Finance

consultant working

Bill Rate vs Pay Rate: What’s the Difference?

By MBO Partners

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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What is Net Salary: Definition and How to Calculate

By MBO Partners

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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How to Build Small Business Credit

By MBO Partners

Business credit can provide protection, value, and financial security for your company. Here’s what you need to know.

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Top 7 Financial Considerations When Starting a Small Business

By MBO Partners

When starting a small business, there are many financial considerations to consider. Maintaining a consistent pipeline of work, marketing your services, and building your brand are big pieces of the puzzle, but to make a sustainable income and operate compliantly, you’ll need to think about your finances as well. Here are seven financial management topics…

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Gross vs Net Income: Differences and How to Calculate

By MBO Partners

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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Financial Management Tips for Small Businesses

By MBO Partners

Financial management is an important part of starting your own business. As an independent contractor your job isn’t just about keeping your clients happy and moving from project to project. It will also involve taking on an administrative role to help make sure your business runs smoothly and compliantly. Here are eight financial management tips…

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8 Terms that Should Be Included in an SOW (Scope of Work)

By MBO Partners

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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consultant

Pricing Your Consulting Services: Hourly, Fixed Price, or Hybrid Billing?

By MBO Partners

Figuring out your billing rate can greatly impact the ability to build your business. Ideally, you will arrive at an amount at the intersection of the income you need, the market value of your services, and the value you provide a client. Once you calculate your billing rate, you need to decide how to bill—that…

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consultant

Consulting Rates: How to Determine My Bill Rate

By MBO Partners

How do you calculate your consulting rate?  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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How To Give Back on a Budget when You’re Self Employed

By MBO Partners

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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