Common,Free,Agent,Myths,Common business, insurance 5 Common Free Agent Myths

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5 Common Free Agent MythsCopyright 2002 Paul BednarThere are numerous myths about free agents. On the surface, theyappear not to be myths but facts. However, get below the surfaceand these misconceptions quickly crumble. This article will notattempt to debunk all the myths, just five widespread ones.Myth 1: Working for a company is more financially secure thanbeing a free agentThis myth is based on the premise that a company providessecurity to its employees via consistent paychecks. Nothing couldbe further from the truth. Ask any person who has lost their jobin the current economic climate if working for a company providesfinancial security.While it is true that free agent income can sometimes beinconsistent, a free agent is able to work for multiple clientssimultaneously.For example, Sally Free Agent is a web developer and currentlyhas 3 clients. Joe Smith, corporate accountant, works for aFortune 500 company.The current economic conditions impacted Sally last month and oneof her clients had to abandon their project. While this was notgood news for Sally, she still receives income from her 2remaining clients.Yesterday, Joe found out his company posted disappointingquarterly earnings and a layoff was necessary to improve thecompany's balance sheet.Now, let's see who has more financial security. Is it Sally, whorecently 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 morefinancially secure than an employee who only works for onecompany.Myth 2: When you are your own boss, every day is a partyEmployees in corporations believe that free agents have a relaxedwork ethic. They envision getting out of bed by 9:00AM, eatinglunch by 2:00PM and then heading to the golf course or spa forthe afternoon. The myth continues the following day as freeagents get up and do it all over again.The reality is quite the opposite. Free agents typically workmore hours and have more responsibility than their employeecounterparts. Why? Doing the "work" the employee does is only onetask for a free agent. Other items such as marketing one'sservices, tracking expenses, and networking are a few of theadditional daily responsibilities incurred by free agents.Myth 3: Free agents are immune from corporate politicsThis myth implies free agents are protected from corporatepolitics because they are not employees of their clients.Actually, free agents are very in tune to corporate politics.Since each client has their own different political nuances, freeagents are involved with multiple political environments.Sometimes free agents are brought in as an objective third partyto settle a political dispute. Another example is if the client'srepresentative that hired the free agent leaves or is reassignedduring the project. These situations require free agents to bevery adept at navigating through different political environmentsand circumstances.One positive aspect is free agents do not have to deal with aclient's politics beyond the project's term.Corporate politics is a reality whether you are an employee or afree agent.Myth 4: All I have to do to succeed as a free agent is just printsome business cardsAny person contemplating free agency that believes the abovestatement will be an employee in the very near future. Becoming afree agent is relatively easy compared to starting amanufacturing company or most companies from scratch. However,the disparity ends there.The pitfalls to free agency are similar to any business: marketyourself to get clients, produce a quality product for areasonable price and make a decent profit. Another caveat toconsider is that most companies usually begin with more than oneperson. Free agents typically work alone and do all the work,even the coffee making and photocopying.Myth 5: Free agents charge too much moneyWhen employees inevitably find out the amount of money a freeagent receives for a particular project, the typical response isone of jealously, "Why did that free agent get paid so much? Icould have performed that project for less money."Employees have to remember that a free agent is entirelyresponsible for their own benefits and expenses. A small sampleof these issues include taxes, retirement, health insurance,professional development, office space, vacation, and sick days.In addition, work (your income) is not guaranteed for 52 weeks ayear like an employee.Benefits and expenses cost an employer a lot of money. Estimatesfluctuate between 100% - 300% of an employee's salary.In order to earn the financial equivalent of a particularemployee's salary, a free agent generally needs to have revenuesof at least twice that employee's salary. Article Tags: Common Free Agent, Common Free, Free Agent, Free Agents