I've been considering consulting in my field - I have a graduate degree and four years in the field. My experience has been accelerated due to the nature of my career position. I've been approached by a company I have worked with via contract with my employer to do work - my current employer has no problem with this.

They stated they would take me as a consultant or an an employee in a "part time on call" capacity. I'm considering the latter as I'm busy with work and family, and this seemed an easy way to enter the freelancing world.

Many websites discuss rates for consultants but this would be somewhere in between. Let's pick a number for my current pay at $50/hr, would should I propose this side work should pay? Their overhead should obviously be lower, I imagine that I won't receive ( and don't need) sick & vacation pay nor medical insurance.