You can kind of divide the world into two kinds of free agents:
Thousands of independent information-technology professionals, for example, are serial monogamists; after working exclusively with one client for six months or a year, they move on to another contract with a new client. By contrast, thousands of management consultants are chronically polygamous; they’re always advising several clients simultaneously.
But lots of us choose independent professions that allow us to either go steady or swing. Here’s what you need to think about as you choose or change your client-relationship lifestyle.
Administrative Overhead
One thing is certain: Running your business is almost always simpler when you’ve only got one customer. "It’s very easy to keep track of things when you only have one customer," says Anne Mangieri-Credidio, a corporate trainer based in Boonton Township, N.J. "If you have a number of clients" she says, "it’s more difficult for you in terms of paperwork -- invoicing, taxes and so on."
With multiple clients, you have to spend more time hustling clients, and you need to set up more elaborate time-tracking and bookkeeping systems. On the other hand, you may be able to pass along some or all of those added costs to your customers; they should understand that if they only have a small piece of you, your rate may be higher.
Income Security
Which makes you more financially secure: one major fixed-fee relationship with one client or a number of clients with varying workloads and fees? It depends on whom you ask.
"If you have only one client and something happens to that one, you have to go look for a new job," says Alice Shimmin, who does freelance editing for online technical trade publications from her home base in Salt Lake City. "If you have two clients, you’ve still got work," she says. "You just don’t know -- the whole online publishing industry is especially volatile right now."
But Mangieri-Credidio sees things differently. "The bigger the client, the higher the rate you can bill," she says. Over the years, her bottom line has fared better when she’s worked for one client rather than two or three.
Career Satisfaction
But free agency isn’t only about maximizing your income, is it? The rewards of working the way you want to and producing great results are also important to most of us. "I’m the kind of person that likes to be busy," says Mangieri-Credidio. "I think I was happiest in my career when I had many clients," she says. "With multiple clients, you’re exposed to multiple management styles," and that can speed up your professional growth.
Shimmin takes a middle road with her current load of two big customers. "I like having two stable clients," she says. "I pretty much know the workload. I always know what I’m going to do and when I’m going to need to do it."
If you enjoy the juggling act of working with different teams, each with its own corporate culture, a multiple-client practice may be for you. Conversely, if you’re drawn to the increased sense of commitment and belonging that may come with an exclusive contractor-client relationship, you shouldn’t ignore your inclination.
Mangieri-Credidio sums up the big decision succinctly. "If you want a steady paycheck and few hassles, go with the one client. If you want more variety and don’t mind the paperwork, go for many clients."
