Free Agent: The Independent Professional's Roadmap to Self-Employment Success

168 Pages·2015·1.06 MB·English

by  Tynan

Business Management Tynan
Free Agent The Independent Professional’s Roadmap
to Self-Employment Success
There is a seismic shift underway in the employer/employee relationship
that is redefining the nature of jobs and careers. Sole proprietors and
independent contractors now represent more than 20 percent of the
workforce, and that number is expected to reach nearly 50 percent within
the next 10 years.
Despite the proliferation of people engaging in freelance and contract
work, however, the path to success is not always easy. Free Agent: The
F
Independent Professional's Roadmap to Self-Employment Success
details a pragmatic action plan to help you succeed in this new skills r
marketplace. e
Supplying practical strategies to help you get ahead of the change and e
become an in-demand resource with a steady stream of income, the
book describes how work is changing and what is driving the growth of A
freelancing. Next, it explains how to get your new independent venture off
the ground, how to find your first client, and what you need to know to g
avoid common pitfalls. e
To transition successfully from employee to free agent, you must have a n
plan to avoid the pitfalls and a support team to give you the expertise on
t Free Agent
complicated topics such as business structure, contracts, and account-
ing. This book is your guide to successfully navigating the transition.
Detailing the tools and practices that will enable you to succeed as a free
agent, the book includes case studies and interviews with those who have
already made the transition. The book concludes by describing how to
optimize your new freelance work style to make the most of your time
and energy, so you can focus on doing more of what you love.
The Independent Professional’s Roadmap
to Self-Employment Success
K24154
ISBN: 978-1-4822-5881-3
90000
9 781482 258813 Katy Tynan
www.productivitypress.com

Free Agent

Free Agent
The Independent Professional’s Roadmap
to Self-Employment Success
Katy Tynan
Boca Raton London New York
CRC Press is an imprint of the
Taylor & Francis Group, an informa business
A PRODUCTIV ITY PRESS BOOK
CRC Press
Taylor & Francis Group
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Boca Raton, FL 33487-2742
© 2015 by Katy Tynan
CRC Press is an imprint of Taylor & Francis Group, an Informa business
No claim to original U.S. Government works
Version Date: 20150105
International Standard Book Number-13: 978-1-4822-5882-0 (eBook - PDF)
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Contents
Introduction ...........................................................................................ix
Section i the emerging trend
of the Free Agent Labor Force
chapter 1 The Roots of Workplace Change .......................................3
The Drivers of Change ................................................................5
Factor 1—The Great Recession .............................................6
Factor 2—Employer to Enemy ..............................................7
Factor 3—The Patient Protection and Affordable
Care Act (PPACA) ..................................................................7
Generational Factors ..............................................................8
A Case Study of the New Model ................................................9
chapter 2 How We Got Here ............................................................13
Section ii How to Get Started
chapter 3 Making the Transition from Employee to Free Agent ...23
chapter 4 Setting Up Your Business ................................................29
chapter 5 Your Professional Team ...................................................37
Corporate Structure ..................................................................39
1. What Business Are You In? ............................................44
2. Who Do You Work With? ..............................................44
3. How Will Your Business Income Impact Your Taxes?....45
4. How Does the Business Structure Itself Protect
You from Liability? ...............................................................45
v
vi • Contents
chapter 6 Finances and Accounting ................................................47
Bank Accounts ..........................................................................48
Tracking Mileage and Expenses ..............................................49
Invoicing Clients in a Timely Manner ...................................50
Stay on Top of Accounts Receivable .......................................50
chapter 7 Paying Taxes .....................................................................53
chapter 8 Insurance and Risk Management ...................................61
Risk 1: Becoming Unable to Work ..........................................62
Risk 2: Lawsuits .........................................................................65
chapter 9 Pricing, Proposals, and Contracts ..................................67
Proposals .....................................................................................70
About Your Company ..........................................................70
Scope of Work .......................................................................71
Pricing and Terms ................................................................72
Contracts ....................................................................................73
Contracts, Agreement, and MSAs (Oh My!) ....................74
Nondisclosure or Confidentiality Agreements .................74
chapter 10 Getting Your First Client .................................................77
chapter 11 Networking and the Art of Getting More Clients .........85
Section iii Strategies for Long-term
Success as an independent Professional
chapter 12 Optimizing Your Independent Career ............................93
chapter 13 Co-Working and Connecting with the New
Community of Independent Professionals .....................99
Contents • vii
chapter 14 Building a Brand ............................................................107
chapter 15 Delivering a Great Result. ..............................................113
chapter 16 Balancing Independent Work and Life .........................119
Rest and Recharge ..................................................................120
Connect with Other Independent Professionals .................121
Keep Improving Your Technique .........................................122
Make Time for Family ...........................................................123
chapter 17 Challenges and How to Overcome Them .....................127
The Dry Spell ...........................................................................128
Burnout .....................................................................................130
Stretching Yourself Too Thin .................................................131
Bad Clients ................................................................................132
Scope Creep ..............................................................................133
chapter 18 References and Notes .....................................................135
Appendix .............................................................................................141
About the Author. ............................................................................... 161