The roller coaster ride of setting up your own Bid Consultancy

I often get asked, “Should I leave my permanent role and become a contractor?” And honestly, it’s not a straightforward answer. It really depends on your personal circumstances, risk appetite, and career goals. Having worked closely with contractors in the bid recruitment space for several years now, I’ve seen both sides of the coin. Only last week, I was asked the question again and thought I would share my thoughts on taking that leap.

What I’ve Found to Be the Pros of Contracting

1. Flexibility – The biggest draw for most contractors is the freedom it offers. You choose the bids you work on, set your own schedule, and steer your career. This is biggest benefit and also a great way to avoid burnout and maintain a healthier work-life balance.

2. Potential for Higher Earnings – If you are strategic and manage your costs well, contracting can be financially rewarding. I have seen contractors start at a lower day rate and increase their margins significantly over time. It’s not guaranteed, but the potential is definitely there.

3. Building a Strong Reputation – As a contractor you can start to build a solid reputation by delivering high-quality bids and showing professionalism, reliability, and capability. That reputation can lead to repeat business and referrals.

And the Cons—Because There Are Definitely Challenges

1. Intense Competition – The bidding world is competitive. You’re often up against contractors with lower rates, more experience, or established client relationships. Breaking in, especially as a newcomer, can be tough and financially challenging.

2. Time-Consuming Setup – Before making the jump, you really need to invest time in networking and building a client base. The documentation, pricing, and bid writing process can be draining—especially when you’re doing it all yourself.

3. Financial Risk The financial risk in contracting can catch you off guard – especially as bids can get delayed, the client no bids or you offer a lower rate to secure a role and then the scope increases. Add to that the unpredictability between contracts and the absence of benefits like sick pay or holiday leave, and it becomes clear: solid financial planning isn’t optional—it’s essential.

So, is it worth it?
In my experience, contracting in the bid profession is a bit of a balancing act. It offers incredible opportunities for growth and financial reward, but it also demands resilience, strategic thinking, and a solid plan. If you’re willing to invest in learning, adapting, and building your network, it can be a truly fulfilling career path.

I’d love to hear your thoughts—have you found the same pros and cons, or has your experience been different? Join the discussion here.

Written by Lisa Easthope