Contract work, now more commonly known as a side business, solopreneurship, and even a fractional role, is on the rise, and this includes the tech industry. Did you know the number of IT contract roles has tripled in the past two years? (Source: Motion Recruitment, IT Contingent Workforce Guide).
One thing working professionals learned during COVID-19 and after is that you can work from essentially anywhere with a good Wi-Fi connection. You can skip the commute, allocate that once-lost time to family, and improve your work-life balance.
Contract roles offer disciplined professionals flexibility and growth. You must admit, the coffee you make at home is much tastier than what you’ll get at the office. And, if you crave being around people, pop by the nearest coffee shop or look into an office at a coworking office space.
What we’ll cover in this blog:
- The Flexibility of Contract/Side Business/Fractional Roles
- Practical Tips for Maintaining Balance
- Time Management Tools
- Financial Management
- Overcoming Challenges
The Flexibility of Contract/Side Business/Fractional Roles
In contract roles, you have control over your work schedule. While you may have to schedule your client calls during regular business hours, you can complete your project when it works for you. If you’re continuing to work full-time and adding consulting on the side, Saturday mornings may be the optimum time.
In this work scenario, you can choose which projects are the best fit for you and work best with your time constraints. This is your opportunity to pursue projects that align with your personal interests, possibly in entirely different industries.
You may have opportunities with established tech companies and financial services firms where you can use your ability to understand complex processes and translate them into software solutions. Healthcare increasingly relies on technology, where developing and maintaining critical software systems is necessary.
If you prefer autonomy, contract work is ideal for you.
Practical Tips for Maintaining Balance
If you haven’t worked from home in a while and are considering this transition, it’s important to set boundaries between work and personal life. For example, create a designated work space and make sure you can close your door and work uninterrupted. And, create “office hours.” What hours are your designated times to work? If you’re working full-time and adding contract work, remember to block time to work on your side projects.
Key Questions to Ask Yourself:
- Do you have a quiet space to work?
- Are you able to set uninterrupted “office hours”?
- Are you disciplined to work evenings and weekends?
If you answered yes to these key questions, you’re a good candidate for contract and freelance work in the tech industry.
Time Management Tools
Effective time management is the cornerstone of a successful freelance career. Here are some top-tier tools to help you stay organized and productive:
- Project Management Tools:
- Asana: Ideal for team-based projects or complex workflows.
- Trello: Offers a visual board approach for easy task organization.
- Monday.com: Highly customizable with a range of features for project management.
- Time Tracking Apps:
- Toggl: Accurate time tracking with detailed reports for invoicing.
- Clockify: Free and user-friendly with time tracking and project management features.
- RescueTime: Monitors time spent on different apps and websites to identify productivity patterns.
Financial Management
Handling finances is crucial for freelancers. We recommend you create a Separate Business Account to separate your personal and business finances. Consider using a business credit card to track expenses. Speak to your tax advisor to learn more about the benefits of a 1099.
Overcoming Challenges
One of the challenges of contract work is inconsistent workloads. Use your slow times to cultivate business relationships and organize your projects and processes. Commit to connecting with colleagues and continually adding to your network. In your downtime, share your insights by contributing to articles on LinkedIn and writing your own articles, offering ideas to those new to the industry.
Like any business, planning a budget and setting goals is the best way to ensure financial stability in freelancing. Remember that you can charge more for contract work based on your experience. Set a revenue goal and calculate how many projects or clients will help you meet that goal.
Acting as a 1099 worker has its benefits. You can enjoy a better work-life balance, and you can also build your side business as a way to transition from working for someone else to working for yourself. You can set your hours and choose which projects and who you’ll want to work with.
Ready to unlock the potential of your expertise or your business?
Knowledge Hive is your key to transitioning to contract/solopreneur work. Whether you’re a seasoned professional looking to leverage your skills on your own terms or a business leader seeking to tap into a wealth of knowledge, we offer the perfect solution.
Think of Knowledge Hive as your matchmaker. Our role is to “match” you with a business that would benefit from your expertise. You’ll build your profile and the platform will match you up with individuals and companies that need your help. And, no chasing unpaid invoices with us. We’ll secure your payment BEFORE you get started.
Join the Knowledge Hive community today and become a Knowledge Hiver. Experience the freedom and fulfillment of flexible work, or gain access to the brightest minds in your industry. Let’s build a future where expertise meets opportunity.
About the Author:
Christine Hopkins is a freelance writer who writes on several topics and knows firsthand what it takes to transition from the corporate world of life in a cubicle to contract work as a solopreneur.
Knowledge Hive is the brainchild of two women with more than 35 years of experience in the tech industry. They aim to offer a resource for experienced professionals with talent and skills to share.
