Hi Portia,
I don't have any advice re/ your actual question of how to approach your existing clients. But I have to jump in anyway. I'm sorry to come off so completely negative, but my gut says NO NO NO. Honestly, I see very little good about the new client's proposal.
Let me say upfront, you are you and I am me, and it's perfectly OK for us to have completely opposite views of this. But even if I try to look at this client from your three reasons' perspective, I still don't see much good. Consider this:
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1. money is great - his retainer alone could support me
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I'm impressed that he understands how much he is asking and is willing to pay fairly for it. That's absolutely critical since he needs 24-hour availability. But, money aside, what might these hours mean for your stress level? Is there a specific reason he needs 24-hour service? Does he get a lot of middle-of-the-night calls, for example, working with people in other time zones? Try to get an idea of how often would he need to use that 24-hour stipulation.
Also, although this single retainer could support you, you should still seek/keep other clients. If you don't, you're putting all your eggs in one basket. But on the other hand, managing one high-needs client AND smaller clients and/or subcontractors has a huge potential for running up your stress and running down your health. It feels like, as the saying goes, you're damned if you do, damned if you don't.
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2. I'm single and used to being completely mobile/virtual with cell phone, iPhone, mini computer, web access anywhere with web card
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Only problem is, if this one client keeps you busy, you can have all the mobility and access in the world but still not have any time for your other clients.
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3. I love to travel
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If you mean you love the actual act of moving from one place to another, this is ideal. But if you mean you love to experience the culture and see the sights in other places, maybe not. If you're working all the time, there isn't going to be much opportunity to enjoy the scenery.
One last thing. Tread very carefully in the independent contractor-vs.-employee waters. By the IRS's definition of "employee," there's a real possibility that, regardless what you and the client agree to call your status, you could be classified as an employee. That's because the client in this situation will have a lot of control over your hours and activities, much as an employer would. Read more here:
Employer's Supplemental Tax Guide (very long and involved, but valuable. The table of contents helps.
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Independent contractor or employee?
Form IRS uses to determine your business status (I'm not saying you should fill it out. Just take a look at what kinds of questions are involved.)
Again, I apologize for being so negative. You may want this 1000X more than I would. If that's the case--congratulations and GO FOR IT! Just please be very careful to consider all the possible ramifications before you jump in.
Potential New Client Dilemma
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