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Being An Independent Contractor: Nuts and Bolts of Freelancing | |
Freelancing success demands some level of marketing, project assessment, contract writing, bookkeeping, and legal expertise. This meeting provided novice and seasoned freelancers with expert tips on how to preserve their declaration of independence. Five panelists presented the foundation of a freelance company's first operating manual: Marketing, Project Assessment, How to Think Like a Hiring Authority, Accounting Basics, and Legal Matters.
Leigh Steere has been freelancing since 1995. Leigh and her firm The Synthesis Group help B2B enterprises develop and implement brand communication strategies.
Linda Woods is a 12-year freelancing professional specializing in software and hardware documentation, creating hardcopy and PDF user manuals, and online help systems.
David Duncan is Co-founder, President, and COO of encryptX. David has broad marketing experience developing strategic plans, channel strategies, brands, and online and hardcopy marketing communications.
Hugh Gallagher owns Westminster Tax and Accounting, LLC , an accounting firm that specializes in tax and cash flow planning for individuals and small businesses.
Linda Gallagher owns TechCom Plus, a technical writing and consulting firm
that specializes in creating hardware and software user guides, both printed
and online.
Leigh Steere talked about what you need to do to promote your business and find the right clients.
- freelance for the right reasons: love your work or do some self-analysis;
mere hunger is both picked up on and disliked by prospects
- know yourself well: be comfortable self-promoting ( biz development assistance:
sales mentor Lorna Donovan, 720 406 8289); know your temperament
- define need(s) you can meet exceptionally: ID what you do very well; the value
you ADD to writing services (ex: turn math stuff into readable, understandable
docs)
- identify prospects with those needs: who is and is not (know your Œclient
from hell¹) your target group and are they large enough
- speak your value clearly and confidently: craft a one-sentence value statement.
Distinguish between warm and cold calls. In this climate especially, express
the value you add.
Audience comment: a good way to overdeliver is to improve a client¹s process
and document that. Very unexpected.
Download Leigh Steere's Presentation: Promoting Yourself, Finding Work
Promoting Yourself, Finding Work
You must have Adobe Acrobat Reader to view the file. The Reader is available
free from Adobe.
Linda discussed how to interview a prospective client, estimate project time and cost, negotiate a rate, and prepare a project agreement.
Leigh has asked prospects to train her as a new employee in order to get to an understanding of a project. Audience comment: divide the project into a two week scoping part (paid) to define the project. Bigger clients' contracts are one-sided; you can negotiate changes in them. They may require things such as liability insurance. Be on the lookout for red flags and decide how many would make you walk.
Download Linda Woods' Presentation: Project Assessment
You must have Adobe Acrobat Reader to view the file. The Reader is available
free from Adobe.
David discussed how employers hire freelancers and evaluate their bids, scope of work, and payment terms. David ran the 8th largest US marketing agency; had 25 marcom writers on staff, many Fortune 500 clients; ran Storage Tek¹s marketing. His current company, encryptX, has 20 employees; all started as contractors (try before they buy; limit liability; assess competency, cultural fit‹one wrong hire can swamp the boat.
Regarding offshoring: David¹s used offshore resources for over a decade...but not for usability; takes small discrete, non-critical path, projects offshore. But projects requiring close degree of collaboration need to occur here.
Find aggregation channels; folks/groups that¹ll bring leads to you rather than you having to find all them.
If company offers you equity (stock), have them restrict the stock off into the future so that your tax liability
Tax preparation ought to cost no more than 2% of one¹s annual income or it's too high.
Download David Duncan's Presentation: How To Think Like A Hiring Authority
How to Think Like A Hiring Authority (2.6 M)
You must have Adobe Acrobat Reader to view the file. The Reader is available
free from Adobe.
Hugh discussed how to get started with bookkeeping, QuickBooks versus Excel, and using your accounting records to stay in business. Reach Hugh at hugh@westminstertax.com.
Typical tax prep $ range for, for example, one-person biz and working spouse: $100-700. Email Hugh for his handout containing useful web sites and books
Audience comment: check with client company¹s accts payable dept to ensure that you understand the company¹s paperwork requirements for getting paid; people you deal with directly may not know them all and your payment could be delayed.
Download Linda Gallagher's Presentation: Accounting Basics
You must have Adobe Acrobat Reader to view the file. The Reader is available
free from Adobe.
Linda discussed how to select your company's legal structure: sole proprietor, corporation, or LLC, as well as what to look out for so you can protect yourself legally with well-written contracts and liability insurance.
She is biased to LLC. Operating agreement suggested. Draft annual letters for annual meeting. Liability protection is not absolute; the ³corporate veil² can be pierced. Lawyer suggested.
Download Linda Gallagher's Presentation: Business Formation: Protecting Yourself
Business Formation: Protecting
Yourself (77K)
You must have Adobe Acrobat Reader to view the file. The Reader is available
free from Adobe.
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