Apr

20

First Dollar

April 20, 2007 |

Many business owners frame the first dollar they are paid in some visible location on their establishment. I don’t happen to have an establishment (other than my briefcase), nor I think I will get payments in paper money. However, I feel proud to have received my first payment in the consulting business in the way of an International Wire. It arrived on 2007-04-20 09:21:27.19, and I guess the confirmation statement sent by the bank will have to serve as that first dollar to post somewhere.The actual mechanics of this ‘first dollar’ have been more complex than operating a cash register. I have had to set up a bank account first – opposite of what you usually do which is open an account once you have the money. That account was needed so that the customer could wire the payment. I also had to invoice for the services.

It is a reason to be joyful. The people who contracted me had paid half of the invoiced amount and they have paid it under the 60 day due date. Hopefully I will see the balance of the invoiced money in the near future.

One of the risks of doing contracting is that the company who hired you may go bankrupt. Maybe clients don’t pay them, or they just engage in too many obligations. I do not think it is the case for the people who hired me, but it is a risk that is always there. Being my first consulting gig I must say it sometimes keeps me awake at night just to think that they will not pay the remainder.

For as much as I learned during my gig, it was precious time I gave into the opportunity. Time I didn’t spent with my wife and family, and time on which I didn’t really engaged in too many fun activities. Time that if unpaid, would feel like a real waste of my life, and a source of terrible depression.

Again, I believe the company who hired me is solid and will do very well. I think they will be capable of complying with their obligations. And given the history of good faith with them, I believe they will send their payment before the due date.


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