With the economy looking up, many independent professionals are grabbing new opportunities and returning to the ranks of traditional employment. But, the move comes with a series of critical decisions and planned actions that will have a long-term effect on your time, money and career trajectory.
So, are you really ready to ditch the freedom of freelancing for the stability of regular paychecks and flesh-and-blood co-workers? If so, use this to-do list to save yourself a few headaches down the road.
Moonlight Carefully…
You’ve spent a stretch of your career cultivating clients, learning their needs, and providing them a valuable service, so it’s not surprising that you’ll want to keep one or two on the side. However, moonlighting comes with a few caveats. Barriers to this arrangement could come from either party in the form of non-compete agreements or other contracts.
Also on Mediabistro
Rose Reterstoff is certified in human resources and has seen the issue from both sides. “This is especially a concern with government entities or in companies that have government contracts. Some employers will require that any contract work be approved first. Even if this isn’t the case, the employee should look for contract or policy language such as ‘conflict of interest’ or ‘ethical behavior.'”
Other than contracts, she noted that such limits are often found in employee handbooks or other HR policy statements.
So, if you’ve made a living freelancing for Magazine X, and are brought on as a staff writer for the competition, you’re going to need to look more closely at your arrangements with both. Check old and new contracts, non-compete agreements, non-disclosure agreements and employee handbooks. Then, tread carefully.
| “I would definitely wait to make sure that the job works out before deciding to move any retirement account.” |
…but Maintain Your Networks
That’s not to say that keeping a side gig or two is completely off the table. In fact, it’s probably not a bad idea to hold on to a few of your contractual clients and maintain the networks you’ve built.
Kona Gallagher went from freelance writing to marketing work at the county level. Despite having to ditch some of her contacts due to conflict of interest issues, she found a unique way to keep her portfolio and connections fresh. “I still do a little work for free, here and there. Having just one employer is a weird feeling for me, and I always want to have something in my back pocket. Plus, if something happens to this job, I don’t want my most recent writing sample to be from several years ago.”
Now, if you’re definitely ready to shed some of your old network, choose carefully. Keep tabs on those who are related to your new position — maybe you can impress your new boss by pulling in some fresh business. Also consider keeping those with whom you’ve built the strongest bonds and the most lucrative ties. As for the rest, be honest about your new undertaking, and the limitations it puts on your elbow-rubbing time. Then, use your found time to cultivate a new network. Be proactive about nurturing relationships with people you meet on the job, at industry events, and even within your new building and locale.
Make Informed Financial Decisions — Slowly
Many a former freelancer has raced into the cubicle world with visions of regular pay and health insurance dancing in his head, but when it comes to your financial bottom line, slow and steady is best. Handling your new tax burden, insurance choices and retirement funds requires careful decision making.
“Normally, you have 30 days from hire to choose insurance coverage and retirement designations. However, after that window, you may have to wait to make changes until the next open enrollment,” said Reterstoff. She says the initial time period gives you space to read the materials provided to you, check out websites, ask questions and understand your options.
| NEXT >> 7 Things They Don’t Tell You About Freelancing |
There are occasions when you can prolong this process, too. For example, one of those includes certain retirement account situations. If you managed to build a nest egg such as an IRA account, you don’t necessarily have to combine it with your employer-sponsored retirement account.
Jan Rolls is a certified public accountant who specializes in QuickBooks accounting for private clients. “I would definitely wait to make sure that the job works out before deciding to move any retirement account. If the job then looks to be long-term, I would contact a financial advisor to help determine whether to move a self-funded IRA.”
Um, Are You Really a People Person?
One of the benefits of full-time employment is having your supervisor and team mates to help shoulder the load, brainstorm ideas, cover for you on sick days, etc. But working with people also means you actually have to, you know, work with people. In the past, you likely made all the decisions, chose your co-workers (perhaps the furry kind with no opinions?) and controlled the music, temperature and noise level of your office. These kinds of challenges are very common among solo acts, and horror stories abound.
Natasha Bourlin said she left independent PR to throw her weight behind a project that she believed in, but an environment replete with micromanagement, unfulfilled promises, back biting and gossip drove her back to freelancing. Another recurring theme from freelancer-turned-employees was learning to deal with the loss of autonomy. Kristine Gasbarre, a journalist and published author, described the frustration.
“I’d grown accustomed to seeing my ideas executed. If a light bulb went off, I would put [the idea] into action. When I returned to the office, it was a challenge to have a supervisor hear an idea, tilt their head and say, ‘Well maybe that could work.’ It’s frustrating to suddenly find yourself running into walls.”
| “It was a challenge to have a supervisor hear an idea, tilt their head and say, ‘Well maybe that could work.'” |
Gasbarre suggests a thorough vetting of the work place, power players and team members prior to accepting a position, while Bourlin focused on preparation from Day One. “Creating personal boundaries in a professional organization is critical,” said Bourlin. “If people are back biting or throwing each other under the bus, try to discourage their involving you by simply not participating in the conversations.”
And, if your supervisor is the one being a pain in the project, just gently remind her of why she hired you in the first place. Often, the hovering will ease once you’ve proven yourself at the company and she’s more confident in your abilities.
Do a Reality Check
Say it with me: “The do-what-I-want-when-I-want days of freelancing are done.” Instead of bemoaning your current situation, go with it. For example, move your morning workout to a noon class near your office, or use your now higher income to get groceries delivered in advance. By 1) acknowledging the change, and 2) finding ways to integrate activities from your former life into your new one, you’ll find the adjustment to the cube much easier to handle.
And, before you start bellyaching about the boss, take a long, hard look in the mirror — or at least at your invoices from the previous year. Yes, having the Apple store all to yourself at 11 a.m. was nice, but you likely left freelancing for more security. So, relax, and accept your new gig for what it is: a steady paycheck that might lead to something great.
Allena Tapia is a freelance writer and editor specializing in education and Latino topics.
NEXT >> 7 Things They Don’t Tell You About Freelancing
Topics:
Mediabistro Archive