The recession is a window of opportunity for an enterprising entrepreneur. Contract work saves the employer the cost of a full time employee, while offering the contractor the chance to increase work and charge equitable rates.
There are four critical components to ensuring a successful practice.
- Create a pricing method that takes into account the benefit to the business. Consider the cost of a skilled employee's salary and benefits, plus overhead, while also considering your standard contract fees. Move toward a project based quote, rather than an hourly rate.
- Market your services to employers with an emphasis on cost savings...as you build your relationships, work to establish retainer agreements. Again, a positive for both interests...for you, less work in billing and greater security, for the contractor, a way to contain costs and ensure access to your services.
- Increase awareness of your services within your target market. Identify networking opportunities, virtual and in person, that put you next to potential contractors and leaders in your field. Follow up in a timely way on leads and inquiries. Ask current clients to recommend you to colleagues.
- Identify businesses that either benefit or are unaffected by the recession. Large corporations that have diversified interests, niche businesses that are in a growth period, foundations and individuals with a high level of disposable income are all potential customers.
Self employment in a recession isn't impossible...it requires a business development strategy that takes into account the particulars of the economic environment. Challenge yourself to think creatively about the opportunities you might be missing.
