Earning More Money in Less Time Does Happen

September 9, 2017 Bradley Taylor 0 Comments

If youve read through my posts on Whats Great About Freelancing, youll know that I regularly insist freelancers can make more money in less timeor even with less workthan their corporate counterparts.

A former employer got me for a design project. We agreed on a pleasantly surprising price for my services.

Pleasantly surprising, when you realize that companies are willing to pay consultants and freelancers more than their own employees, in terms of hourly compensation.

To be fair, paying fulltime staff per project instead on a monthly basis is a very expensive proposition, making it hard for a company to make a profit. But this reality also highlights another advantage for freelancers. Earning on a perproject basis can be very lucrative, especially if you devote enough hours to marketing your skills, looking for new clients, and getting things done.

And since a fulltime freelancer has full control over their schedule, its possible to work as much as you want or need.

Big Employer, Slow Returns

Im sure youll agree that working for a highprofile company, and being able to take credit for your output, will do wonders for your freelance career.

But if youre expecting the money to flow in quickly, you may be in for an unpleasant surprise.

A wellknown consumer electronics distributor was once my employer. And as part of its marketing department, my responsibilities included drafting up the documentation needed to secure financing for projects. And many times, we outsourced some of the work to freelancers. Like when we contracted freelance photographers, models, and even stylists for a product launch.

I witnessed firsthand how slowly things can move in a company. You see, after a fiscal year when costs spiraled out of control, my former employer was forced to adapt much more stringent financial controls.

This included requiring the owner’sapproval for any nonsalesrelated expenditurewhich included some of the marketing efforts under my supervision. Having to push a request through the upper management, then to finance, then have it sent to the owners for final signing meant that it took days, even weeks, before the checks were cut. Including payments for any freelance services rendered.

Working with such a bureaucracy reminds me why its great to be a freelancer.

To be fair, my former company had good reasons behind such a timeconsuming system. They still made sure that the money moved quickly for their breadandbutter operations: procurement and sales. While to prevent carefree spending, every cent had to be accounted for.

This doesnt mean they dont understand their responsibilities. And its usually never a matter of lacking money. Highprofile companies operate on a reputation of trust. Theyre very willing to pay you as soon as they can, once they sort out how your project fits into the big financial picture.

If you find yourself working for a big company, or at least a company with an extensive organization, heres what you should do: ask for a promised payment date (which you should always do in any case) and add a buffer. If the payment is promised in weeks time for instance, expect to receive the money after 1014 days.

Id like to hear from you, dear readers. What are your experiences with working with big employers? How quickly does your compensation arrive?