Contracts and Finance
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Pay rate and bill rate are easily confused. 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 discussing…
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Checking your spending and reassessing your expenses should be a regular activity in your business. Dealing with smaller profit margins than large companies makes minimizing expenses a critical success factor for you. Here are eight practices to incorporate into your business that can help keep your costs down. 1. Pay Invoices Early Many suppliers offer…
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Doing business as an independent professional requires a different approach from working as a full-time employee, and the same is true when it comes to taxes. Since many independents receive 1099 forms from clients at the end of the year, tax time isn’t as straightforward as simply plugging a few numbers into an online tax…
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Contracts are an important part of an independent consulting business. They define services to be performed, state payment terms and conditions, and provide legal protection. As a solo business owner, a simple contract mistake can end up costing you valuable time and money. With your business and reputation on the line, it’s important to carefully…
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Writing and delivering a Scope of Work (SOW) can at first seem like a daunting task. However, once you understand what goes into the various parts of the document, it becomes much more manageable and can be a useful tool to help you get organized before a project begins. A project Scope of Work is…
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Knowing how to calculate your net salary is important when it comes to managing finances as an independent contractor. If you’re considering starting a small business, you are probably encountering many new financial terms as you begin to set your bill rate and put systems in place for tracking your time and collecting invoices. Understanding…
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Entering into a verbal contract with clients a common practice among independent professionals, but it’s not a best practice. 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,…
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You maybe hesitant about raising your rates, but knowing how to increase your bill rate will put you at ease. If you are at a point in your career where you have years of experience, produce high-quality work that is backed by client recommendations, and provide services that are in-demand, it might be time to…
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The terms gross income and net income can be easily confused. Per definition, gross income is the total amount you earn, and net income is actual business profit after expenses and allowable deductions are taken out. However, because gross income is used to calculate net income, it’s important to understand how each is calculated. When…
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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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