Contract Professional 101

Welcome to "ICP 101".  This page is dedicated to sharing the "how to's" of the Independent Contract Professional.  If you are new to the profession, you may find some resources that will help you get started. Most of the references here are written for Pilots but the concepts also apply to Flight Attendants as well.

Being a Full Time, Self Employed Contract Professional is NOT for the faint of heart, and is NOT for everyone.
Be REALLY SURE you want to become one before you attempt this.

These documents are written by professional contract pilots for contract pilot "wannabe's". Each one is different even though the titles are familiar. Most of these documents were written pre 9/11. The only thing that has changed are the daily rate examples. If you want to learn what it takes to be a sucessful contract professional, start READING.

If this website helps or you have suggestions for more content please take a moment and fill out a comment form for us.

 

Frequently Asked Questions

What is an Independent Contract Pilot? (By Jeff Beck)

What is a Contract Professional and is it for Me? (By Charlie Watson)

To Be an Independent Contract Pilot (By Jeff Beck)

The 10 Commandments of the ICP  (By Jeff Beck)

But I only want some pocket change.... (By Susan Anderson)

 

Insurance & Liability Issues:

Should You Incorporate? If you think not, read these articles from Feb-May 2006  

IRS 20 Question Review: You are your own Agency  Compliments of the former IBACP Association, Inc.

Insurance Realities Post 9-11

Contract Pilots:  Covered or Not?


  

How much should I be charging?

There are several factors to be considered in determining your Daily Contract Rate.  Which seat you are assigned to is generally not part of the equation.  If you are considered "Captain Qualified" by the FAA, then your rates should reflect this.  If you are full time employed and doing part time contract work, your rates should not drop. (See "But I only want some Pocket Change" below)

Factors to consider:

1. The current industry rate range for your type of aircraft

2. Your experience Level in this aircraft, but keep in mind once you set a price, you may not be able to increase it as the time in your logbook increases

3. Do you now, or will you have to pay for training in the next 12-24 months?

4. Develop a budget so you know how many days per month that you will be required to work at your lowest daily rate and still pay normal living expenses and your upcoming training

5. Before you drop your rates for long term contracts or other reasons, refer back to #4.

6. Any day that you can not work for another client at your full daily rate should be treated as a full day's pay. Travel days, Standby days, etc. Your customers are paying for your Availability as much as they are your skills.

What are your daily contract Rates? (Survey)

Contract Rate Survey Results Rates

Forms

Download An example of an Excel Invoice & Expense Report

Contract Pilot Agreement Basic Example (Jeff Beck)

Contract Pilot Agreement Int'l Example(Jeff Beck)

Rate & Policy Sheet Example (Susan Anderson)

Business Entities Comparison (Global Accounting Assoc.)

Comments?  Questions?  Did this page provide valuable info?  What would you like to see here?  

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