The impacts of COVID-19 have taken a toll on all workers. Self-employed contractors were faced with even greater uncertainty than most. Not least during the early phase. In turn, you now need to implement a strategy that can protect your earning potential for the rest of your career.
There are many aspects to consider. Here are five steps that should lead you to a sustainable future.
#1. Protecting Your Health
COVID-19 hasn’t only put your earnings at risk, it has put your health at risk too. This is the wake-up call to protect yourself in the workplace. If working as a contractor on building sites or providing services such as electrician work, you must wear the right items. As well as boots and goggles, you should see more accessories to prevent contracting the coronavirus or facing other dangers. This can include the threats posed by fires, chemicals, and a range of other items.
#2. Reduce Your Overheads
The harsh reality is that many contractors will need to reduce their rates. Whether working for B2B or B2C clients, earning potential may fall slightly. The only way to combat this is to reduce your expenses. Simple ideas like using video consultations rather than visiting clients to give a quote are ideal. Partnering with better material suppliers is useful too. When supported by the use of an accountant to claim back your tax credits, the benefits for your future are clear.
A solid list of contacts can go a long way to securing a greater volume of contracts. It may also boost the value of the contracts. There are times where you can work with other contractors to secure the biggest contracts too. Join local memberships, perfect your website, and attend events. When you can create a professional vibe and acquire increased visibility, positive results will follow. Better still, past clients can provide recommendations to support your bid to win new customers.
#4. Create Revenue Streams
While your old strategy previously secured great returns, it might not suffice any longer. It could be a long time before true normality returns. Thankfully, there are several ways to boost your overall earnings. Utilizing the gig economy to find additional contracts can work wonders. Turning your solo effort into a small business is another popular solution. Some contractors can also generate income from content, such as blogs and social media influencing. It can reduce the pressure on your main role.
#5. Preparing For The Worst
Even when you put all of the above features in place, some situations cannot be prevented. So, you must take precautions that will keep you covered should unforeseen circumstances occur. Health insurance and income insurance can make a big impact. Aside from the financial protection, it builds an emotional safety net. This allows you to stay productive without distractions. For the sake of immediate and long-term success, this step is perhaps the most important for your career. Don’t forget it.
While the above steps won’t guarantee success, they will go a long way to protecting your future as a contractor. Now is the time to take control of the situation.