Contracting but struggling with the uncertainty

[stroan]

Any advice from experienced contractors/freelancers? How do you deal with the constant threat of a contract ending?

I was made redundant on maternity leave, but managed to pick up a contract role. They miraculously agreed to part time (4 days per week) and I'm enjoying it so far. The company is extremely flexible, the project is interesting but not stressful, I enjoy the freedom. After a really awful few years with my last employer, I love not getting involved in politics.

My contract has now been extended twice, but the last extension was for just three weeks which takes me up until the start of June. I know that's actually pretty good but I'm massively struggling with the uncertainty of contracting. I feel completely overwhelmed and panicky most days.

I'm confident about my ability to do other roles, but I'm less confident about my chances of getting one which allows me to work 4 days per week. I really value that one day with DD and it's important to me to keep it if at all possible.

Financially, we're ok if I have a gap in between contracts. But we're also trying to save every penny so that we can have a second baby and I'm conscious that time out of work prolongs that.

I don't have a big network in my location/field - I've been trying to network within the company as they hire a lot of contractors and there's several different areas I could work in. I have a well-meaning but interfering colleague who keeps butting into conversations, I then lost the attention of the person I'm trying to impress! My project is narrow so it's quite hard to create conversations.

I'm closely monitoring job boards, actively using linkedin and contacting recruiters. I'd take a permanent role if I could negotiate part time, but would prefer to keep contracting.

It's the nature of the beast I'm afraid.
If you are lucky enough to be getting the money Contracting brings you have to accept the uncertainty and plan as much as possible.
Me and DH are both Contractors and we do get twitchy when acontract is coming to an end and an extension is always nice but you should treat it as a bonus not an expectation.
Several of my recent contracts were actually advertised as full time employed positions as in my field (Business development) Contracting is not well known but I got in touch and sold myself as an option instead.
Networking has never worked for me

Are you getting paid a lot more as a contractor than you were in FT employment? That's the only way to make it work. I'm fine if I work half a year. That's what I aim for - any more than that is a bonus. If you're not earning enough for that to be viable, then you're probably not charging enough.

It is a massive change in mindset though and it takes time to stop panicking. Also, I don't think everyone is cut out for it - if you're inclined to anxiety, you're probably better off in a full time job.

Thank you both. You've confirmed exactly what I thought.

I think the timing is probably not right for me - if I'd been experiencing my first few rounds of contracting before we had a baby and mortgage, I'd probably have found the uncertainty easier to deal with and got used to it.

That said, I am earning a good amount and can afford to be between contracts for a few months. I'm very lucky to be in this position.

I love everything that contracting offers, I'm just not used to the lack of security. Unfortunately, there are never any part time
jobs advertised in my field. I was offered three full time positions but wasn't able to negotiate 4 days per week or even compressed hours. I'm currently trying to complete a new qualification in an area which does occasionally have part time jobs or contracts advertised. Hopefully I'll be finished before this contract ends.

I'm not sure you ever get used to it. I work on a number of different contracts at a time, which kind of helps because it's not all or nothing, and gets me known to a wider group of people. I've pretty much got security for this year due to a couple of large contracts, but generally I only know a month or two in advance. Just have money saved really to cover lean times is about all you can do. Getting out and about and networking has worked for me - I get a lot of work by word of mouth - and also looking out for tenders - but if you only have the capacity to work one contract at a time this is more difficult for you. Find people in a similar situation to get some support would be my other bit of advice!