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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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It’s the last quarter of the calendar year and time for 2023 planning. As you work through your business goals and growth strategies for the coming year, consider your current rate schedule along with new ways to increase revenue. Refer to benchmark services that cover your market and skill set to compare the rates they…
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10 simple steps to billing a client to ensure you get paid on time.
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Launching a successful consulting business requires both financial preparation as well as a solid business plan. We’ve compiled four tips to help you figure out how much money you need to start your own business. 1. Start Up Capital Don’t be surprised if your first few months of financial reports show far more output than…
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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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Business credit can provide protection, value, and financial security for your company. Here’s what you need to know.
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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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It’s an unfortunate truth that many environmentally friendly products and services cost more than their less-green counterparts. But going green doesn’t always mean you have to spend more. In fact, independent contractors can actually save a surprising amount of money by adopting a green attitude towards daily business tasks. We’ve compiled a list of five quick…
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Build business credit for your small business by following these three essential steps.
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When you run your own business, time tracking and billing are essential parts of your job. Whether you charge clients by the hour or by the project, knowing how and where you spend your time will keep your business both productive and profitable. How you manage your billable and non-billable hours as an independent determines…
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