How to make the most of your time inbetween contracts

Every contractor will be familiar with the inbetween time when one contract ends before another begins.

At first it can feel like a strange or even worrying time, after all, if you don’t have another contract lined up it’s easy to feel worried about what’s next. 

When you’re finished your current project, said your goodbyes and submitted your final timesheet, it’s important to plan what’s next. That’s where Umbrella Search can help. In this guide, we’ll walk you through exactly what to do inbetween contracts, to make the most of your time and stay in control of your career.

Wrap up your current contract

First things, first, you’ll need to wrap up your current contract.

Ensure you have submitted your final timesheet to the umbrella company to ensure you’re getting paid correctly.

If you have ay outstanding expenses from the contract, such as travel costs or equipment costs, make sure you submit them to the umbrella company who will ensure they are dealt with correctly.

Say goodbye to the client and make sure you leave on good terms. After all, you never know if more work with that client could pop up in the future so it’s always good to leave a good impression and express your interest in working with them in the future.

Use the Break Wisely — Even if It’s Short

You may have planned how long you’ll have off between contracts, or you may be unsure of the timeframe if you haven’t yet secure your next contract. However, even if you’re taking just a week off, it’s important that you use the break wisely.

Take time to do things such as:

-        Review and update your CV, adding on your most recent experience and ensuring it’s the best version it can be

-        Likewise, update your LinkedIn profile to reflect your most recent contract and make sure you mark that you’re open to work which will let clients and recruiters know you’re available

-        Reflect on what you enjoyed and didn’t enjoy with your last contract, and how can you use that to improve your experience with your next contract

-        Set your goals for your career going forward. Is there a specific client you’d like to work with in the future? Are there new skills you’d like to learn? What do you want to achieve and how can you go about this?

-        Use the time to take care of things that easily fall behind when you’re busy, such as admin, paperwork, or expense filing

As well as planning for what’s next, it’s also a great opportunity to take some time to rest and relax. Whether you take a couple of days to enjoy your hobbies, or simply relax, it’s important to recharge your batteries meaning you can head into the next contract rested and recharged. 

Take time to review your current situation

Having time between contracts is a great opportunity to review your current contracting set up.

From looking at your current umbrella provider to check that they’re offering everything you need, to reviewing your daily rate to ensure you’re being valued for your skills and expertise, this is a great time to take stock and make any changes you think will improve your contracting career going forward.

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Get in Touch With Your Recruiter

Once you’ve wrapped up your current contract, it’s always reassuring to secure what’s next.

If you haven’t managed to secure your next contract, now is the time to reach out to recruiters to help you find your next opportunity.

If you’ve used a recruiter to help you find contracts in the past, reach back out and let them know you’re available. Share your updated CV and outline exactly what opportunities you’re looking for next.

They can help you bag your next contract without spending the hours looking researching what’s out there. 

Gain new skills

A gap in-between contracts is great opportunity to learn a new skill, especially if you think this will be beneficial to gaining your next contract and if you’ve been too busy with work to get round to learning something new.

Gaining that new skill doesn’t always mean you have to enrol into a university course or dedicate months of your time to upskilling.

In fact, nowadays it’s easier than ever to get online and learn something new with a range of resources out there.

Whether you complete a short course online, watch some webinars or attend an event in person, there are plenty of easy and non time-consuming ways to brush up o your skills and bring you’re A game to the next contract.

Review your financial buffer

If you’re planning to contract long-term, then having a financial buffer is essential, especially during quieter months or times where the gap between contracts becomes longer than expected.

Making sure you have a sufficient financial buffer is crucial.

Take a moment to:

• Review your savings (3–6 months is ideal)

• Budget for the next few weeks (especially if you’re between roles)

• Consider whether it’s time to adjust your contractor rate, especially with rising living costs

Next steps – contract with confidence with an umbrella company you can trust

When one contract comes to an end, although it can feel daunting, it can be a great time to take time to review your current situation and look at what the future brings.

Make the most of the time you have off to recharge, upskill and go after that dream contract next. 

You may also decide that it’s time to start using, or change your current umbrella company. If that’s the case, Umbrella Search can help. Get in touch with our team of experts and we’ll find you an umbrella company that’s the perfect fit for your contracting needs. Simply get in touch and see how we can help.

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