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Contracts and Finance
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As the year draws to a close, it’s common to take some time to look back on the performance of your business. Reviewing your back office—records, taxes, expense tracking, billing, etc.—is another helpful practice to prepare for the new year. Organizing paperwork and making sure records are accessible will help ease the burden of searching…
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Bill rate and pay rate are easily confused, but they both factor into the decision of how much you should charge for your services as an independent contractor, consultant, freelancer, etc. When negotiating with a client at the start of a consulting project, make sure you are clear on your rates, and if you are…
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A consulting agreement between an independent contractor and a client should provide legal protection for both parties while also clearly establishing expectations of the project to be completed. The exact language and sections included in your contract may vary depending on your industry, client type, and location. Independent contractor agreements are particularly important for independent…
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What is a Consulting SOW (Scope of Work)? A Scope of Work (SOW) is a document that defines how a project will be executed through specific tasks, activities, deliverables, and timelines. A SOW also provides important legal protections for both you and your client. While many people associate SOWs with large-company projects, they are equally…
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Tax season as an independent contractor comes and goes throughout the year as you file quarterly, but April 15 tends to be the biggest date of the year as it is the deadline for personal income tax. There are many steps you can take in preparation for this deadline to help make sure filing goes…
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Gross income is the total amount you earn and net income is your actual business profit after expenses and allowable deductions are taken out. However, because gross income is used to calculate net income, these terms are easy to confuse. When you run your own business, understanding the difference between gross income and net income…
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How do you calculate your consulting rate? Â It’s a question most W2 employees ask themselves when they want to become a consultant. How can you maximize today and prepare for a profitable consulting business? 1. Evaluate Your Bill Rate When’s the last time you evaluated your pricing strategy? Have your bill rates remained steady for…
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Philanthropy can be an important part of your brand, even if you’re self employed. Not only is charitable giving a great way to give back to your community and support a good cause, but it can also help to build connections with existing and potential customers, differentiate your business, and gain positive publicity. But as a…
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As an independent professional it’s important to understand key financial terms. There will be a financial component to every part of your job, from the beginning of a project when you are negotiating with a client about your rates and writing a contract, to the end of a project when you are invoicing a client…
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The ability to manage your business expenses is not just good for your company, it’s also a good income strategy as an independent professional. As a business of one, you will incur fixed costs that cannot be billed back to clients. You’ll also need to handle expenses such as health care, retirement funds, and other…
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