Working as an interim can be an on-going career choice or short-term solution. The benefits can include:
- The opportunity to add new skills or different projects to your career to date.
- Expanding your remit and getting better visibility of how different companies work.
- A way to try out a new geographical location before committing to relocating long-term.
- The opportunity to experience new industry sectors and different aspects of roles.
- Better flexibility over working and more control over your career as a whole.
- You choose which contracts to take and can fit your work around your lifestyle for a better work-life balance.
- More autonomy and working in greater delivery focused positions.
- Most interim roles are project based so there are greater deliverables and clearer expectations than in some permanent positions.
Financially there are pros and cons to working as an interim. It is often the case that interims earn more money than their permanent equivalents but the costs of running a business need to be considered, along with potential time between contracts when you might not be working.
If you have decided that working as an interim is the way forward for you then you need to consider how it works and the processes you need to follow. You have two main options – to run your own limited company or to utilise the services of an umbrella company.
Setting up your own limited company makes sense if you are looking at working as an interim on a long-term basis. You will need to seek advice on the best way to manage your finances ensure that you have all the relevant insurances in place as well as ensuring you are covered legally. This is the most tax efficient method of contracting.
If you are new to the interim market and unsure of the longevity of this as a career choice, then you can utilise an umbrella company. They will provide you with insurance, legal and financial cover. There are a number of companies and options available, so it is worth researching and considering the level of service you require and the associated costs.