I have run a couple of fixed fee pieces of work around some of my contract work in the past year.
+ You will double, or triple your day rate
+ You feel like a boss doing it
+ The jobs are often more exciting because you have to be "in and out" unless it's a very lengthy piece of work which, as a one man band, I doubt many of us would get
- Invoicing is a ballache. Chasing accountants is a ballache.
- Clients always want something more than the scoped deliverables. You will always end up giving it to them, in most cases.
- No-one has any sympathy when it does (and will) go wrong: "You're charging enough, what's your point? Quit moaning, consultant" - even nearest and dearest!
Personally, I have ambition to build up that type of business and try to gain momentum off the back of the work I've done this year. But it's hard, clients are demanding, midway through one implementation a client got a massive ransomware attack. It destroyed one of my pre-built servers, they didn't have backups in place for the new stuff yet, that was the next weeks work. Naturally, that server had to be skipped and I had to start again and lose half a day to a day rebuilding it.
As others have said, when all is said and done it is higher risk and arguably, not really much more of a reward unless you've got a very loyal customer base, or support contracts backing you up. To make the project work more secure, I think you need that security of £XXX per month coming in off the back of supporting previous efforts.
It won't stop me from trying and it shouldn't stop you OP, but just know it's a very very tough market out there. Good luck!
+ You will double, or triple your day rate
+ You feel like a boss doing it
+ The jobs are often more exciting because you have to be "in and out" unless it's a very lengthy piece of work which, as a one man band, I doubt many of us would get
- Invoicing is a ballache. Chasing accountants is a ballache.
- Clients always want something more than the scoped deliverables. You will always end up giving it to them, in most cases.
- No-one has any sympathy when it does (and will) go wrong: "You're charging enough, what's your point? Quit moaning, consultant" - even nearest and dearest!
Personally, I have ambition to build up that type of business and try to gain momentum off the back of the work I've done this year. But it's hard, clients are demanding, midway through one implementation a client got a massive ransomware attack. It destroyed one of my pre-built servers, they didn't have backups in place for the new stuff yet, that was the next weeks work. Naturally, that server had to be skipped and I had to start again and lose half a day to a day rebuilding it.
As others have said, when all is said and done it is higher risk and arguably, not really much more of a reward unless you've got a very loyal customer base, or support contracts backing you up. To make the project work more secure, I think you need that security of £XXX per month coming in off the back of supporting previous efforts.
It won't stop me from trying and it shouldn't stop you OP, but just know it's a very very tough market out there. Good luck!
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