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Does your contract prohibit it? If not, you should be good to go...
I see no issue with this! So so many people do contracted work in addition to their day jobs. So long as you're not violating your contract or a non-compete agreement, you are well within your rights to do contract labor!
I would just check your contract. If it doesn't say anything about working for another company then you are good to go.
I have, yep. It can be a tricky situation to manage, as there is a risk of conflict of interest or taking too much on. I believe it is important to be transparent and honest with all parties involved about any additional contract work you are doing. I personally have had success in this area by ensuring I keep my commitments to my full-time job as top priority, and then using my spare time to work on the contracting.