Don’t miss a good opportunity to make mad money. Keep your ego in check. Some examples include being asked to finish a project, train a replacement, explain how your system works, or provide access to your own resources (cloud storage, notes), etc.
- In writing tell them you will be happy to help as a consultant and that your hourly rate is… $300? More? Do this via email (avoid texts) at least for the negotiation/contract part of your reengagement with the company.
- Set minimum hours for the ‘project’, e.g. 5 or 8, or 40, etc., with each fraction worked being rounded to the next half hour, e.g. If you work 2 1/4 hrs, that counts as 2 1/2 hrs.
- As a contractor, do not allow them to hurry you, but work in good faith at your regular pace.
- You must be paid via retainer, e.g. If you choose your minimum as 4 hrs at $300, they have to pay you up front $1200; if by check, work does not begin until it clears. Zelle works wonders, so maybe offer them that option. Note: Since you are now a contractor, they do not get to deduct taxes, but remember that you must pay them! Check with a CPA if you should get a 1099 or other.
- If somehow you reach your retainer max, they have to pay again a new retainer before ANY work is resumed.
- Add a clause that states that they have X amount of time to use your non-refundable retainer.
- Specify your work hours, and that all communications need to be via email., which you will review during the aforementioned work hours. All phone calls will be deducted from the retainer.
- _____________ . (suggest, modify or add your own here for everyone’s benefit!)