Exclusive contract with my service based business – Good or bad idea?

Since the beginning of the year I’ve been asked to do an exclusive long term contract with one of my clients. Meaning, they want the majority of my time to be focused on them for the next couple of months. I’m left to weigh the pros, the cons, what would be good for my business and compensation for my time. I am going to try and share the break down of my thoughts here.

To begin, I am asking my myself what do I want to get out of this? First thing that pops in my head, Money! Of course, that’s a given. Like any normal service person you start asking yourself questions like: How much? Do I give my normal service rate? What if they can’t afford it? Should I discount my time? “Time!” stop…. What about time? I don’t know about you but my time is valuable. More valuable than money. I cherish the time I have in this world. Of course, we all have to work but how much time do we devote to work? At this point in my life I get to choose when I work and how many hours I work. But if I do this exclusive opportunity then the freedom to make my own hours goes away. It is the equivalent to punching a time clock. On second thought do I really want that?

As you can see, in my head one question leads to another and even if I answer that question more will pop up. So I had to ask myself the most important question of them all, “What will I be the most happy doing?” See for me it’s not all about the money. I’d rather be happy doing my work than to do work just because I am going to get paid. No lump sum of money is going to bring eternal happiness as there are always strings attached.

So do I take it or not? Well there are still more things to think through.

Who am I doing this for? It’s a really good client who I have built a great relationship with over many years. So money is not as important in this matter. They have helped me in tough spots and it’s time to pay that forward. Phew… glad I got to the bottom of the money and time issue.

But wait….What will happen with other clients who may need my help? What will I say when I get new prospects calling or emailing? What is this going to do to the goals I have set for myself for the rest of 2018? That might put a damper on things.

As I described in my new years post, I wanted to change a few things about myself and the way I conduct business. “Oh shooot!” Well, perhaps this is the break I needed. Without having to worry about all the aspects of the business, I can refocus my mentality without the day to day pressures. Money will be coming in on a consistent basis, I wont exactly need to find new customers, I can just do what I need to do for my exclusive client and in my spare time build what I need to build for my business. It will be a bit like starting over again. When I had a “normal job”.

One of the goals I had was to document more of the things I do on video and share it with anyone wanting to watch. I really think I could be more helpful that way versus writing. It seems like that will have to wait. We shall see how the next few weeks pan out.

Next steps, figure out a way to tell my recurring clients that my time will be limited for the next couple of months. There’s always weekends and plus I feel if they really value what I give them, they should be willing to wait it through. Right?

There’s certainly a lot to think about when doing an exclusive contract as Solo-preneur. I guess I feel honored that there is somebody out there who believes in me that much to want me all to themselves.

During this period of time I will try to publish content on this website… no promises. If not, then I will have to play catch up at a later date.

2018-09-19T17:04:40+00:00Categories: News|