Contracting - identifying marketable skills?

dirtychinchilla · 1 Nov 2021 at 13:50

Afternoon,

I enjoy my job these days and the salary is OK, but our household expenses went up a lot when my wife lost her job late last year and when we moved house earlier this year. She found a new job, but it pays worse and whilst she has always had a company car, that has worked out a lot more expensive as well. So I've been trying to work out how to make some more money.

I have a couple of investments, and they're doing their thing in the background, but they don't do much to help pay the mortgage etc. One thing we could do is reduce our outgoings, but I go through our bills every months and whilst a few are luxuries, the real expensive ones aren't (mortgage, council tax, car [I know, bad decision, but I got sick of puddles in the footwell]), so I don't feel like those could be cut down much.

I work in middle management so I have various skills which I think might be marketable, but I'm having trouble pinning down what they are, and how I might be able to sell those skills. I could probably do with earning between £500-£1000 extra a month just to make us a little more comfortable and able to save properly. I was thinking some sort of contracting.

Has anyone done this? What sort of skills did you have? How did you market them? I have considered going to a career consultant to see if they can help me with the identifying. Thus far, that led me to a business cult!

Thanks in advance,

dirtychinchilla

HangTime · 2 Nov 2021 at 01:26

Depends on the sector but generally there isn't much difference in how you market yourself as a contractor relative to a perm. I'd say the only difference really is notice period, as a contractor you want to be in a position to start within a few weeks at most. You also want to be able to articulate how you will hit the ground running i.e. get your arms around whatever position you are going for in a short space of time.

dirtychinchilla · 2 Nov 2021 at 14:25

HangTime said:
Depends on the sector but generally there isn't much difference in how you market yourself as a contractor relative to a perm. I'd say the only difference really is notice period, as a contractor you want to be in a position to start within a few weeks at most. You also want to be able to articulate how you will hit the ground running i.e. get your arms around whatever position you are going for in a short space of time.

I was thinking of trying to earn money in addition to my current job, so something one day a week instead of leaving my job to contract. Still though, I feel like contracting would need a specific skill to make it appealing.

Kenai · 2 Nov 2021 at 14:38

"Some sort of contracting" is very vague. It's not much different to saying "Some sort of work" or "Some sort of job"

'Contracting' is a way of working / being 'employed' by someone. You shouldn't really need to be thinking up specific skills or anything, you'd be utilising the skill set you have already.

I can't see much of a marketplace for someone to work as a contracting middle manager for one day a week - were you anticipating doing something totally different to your day job? I wonder if perhaps the focus on 'contracting' is not really what you mean?

dirtychinchilla · 2 Nov 2021 at 14:49

Kenai said:
"Some sort of contracting" is very vague. It's not much different to saying "Some sort of work" or "Some sort of job"

'Contracting' is a way of working / being 'employed' by someone. You shouldn't really need to be thinking up specific skills or anything, you'd be utilising the skill set you have already.

I can't see much of a marketplace for someone to work as a contracting middle manager for one day a week - were you anticipating doing something totally different to your day job? I wonder if perhaps the focus on 'contracting' is not really what you mean?

Hmm you might be right there. I'm just trying to find a way to earn more money outside of my day job, using skills I've already got. I'm trying to work out which of my skills would be marketable.

HangTime · 2 Nov 2021 at 15:40

In this scenario you would want to identify skills that can be used in short bursts, e.g. as a skilled tradesman doing plumbing/electrics/plastering etc. You can then hoover up all the one day jobs that the trades don't want to touch.
Generally, middle-management skills don't tend to lend themselves to this sort of staccato engagement, but instead are more around planning, execution and management over an extended period.

dirtychinchilla · 2 Nov 2021 at 16:31

HangTime said:
In this scenario you would want to identify skills that can be used in short bursts, e.g. as a skilled tradesman doing plumbing/electrics/plastering etc. You can then hoover up all the one day jobs that the trades don't want to touch.
Generally, middle-management skills don't tend to lend themselves to this sort of staccato engagement, but instead are more around planning, execution and management over an extended period.

I can't believe that's the only way to do it. But you could be right I guess

Kenai · 2 Nov 2021 at 17:23

It's bit difficult to offer up much more advice with everything so vague.

So far, all you've really actually asked is how to identify which of your undefined middle management role skills might be marketable in an environment where you're only doing something a day a week - it's hard to suggest much more than what @HangTime has above.

If we knew for example that you are a manager in an accountancy firm, then maybe people may suggest that you could use your accountancy management skills to set up long term but small workload relationships with local small businesses that are looking for something a bit more personal than a QuickBooks subscription. Off the top of my head, I think that's the sort of route i'd be thinking for most potential work areas you might be in - can you offer a more personal small business service for accounts/IT/marketing/social media/HR/legal/etc. etc. - what that area is though is entirely dependent on what you actually do now though.

If your skills are literally non-specific 'middle management' though, i'm not really sure how you would apply that on a low time commitment basis.

HangTime · 3 Nov 2021 at 09:54

Maybe the best approach would be to tell us what skills you think you have and we'll tell if you if we think any are marketable in this way.

At the moment it's kind of like "tell me which of my flowers are the prettiest and the best way to monetise them" without knowing what flowers you have.

dirtychinchilla · 3 Nov 2021 at 11:00

Kenai said:
It's bit difficult to offer up much more advice with everything so vague.

So far, all you've really actually asked is how to identify which of your undefined middle management role skills might be marketable in an environment where you're only doing something a day a week - it's hard to suggest much more than what @HangTime has above.

If we knew for example that you are a manager in an accountancy firm, then maybe people may suggest that you could use your accountancy management skills to set up long term but small workload relationships with local small businesses that are looking for something a bit more personal than a QuickBooks subscription. Off the top of my head, I think that's the sort of route i'd be thinking for most potential work areas you might be in - can you offer a more personal small business service for accounts/IT/marketing/social media/HR/legal/etc. etc. - what that area is though is entirely dependent on what you actually do now though.

If your skills are literally non-specific 'middle management' though, i'm not really sure how you would apply that on a low time commitment basis.

HangTime said:
Maybe the best approach would be to tell us what skills you think you have and we'll tell if you if we think any are marketable in this way.

At the moment it's kind of like "tell me which of my flowers are the prettiest and the best way to monetise them" without knowing what flowers you have.

You're both right - I've basically said nothing. I'm a product manager for a low carbon technology company. My product, specifically, is MVHR. I manage a team of 5 people, look after all sorts of technical queries, manage the marketing campaigns, ensure account managers are getting all the technical info they need, do presentations to customers and clients, manage pricing, quoting etc to do with sales. My degree is in mechanical engineering.

As far as skills I can pinpoint, probably the main one is Excel. I'm a small-time wizard. I've made various programs for work and therefore have some experience with VBA. That's not my responsibility any more, but I can do it. I was also the CAD guy for years, so am (or was) competent with AutoCAD. But these both smack to me of skills that either can be farmed out to India, or for AutoCAD, would require me to have more detailed knowledge of building regs etc.

dlockers · 3 Nov 2021 at 11:41

You just need to get a better paying current job. You sound like you have reasonable level of experience and responsibility.

dirtychinchilla · 3 Nov 2021 at 14:20

dLockers said:
You just need to get a better paying current job. You sound like you have reasonable level of experience and responsibility.

You may well be right, but I've struggled to leave this job as I'm very attached to what I do. I enjoy it and I believe in it, which I think is a rare combination. we don't need loads more money, just a little bit more would make us a little more comfortable. If my wife still had her previous job, for example, we'd be fine.

Quartz · 3 Nov 2021 at 15:11

dirtychinchilla said:
I could probably do with earning between £500-£1000 extra a month just to make us a little more comfortable and able to save properly. I was thinking some sort of contracting.

Do you want a second job? Or a higher paying job? If the former you should check your current employment contract to see if they are allowed, in which case perhaps a column in a local paper or a non-executive directorship?

dirtychinchilla · 3 Nov 2021 at 15:16

Quartz said:
Do you want a second job? Or a higher paying job? If the former you should check your current employment contract to see if they are allowed, in which case perhaps a column in a local paper or a non-executive directorship?

What does a non-executive directorship involve?!

I'd like my job to be higher paying, but failing that I wouldn't mind putting in extra hours to be more comfortable. There's nothing in my contract about other jobs, and I think they'd be horrified if they found out I was doing another job to make ends meet.

Quartz · 3 Nov 2021 at 15:19

dirtychinchilla said:
What does a non-executive directorship involve?!

https://www.investopedia.com/terms/n/non-executive-director.asp

A small company might welcome someone with your experience in such an advisory role.

dlockers · 3 Nov 2021 at 15:27

dirtychinchilla said:
You may well be right, but I've struggled to leave this job as I'm very attached to what I do. I enjoy it and I believe in it, which I think is a rare combination. we don't need loads more money, just a little bit more would make us a little more comfortable. If my wife still had her previous job, for example, we'd be fine.

Is your role in demand in the industry? The only way to do this through the path you are suggesting is becoming an SMA that contracts out at day rate. Join the lecture circuit for your industry. Become a coach to go into other firms.

I highly doubt your current firm would like that though.

Honestly, phrasing it how you did earlier ('current job finding out you need a second job to make ends meet') prompts a HR conversation to me. Very simply you make clear you want to be there, you like what you do, but financially it is becoming a struggle - see what they say. I'd bite your hand off to give you an extra fiver if it means you are there for life (and I think you are doing a good job).

Really frustrating when great people quit over something stupid like money (as companies tend to have lots of this

).

Semple · 3 Nov 2021 at 15:35

Is there any scope in your current role for overtime or some sort of on-call support role? It's likely to be better (at least from a work/life balance) to be able to continue your current job but with more hours and more pay.

dirtychinchilla · 3 Nov 2021 at 15:54

dLockers said:
Is your role in demand in the industry? The only way to do this through the path you are suggesting is becoming an SMA that contracts out at day rate. Join the lecture circuit for your industry. Become a coach to go into other firms.

I highly doubt your current firm would like that though.

Honestly, phrasing it how you did earlier ('current job finding out you need a second job to make ends meet') prompts a HR conversation to me. Very simply you make clear you want to be there, you like what you do, but financially it is becoming a struggle - see what they say. I'd bite your hand off to give you an extra fiver if it means you are there for life (and I think you are doing a good job).

Really frustrating when great people quit over something stupid like money (as companies tend to have lots of this ).

The problem I find when looking for other jobs is that "product manager" means something in the computing world which I'm completely not qualified for, but it makes up the enormous majority of adverts for this type of job. I'd obviously leave for the right job, but they'd have to pay me a decent whack more.

What does SMA mean in this context?

Maybe making ends meet is the wrong way to say it. We do OK. We save something like £600 a month, but it's also very easily spent to maintain our lifestyles, so the £600 often turns into £200. We're not really frivolous, so I'd rather try and earn more money than cut back.

Semple said:
Is there any scope in your current role for overtime or some sort of on-call support role? It's likely to be better (at least from a work/life balance) to be able to continue your current job but with more hours and more pay.

Not at all. They don't do overtime or time off in lieu, but I also don't work more than my contracted hours for that very reason.

dowie · 3 Nov 2021 at 18:44

dirtychinchilla said:
You're both right - I've basically said nothing. I'm a product manager for a low carbon technology company. My product, specifically, is MVHR. I manage a team of 5 people, look after all sorts of technical queries, manage the marketing campaigns, ensure account managers are getting all the technical info they need, do presentations to customers and clients, manage pricing, quoting etc to do with sales. My degree is in mechanical engineering.

As far as skills I can pinpoint, probably the main one is Excel. I'm a small-time wizard. I've made various programs for work and therefore have some experience with VBA. That's not my responsibility any more, but I can do it. I was also the CAD guy for years, so am (or was) competent with AutoCAD. But these both smack to me of skills that either can be farmed out to India, or for AutoCAD, would require me to have more detailed knowledge of building regs etc.

Oh jeez, that's solid enough... "middle management" might have just been managing a team of admin people or managing a help desk etc.. you're not just responsible for leading a team but you're the "owner" of a product... or a mini CEO as some product manager's with silly egos like to claim

But seriously there should be plenty of salaried product manager roles out there, you don't necessarily need to go contracting simply jumping ship to another perm/PAYE role might get you the boost in pay you're after.

And in that case, I'm not sure you need to focus too much on the technical skills in terms of "doing" those things but more just highlight that you've got a track record of delivering stuff on time and a general awareness/understanding of tech and the ability to manage/lead a team of technical people & own a particular product.

(Alternatively, if you were looking for a career change then an engineering degree is going to be generally well regarded, you could look at tech-related roles like software engineering, data analysis/data science or IT security... I mention those sorts of things because, unlike some areas where there are formal requirements/gatekeeping from professional bodies etc.. those sorts of tech roles can be relatively straightforward for smart people to self-learn and pivot into.)

dlockers · 3 Nov 2021 at 22:02

dirtychinchilla said:
The problem I find when looking for other jobs is that "product manager" means something in the computing world which I'm completely not qualified for, but it makes up the enormous majority of adverts for this type of job. I'd obviously leave for the right job, but they'd have to pay me a decent whack more.

What does SMA mean in this context?

Maybe making ends meet is the wrong way to say it. We do OK. We save something like £600 a month, but it's also very easily spent to maintain our lifestyles, so the £600 often turns into £200. We're not really frivolous, so I'd rather try and earn more money than cut back.

Dowie has nailed it in his post above. Every Product Manager role will have its nuance but at the core it sounds like you can easily demonstrate your care/love for the thing you are currently product owner for... already miles ahead of most product owners

SMA = Subject Matter Advisor. Glorified teacher. SMA's tend to be part time hence 1 day a week wouldn't sound so bonkers.

No dig at you regarding "make ends meet", it just makes it clear to your current employer that you are genuinely just after the cash - no other nebulous requirement. That makes it an easy problem for them to solve for you