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Contracts and Finance
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If you run your own independent business, you likely know that writing proposals and bidding on projects is an integral part of your job. However, the formal Request for Proposal (RFP) process can be filled with tedious details that can feel overwhelming. Due to the complexity of this process, it’s important to understand how to best assess…
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Independent professionals have additional tax responsibilities above and beyond those of conventional employees and are also at risk of a tax audit. With extra forms and numerous potential deductions, it can be easy to overlook small details or miscalculate. While there’s no way to completely protect yourself from the dreaded tax audit, you can reduce…
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Working as an independent consultant and being your own boss offer a number of benefits including setting your own hours, determining your specialties, and choosing your clients. However, independent consulting is not without its challenges. In MBO’s State of Independence report, we surveyed independent consultants to learn about their experiences, goals, and difficulties. Here, we…
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GUIDE | 12 MIN READ
Use these techniques to understand how much you should charge as a consultant. Make sure you are not under or overcharging for your expertise and experience.Â
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If you’re ready to take the leap and start your career as an independent professional, there are a few key steps to take to build a successful business. Understanding the tax implications of becoming an independent contractor is an important part of your financial preparation. While your employer was required to withhold federal income, Social…
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GUIDE | 10 MIN READ
The modern independent consultant must be adaptable to their surroundings, particularly when client organizations change rapidly.
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Entering into a verbal contract with clients is a common practice among independent professionals. Without the red tape and bureaucracy that can slow down larger businesses, independents enjoy the advantages of being flexible and agile in transactions and deals. However, while verbal contracts often simplify business, if things go sour they can end up complicating your relationship…
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In any business agreement, it is highly recommended to use a well-written contract, and the terms of the contract are often the result of negotiation between the parties involved. Contracts provide clarity, establish a relationship, and offer protection to all parties involved. For these reasons, many independent professionals wisely insist on using written contracts for…
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Writing contracts is an important part of your business as an independent professional. A contract defines the work you agree to do for a client, and it also provides you with legal protection. Contract negotiation can be an intimidating part of starting a new project but setting up this legal framework will help protect you…
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Contracts are an important part of starting a new project. They provide legal protection, discuss services to be performed, and include payment terms and conditions. If you’re new to the process, you may find that drafting a contract is a complicated task, requiring specific key terms, provisions, legal obligations, and ultimately, client agreement. As a…
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