Freelancing vs. Contracting

I am currently freelancing since the kids are on summer vacation. School is starting soon, and the kids will not be home for the majority of the day. It’s been making me wonder if I should consider getting a contracting position. I plan on buying a bigger place next summer, and with that, I want to save some money before making that giant leap. My freelance writing career is picking up, but there are some things that I miss about going into an office. With these thoughts, I can’t help but wonder what are the pros and cons of freelancing and contracting?

Before I get into the pros and cons, I want to tell you what I think is he difference between freelancing and contracting. For me, freelancing is when you work from home and are not on anyone’s time. You have different clients, and you usually work on a 1099 form. You wear different hats because you are your own marketing, technology, human resource, and everything else department. With contracting, you are usually dedicating your time to one client, work on a W-2 form, and you only focus on your area of expertise.

Here are my pros and cons for each one:

Contracting Pro: You have the ability to socialize with others

A freelancer’s life can be a pretty lonely one. You don’t work with anyone else, so unless you leave your home, you don’t have the ability to socialize. Humans are social creatures, so it can sometimes drive you a little batty. As a contractor, you have to work with other people, so this means you have time to be social.  Companies try to keep morale up by hosting several events, when you are contracting, you will be able to attend those.

Freelancing Pro: No one is clocking your time

When you are freelancing, you have the ability to set your own schedule. I read this time management book called Time Management from the Inside Out, Second Edition: The Foolproof System for Taking Control of Your Schedule — and Your Life. In it, Mortgensen discusses how you should set your schedule to your biorhythm. Not everyone has the same one. This is why a 9-5 job doesn’t work for everyone.  I am a night owl, so I usually are ready to work from 4:00 p.m. onward. I love the freedom to decide when to work. I feel that as long as I get eight hours (or more) in during the day, no one should tell me when to work.

Contracting Pro: You have access to expensive applications and tools

One of the great things about contracting for a company is that you are able to work with all the applications that are probably to expensive for you to have on your personal computer. This is a plus because you are able to learn how to use these applications without having to pay for it yourself.

Freelancing Pro: You can download whatever you want

In the majority of the offices you encounter, you are not allowed to download whatever you want on your computer systems.  It can be really annoying at times, but it’s understandable because if you download the wrong things, you can cause major upheaval on the computer’s network.

Contracting Pro: You get to dress up

There are times that you want to get all dolled up and get out of the house. When you go into an office, you can.  Whether it’s business casual or business formal attire, you are able to get out of the sweats and look your best.  Wearing a great outfit can definitely boost up your morale.

Freelancing Pro: You get to dress down

However, sometimes you really don’t feel like getting into those high heels and skirt. When you are freelancing, you are able to slip on your slippers and your sweats, and work while you are comfortable. I tend to dress up even though no one is going to see me because then I can feel my best while I am still at home.

Regardless of whether freelancing or contracting is right for you, there are pros and cons for each one. You have to decide what is right for you.  I think that I would consider a contracting position with one company if they were flexible, allowed telecommuting, and I was able to learn something I had never learned before. Until I find that, I will keep loving the freedom I have as a freelancer.

Photo Credit: Office Space…sith?, originally uploaded by MrMeanMustard.

First Week Down…Hopefully 1000 More Left

My first week on my own has been busier than ever, but fun as well. I’ve been keeping busy by updating my web site, keeping up with my social networking sites, and talking to potential clients.

Yes, I said it. Potential clients. I am happy that three companies are impressed enough with my knowledge and skills to talk to me about possibly working with them on different projects.

This summer I definitely plan on finetuning my goals that I wrote awhile back, so that my clients and myself are happy. Those will be in a future post. For now, I can say that I’m glad that I finally took the plunge and went solo.

Photo Credit: Compliance with Success, originally uploaded by rahul787.

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Freelancers Should Have a Business Plan and Marketing Plan

I just finished my business and marketing plans for my freelance writing business. It doesn’t go into the amount of detail that someone who is looking for funding might need, but it has enough that will keep me focused on the end goal: full-time freelance writing business.  Luckily, I had the business and marketing plans that I had for my first business, so I was able to reuse some parts.

Research is Vital

The most important part in creating a business plan is research.  I spent over a week researching my target market, my competitors, and the overall business.  Even if the business plan is just for you, I recommend that you take the time to see what is happening around you.  For me, I know that there is a surplus of Writers who are doing consulting-type work.  However, I also know that usually they are mainly in the fields of copywriting, blogging, and proposals.  The experience usually varies to just starting out to having a few years under their belt.  This type of information makes it easier for me to think about what makes me unique.

What Parts to Include

There are different sections that make up the business and marketing plan. Sometimes you can even include the marketing plan within the business plan as a section. However, I recommend that you reference the marketing plan, but keep it separate.

In the business plan, you should probably considering having the following sections:

1. Executive Summary – An overall view of your business plan
2. Company Information – This should include your name, location, business setup (i.e. LLC, sole proprietorship, S-corporation, etc.), and company milestones
   a. Services – What are your services?
3. Target Market – Who is your target market? Characteristics? Location? Buying patterns?
4. Competition – Who is your competition? analysis on them? What makes you unique?
5. Operations – Details on how you will run your business
6. Cost – Your startup costs and future ones
7. Long-Term Goals – What do you want to happen in the long run?

In the marketing plan, these are the sections you should consider:

1. Executive Summary - An overall view of your marketing plan
2. Target Market Needs – This can be copied from the business plan Target Market section
3. Marketing Strategy – How will you get your business to be known to your target market? The main strategies should be listed here.
4. Marketing Mix Service – Details on the main strategies

What Do I Do With Them?

Your freelance business plan and marketing plan will help keep you focus on achieving your dreams of becoming a full-time freelancer. There might be additional sections that you might have to add, depending on what you are doing, but these sections I referenced are enough to get you started. Don’t wait til tomorrow to start; do it today. /p>

All Work and No Play Makes You a Dull Person

Working alone can sometimes make you feel caged in.  It doesn’t matter if you are working from home or at the office, you still have those feelings.  Get out of that chair, away from the computer, and spend time with friends, family, whoever is near.  If you can’t find someone to escape with, then go for a run, take the dog out, or go to a networking event.

Getting to Know Your Clients is Always a Plus