Has anyone found a template for taking an office to part time? It's not just the clients; but the insurance and everything else that goes along with a full time practice.
Walter Croft Architect
2 Woodside Lane
Riverton, NJ 08077
I don't think there is a template since everyone's situation is unique. I reactivated my practice to part time status after a six-year period of dormancy while working for others FT. Expecting to fully retire, a client of 30-years duration asked me to resume servicing his commercial-industrial portfolio, which required that I crank up my practice part time, carry professional liability insurance, and travel to job sites as needed. I do not have any employees, but have reliable drafting support on a free lance basis as needed. My part time practice is on going now for five years and has worked out successfully for my client, his tenants, and me.
Been working part time for years. I work when I want and for whom I want. However, I have found it best to practice as a sole practitioner, but still under an S chapter corporation, in order to eliminate the mandatory salary requirements of other employees. The E&O insurance tends to lag the revenues but does eventually respond to the lower fees with lower premiums. I also choose to work out of my home which further reduces office expenses and other overhead. Best of luck I have enjoyed this for many years.
I did just this in 2008. I made the decision before leaving a multi state practice with 100 staff. Decided to do what contractors have been doing for years. Don't self preform what you can contract out. I have no staff, keep my insurances at the minimum (depends on client/project type) work out of a home studio (carry business/contents insurance) separate from my main house, and associate with large firms if a project is too large for me to handle on my own. I have 2 or 3 really good production staff available ( as consultants on consultant agreements) and file 1099s at end of the year for them. I have built a very tech oriented practice. I have an extra production station in my studio if i need to have a staff person on site. Make sure your local zoning codes allow a home office. Also it helps to specialize and only do projects in that specialty. I have focused on historic preservation/renovation projects and do a lot of research reports and site documentation, which keeps my risk level low for E&O insurance carrier. I fill out a report each year and negotiate my E&O rate depending on risk level. I have years where I do multiple projects of 1-5 million or more ( have one now where SD are complete that will be 15 million ) and years where the entire year is historic documentation and research reports. I get to chose how much I want to do, and it seems to work for me. Give me a call and I can elaborate. 602-309-3524