I wondered if any of you fellow self-employed folks could help me mull something over?
I took the plunge and set up on my own last summer. I've been amazed at how well it's been going, it's surpassed all my expectations but I have a bit of a dilemma now, and I'm not even that sure why.
Forgive the length of post, but I'm hoping by writing it all done, it may help clarify things in my own head.
Currently, I have one main client that I work for and I also work on other ad hoc items of work from other clients that come in here and there. My main client has now offered me a lot more work. Potentially, almost twice what I was doing for them before and, in effect, I would be running the show on their behalf. This is a great compliment and could be a brilliant opportunity, but I'm hesitating.
Until now I have chosen to work three days a week and have childcare sorted for those three days (two days at nursery, one day with playgroup then my mum). The reality of this is that I work like a lunatic during that time, plus evenings and bits at weekends when a work project comes in. I haven't yet turned down any work. My children are 12, 3 and 18 months. The eldest is at high school but needs me to be around from 4ish onwards (my choice), my middle baby loves childcare and loves company with other children so I'm less worried about her, but my littlest baby is still just a baby herself, and I don't want her to miss out on time with me that the others have had.
My current big client pays less per day than other clients (approx. £50-80 per day less). I was looking at increasing my daily rate anyway (with other clients as there's not much room for manoeuvre with this particular client), and this would mean a lot more days sold at the cheaper rate. But, it's a lot of days and it's guaranteed work on a contract. The existing work is pretty easy, I like it, the days can be long or short, and I can work however, wherever and whenever I like as long as the work gets done. The new work is a lot more responsive, needing to be at their beck and call far more than I am now and I would imagine that it would be more stressful. I would need to be in the office one or two days a week whereas now I'm at home.
I also work for other clients but I can't rely on work coming in and it can be tricky and unpredictable. Yes, they pay more per day, but I never know what's coming when, so I can't make any assumptions about my finances or my time. The same clients are using me again and again, but some of the projects are once a year (but take considerable time) while others are every three months or so, or totally sporadic.
Currently, my main client forms approx 65% of my income, with the ad hoc stuff making up the rest.
Longer-term, the plan is that my husband leaves his work and joins me and run this ship together. We're planning to launch our own product later in the year which will require time and focus (and financial input), but we're not at the point yet where my business could support us both. Also, so far I/we haven't pitched to anyone - all the work has come via people who already know my work, and it's all repeat business.
As some added insight, in the lead up to this offer, I'd been toying with the idea of adding another day as I'm struggling to cope with the level of work that I have (currently lots of big project ad hoc work in addition to the main client), and my work/life balance is not good. But I didn't get very far with mulling it over...
So, if I take the additional work, effectively the cons are:
I'll be available less for my children (by one more day) which makes me feel guilty.
I'll be available less to other clients for quick turnaround things though could fit less urgent projects in by working evenings/weekends as I do now.
I'll be available less to devote time (albeit unpaid time) to our own product
There will be increased costs potentially for childcare
I may struggle even more with the work/life balance (but adding an extra day to my working week will go someway to address this)
There is a risk that if I don't take it, someone else will be recruited to do it, and may end up having everything, including the work I already do (the contract is coming close to the end).
Devoting too much time to one client who may decide to take things in-house at the end of the contract, or go bust, or change their mind.
The pros:
It's more work, more strings to the bow
More income, albeit at a lower rate
It's guaranteed work and ensures a monthly income
By earning more, we're getting closer to the point where hubby could come onboard and we can divvy up some of the work and launch our own product.
Makes sense to take the work now, while it's offered as few freelance gigs come with a contract, and if it goes tits up, well, I've had a year of decent money.
I think that's all the main points covered. I'd be really grateful for any words of wisdom from you fellow worker bees, as I'm not entirely sure why I'm struggling with this...
Thanks in advance from the bottom of my slightly-frazzled, bewildered heart,
CW
Please or to access all these features
Please
or
to access all these features
Chat with other users about all things related to working life on our Work forum.
Work
Great offer from client but hesitating - any advice please?
18 replies
CommsWhizz · 28/01/2014 11:13
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.