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Archive for February 2021
Independent Contractor Misclassification and Compliance News: February 2021
As the independent workforce continues to grow, so do the issues of worker compliance and misclassification. It is important for enterprises to remain informed about the latest laws, regulations, and developments surrounding these topics. Each month, we’ll bring you the latest news stories from around the web. 1. Biden Department of Labor Withdraws Trump Administration…
Read MoreWomply PPP Loan Access: Sole Proprietors and Microbusinesses
We had a chance to sit down with Toby Scammel, the founder of Womply, a platform for small businesses. He shares the story of how their company saw the small business impact of Covid even before the government, and how they have tried to help. What is Womply? Womply is a small business focused technology…
Read MoreGross Margin vs. Net Margin
Gross Margin vs. Net Margin: Important Accounting Terms for Self-Employed Professionals Gross margin and net margin are two common profit margin ratios you should track on your company’s income statement. These numbers indicate how good your business is at converting revenue into profit, and are important in assessing the financial health of your business. What…
Read MoreIndependent Workers Lead Recent Surge in Professional Service Business Applications
Applying for a business tax ID is one of the first steps to starting a business. In 2020, tax ID applications for new businesses surged to 4.35 million, a 24 percent increase over 2019. This data comes from the U.S. Census Business Formation Statistics. The dataset tracks applications to the U.S. Internal Revenue Service for…
Read More9 Self-Employed Tax Deductions You May Overlooking
As an independent professional, properly managing your expenses is not just good business, it’s also a good income strategy. As a business-of-one, you will likely incur fixed costs that can’t be billed back to a client. You may also need to take care of expenses such as health care and retirement. Each of these fixed or variable costs…
Read More6 Advantages of C Corporation for Small Business
When choosing a business structure for a small business, an increasingly popular option is C corporation status, which makes owners shareholders. What is a C Corporation? A C corporation is the same status that Fortune 500 businesses hold—they are corporate entities separate from their owners. In the case of an individually owned C corp, you…
Read More8 Effective Marketing Strategies for Consultants
Effectively marketing a consulting business is a challenge that can be overcome by implementing specific strategies that boost your visibility and credibility. With a bit of thought, effort, and dedication you’ll be on your way to cultivating a distinctive and respectable brand. Here are eight effective ways to market a consulting business: 1. Develop Your…
Read MoreBig 4 Consulting Firm Uses Direct Sourcing Marketplace to Find Independent Workers (Case Study)
CASE STUDY Vertical: Professional Services | Type: Direct Sourcing Enterprises today have access to a valuable population of highly skilled, educated, on-demand talent—independent professionals. This pool of talent offers organizations greater staffing flexibility, lower employment costs, and access to in-demand skills. In order to incorporate independent talent into their workforce, many organizations are turning to…
Read More5 Ways to Attract More Clients to Your Consulting Business
If you’ve been running your own business for years, you’ve already developed a strong reputation and a reliable list of clients—it can be easy to grow complacent. Understandably, you appreciate your current clients, you feel comfortable working with them, and you feel secure. But things can change in a minute; clients can go out of…
Read More5 Project Planning Tips for Independent Contractors
Working through the details of your contract with a client is a big task, but as you get ready to actually begin your next project there’s still a lot of planning to do. Even if you don’t create a formal project plan, thinking through project risks, responsibilities, and goals can help you stay organized, determine what tasks…
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