5 Common Free Agent Myths Copyright 2002 Paul BednarThere are numerous myths about free agents. On
surface, they appear not to be myths but facts. However, get below
surface and these misconceptions quickly crumble. This article will not attempt to debunk all
myths, just five widespread ones.
Myth 1: Working for a company is more financially secure than being a free agent
This myth is based on
premise that a company provides security to its employees via consistent paychecks. Nothing could be further from
truth. Ask any person who has lost their job in
current economic climate if working for a company provides financial security.
While it is true that free agent income can sometimes be inconsistent, a free agent is able to work for multiple clients simultaneously.
For example, Sally Free Agent is a web developer and currently has 3 clients. Joe Smith, corporate accountant, works for a Fortune 500 company.
The current economic conditions impacted Sally last month and one of her clients had to abandon their project. While this was not good news for Sally, she still receives income from her 2 remaining clients.
Yesterday, Joe found out his company posted disappointing quarterly earnings and a layoff was necessary to improve
company's balance sheet.
Now, let's see who has more financial security. Is it Sally, who recently lost a client and still has 2 different income sources? Is it Joe, who lost his only income source?
A free agent that has a diverse client base is always more financially secure than an employee who only works for one company.
Myth 2: When you are your own boss, every day is a party
Employees in corporations believe that free agents have a relaxed work ethic. They envision getting out of bed by 9:00AM, eating lunch by 2:00PM and then heading to
golf course or spa for
afternoon. The myth continues
following day as free agents get up and do it all over again.
The reality is quite
opposite. Free agents typically work more hours and have more responsibility than their employee counterparts. Why? Doing
"work"
employee does is only one task for a free agent. Other items such as marketing one's services, tracking expenses, and networking are a few of
additional daily responsibilities incurred by free agents.
Myth 3: Free agents are immune from corporate politics
This myth implies free agents are protected from corporate politics because they are not employees of their clients.