I have multiple customers over time; 3 years ago, I worked on a different project, for a different client, than I do now. But with the kind of projects I work on, it's hard to do several of these projects at once, and they're too long to do several in a year. Expecting self-employed contractors to have multiple clients is unreasonable.
As for job security, employment doesn't give a shred more job security than being a self-employed contractor these days. My job security comes from my skills and the succession of successful projects I've worked on.
And there are a lot of companies that have a single large customer. I think I have a lot more flexibility than they do.
> I have multiple customers over time; 3 years ago, I worked on a different project, for a different client, than I do now. But with the kind of projects I work on, it's hard to do several of these projects at once, and they're too long to do several in a year.
So please be very careful and if you can find a side gig that doesn't interfere with your main one so you have at least some protection. It could be a low hours but high pay job that way you don't end up eating into your time too much, for instance a coaching job.
> Expecting self-employed contractors to have multiple clients is unreasonable.
On the contrary: it's a must. Without multiple clients you are super fragile, don't have a strong negotiation position and in case of any kind of headwind you're immediately on the ropes. If you insist on doing long running contracts try getting two that do not overlap in terms of run-time, make one two days a week, the other two days a week or three days a week and bill the smaller job a higher rate.
> And there are a lot of companies that have a single large customer. I think I have a lot more flexibility than they do.
That's true, but they tend to have a much stronger position than you do due to the kind of contracts that get written between large entities. In a conflict with a much larger entity you usually end up drawing the short stick. They could stiff you on a bill and it would already pull you under water.
> Without multiple clients you are super fragile, don't have a strong negotiation position and in case of any kind of headwind you're immediately on the ropes.
Not at all. I can walk away and I have my financial reserves. My negotiation position is stronger than when I'm an employee.
> If you insist on doing long running contracts try getting two that do not overlap in terms of run-time, make one two days a week, the other two days a week or three days a week and bill the smaller job a higher rate.
This sounds like an absolutely terrible idea. I'm not going to undermine myself like that.
> They could stiff you on a bill and it would already pull you under water.
One (very small) client did stiff me on a bill. I won't work for them anymore, and I tend to prefer larger clients now that simply do pay their bills. I have considered suing them, but the amount was too small to be worth it. It didn't pull me under water.
I think jacquesm is advocating that you have multiple sources of income (clients) to protect from the possibility that you lose your one and only client and suddenly have zero income.
I take a different approach to my consulting. It sounds like you do too. I typically have just one client, but I charge them a metric shitload and tell them quite specifically that I do that in part to protect myself should I need to go months and months without a replacement client. Obviously there are limits to this and I'd have zero clients if I charged too much, but between that and a savings buffer built up from previous clients, I don't feel like this is a precarious situation at all.
But I also have to admit/concede that I do not think my advice is replicable. I only started being so aggressive about my rates once I already had the privilege of being able to survive for years without any income. For someone who _needs_ reliable income, jacquesm's advice is probably more useful than mine.
As for job security, employment doesn't give a shred more job security than being a self-employed contractor these days. My job security comes from my skills and the succession of successful projects I've worked on.
And there are a lot of companies that have a single large customer. I think I have a lot more flexibility than they do.