Screwdriver with 4″ Round Shank $9.97 |
|
|
Klein 663 #3 Square-Recess Tip Screwdriver $9.99 |
|
|
Klein 660 #0 Square-Recess Tip Screwdriver $9.99 |
|
|
Klein 662 #2 Square-Recess Tip Screwdriver $9.99 |
|
|
NEW #1 Sq Recess Bit Tip Imp Rdy Dewalt Pk Screwdriver Bits – Square DW2201IR $10.29 |
|
|
Klein Tools 665 #1 Square-Recess Tip Screwdriver 8″ Round Shank $10.45 |
|
|
Klein Tools 666 #2 Square-Recess Tip Screwdriver 8″ Round Shank $10.46 |
|
|
KLEIN TOOLS 667 #3 Square Recess Tip Screwdriver NEW $10.48 |
|
|
KLEIN TOOLS 665 #1 Square Recess Tip Screwdriver NEW $10.48 |
|
|
KLEIN TOOLS 666 #2 Square Recess Tip Screwdriver NEW $10.48 |
|
|
Klein 661 #1 Square-Recess Tip Screwdriver $10.49 |
|
|
Klein 665 #1 Square-Recess Tip Screwdriver $10.49 |
|
|
Klein 667 #3 Square-Recess Tip Screwdriver $10.49 |
|
|
Klein 666 #2 Square-Recess Tip Screwdriver $10.49 |
|
|
Klein 668 1-1/2″ Round-Shank #1 Square-Recess Tip Screwdriver $10.53 |
|
|
Klein 669 1-1/2″ Round-Shank #2 Square-Recess Tip Screwdriver $10.53 |
|
|
KLEIN TOOLS 663 #3 Square Recess Tip Screwdriver $10.55 |
|
|
Klein 666 #2 SQUARE-RECESS TIP SCREWDRIVER ROUND SHANK $10.79 |
|
|
Klein 661 #1 Square Recess Tip Screwdriver 4″ Round-Shank $11.49 |
|
|
Klein Tools 662B #2 Square-Recess Tip Wire Bending Screwdriver Round 4″ Shank $11.70 |
|
|
Klein Tools 661B #1 Square-Recess Tip Wire Bending Screwdriver 4″ Round Shank $11.98 |
|
|
Klein 660 #0 Square Recess Tip Screwdriver 4″ Round-Shank $11.99 |
|
|
Klein 662 #2 Square Recess Tip Screwdriver 4″ Round-Shank $11.99 |
|
|
Klein 663 #3 Square Recess Tip Screwdriver 4″ Round-Shank $11.99 |
|
|
Klein 661B Wire Bend #1 Square-Recess Tip Screwdriver $11.99 |
|
|
Klein 662B Wire Bend #2 Square-Recess Tip Screwdriver $11.99 |
|
|
Recess is Over!: No Nonsense Strategies and Tips for Student Teachers and New Te $13.49 |
|
|
Klein 667 #3 Square Recess Tip Screwdriver 8″ Round-Shank $13.99 |
|
|
Dewalt #3 Square Recess Bit Tips 100pcs. DW2203BL $14.00 |
|
|
Klein 665 #1 Square Recess Tip Screwdriver 8″ Round-Shank $14.16 |
|
|
Archie Sparrow’s Book of Useful Tips to Beat the Recess $14.30 |
|
|
Klein 666 #2 Square Recess Tip Screwdriver 8″ Round-Shank $14.99 |
|
|
KLEIN TOOLS 85155 Square Recess Tip Screwdriver Set $15.06 |
|
|
Bernard Brass Nozzle Recess Tip $16.47 |
|
|
Greenlee 0353-13C Square-Recess Tip Driver #2 x 4″ $16.69 |
|
|
Greenlee 0353-11C Square-Recess Tip Driver #0 x 4″ $16.88 |
|
|
Tweco Arcair EL24I37 Nozzle 3/8″ Bore SlipOn Type 1/8″ Tip Recess Set of: 2 $17.40 |
|
|
Tweco Arcair EL24I50 Nozzle 1/2″ Bore SlipOn Type 1/8″ Tip Recess Set of: 2 $17.40 |
|
|
EL24I-62 Eliminator Style Slip-On Nozzle With 5/8″ Bore (1/8″ Tip Recess) $17.40 |
|
|
Klein 662 #2 Square-Recess Tip Screwdriver– 4″ Round-Shank $17.49 |
|
|
MILLER 198857 DIFFUSER, GAS FASTIP RECESSED .350 OD 1/8 TIP RECESS (2 PER PACK) $18.00 |
|
|
Archie Sparrow’s Book of Useful Tips to Beat the Recess $17.86 |
|
|
24A-62-SS 4 Short Stop Nozzle With 5/8″ Bore (1/8″ Tip Recess) Set of: 2 $18.94 |
|
|
Tweco Arcair 22-62-SS 5/8″ Bore Short Stop Nozzle, 1/8″ Tip Recess Set of: 2 $18.94 |
|
|
Tweco Arcair 24A37SS Nozzle 3/8″ Bore Short Stop 1/8″ Tip Recess Set of: 2 $18.94 |
|
|
Tweco Arcair 2237SS Nozzle 3/8″ Bore Short Stop 1/8″ Tip Recess Set of: 2 $18.94 |
|
|
Tweco Arcair 24A50SS Nozzle 1/2″ Bore Short Stop 1/8″ Tip Recess Set of: 2 $18.94 |
|
|
Tweco Arcair 22-50-SS 1/2″ Bore Short Stop Nozzle, 1/8″ Tip Recess Set of: 2 $18.94 |
|
|
Klein 666 #2 Square-Recess Tip Screwdriver with 8″ Round Shank $18.98 |
|
|
Klein 666-INS Insulated Round Shank #2 Square Recess Tip Screwdriver w/ 8″ Shaft $19.47 |
|
|
KLEIN 666-INS #2 Square Recess Tip Screwdriver NEW $19.48 |
|
|
Klein 666-INS Insulated Square-Recess-Tip Screwdriver $19.49 |
|
|
Radnor Robertson Square Recess X 1″ Insert Bit With Extra Hard Tip Set of: 10 $19.90 |
|
|
TREGASKISS STYLE NOZZLE 401-6-62 HEAVY DUTY 5/8 BORE 1/8 TIP RECESS $21.50 |
|
|
Tweco Arcair 2137 Nozzle 3/8″ Bore 1/8″ Tip Recess Self Insulated Set of: 2 $21.98 |
|
|
Tweco Arcair Recess Contact Tips -tw 15hfc-45 contact tip25ea/pkg Set of: 10 $22.30 |
|
|
Bernard N-5818B Nozzle Style : 1/8 in. Tip Recess $22.99 |
|
|
4-Pcs Square-Recess Tip Driver Set Greenlee #0353-01C $23.00 |
|
|
5 Piece Screwdriver with Magnetic Tip- Recess, Clutch, Slotted, Phillips- Manual $23.51 |
|
|
Tweco Arcair 24CT-50-S Nozzle 1/2″ Bore (1/8″ Tip Recess) Set of: 2 24CT50S $23.98 |
|
|
24CT-62-S 4 Standard Coarse Thread Nozzle With 5/8″ Bore (1/8″ Tip Recess) $23.98 |
|
|
25CT-75 5 Standard Nozzle With 3/4″ Bore (1/8″ Tip Recess) Set of: 2 25CT75 $23.98 |
|
|
Tweco Arcair 25CT50 Nozzle 1/2″ Bore 1/8″ Tip Recess Set of: 2 $24.94 |
|
|
(100) DEWALT #3 SQUARE DRIVE RECESS DRIVER TIPS *NEW* $25.00 |
|
|
(100) DEWALT #1 SQUARE DRIVE RECESS DRIVER TIPS *NEW* $25.00 |
|
|
EL22I-50 Eliminator Style Slip-On Nozzle With 1/2″ Bore (1/8″ Tip Recess) $25.98 |
|
|
Tweco Arcair 24CT62R Nozzle 5/8″ Bore 1/2″ Tip Recess Set of: 2 $25.98 |
|
|
24CT-75-S 4 Standard Coarse Thread Nozzle With 3/4″ Bore (1/8″ Tip Recess) $26.94 |
|
|
25CT-62-S 5 Standard Coarse Thread Nozzle With 5/8″ Bore (1/8″ Tip Recess) $26.94 |
|
|
24FN-62-S 4 Fine Thread Nozzle With 5/8″ Bore (1/8″ Tip Recess) Set of: 2 $28.94 |
|
|
Tweco Arcair EL22I37 Nozzle 3/8″ Bore SlipOn Type 1/8″ Tip Recess Set of: 2 $28.94 |
|
|
EL22I-62 5/8″ Bore Slip-On Type Nozzle With 1/8″ Tip Recess Set of: 2 EL22I62 $28.94 |
|
|
Tweco Arcair EL22I75 Nozzle 3/4″ Bore SlipOn Type 1/8″ Tip Recess Set of: 2 $28.94 |
|
|
Tweco Arcair 24FN50S Nozzle 1/2″ Bore 1/8″ Tip Recess Set of: 2 $28.94 |
|
|
Tweco Arcair Recess Contact Tips -tw 15h-35 contact tip1150-1202 Set of: 10 $29.90 |
|
|
Tweco Arcair Recess Contact Tips -tw 15h-45 contact tip1150-1204 Set of: 10 $29.90 |
|
|
Tweco Arcair Recess Contact Tips -tw 15h-764 contact tip1150-1211 Set of: 10 $29.90 |
