Whether you’re tired of a corporate work environment, eager to launch an innovative business venture, or simply ready to be your own boss, there are many attractive benefits to starting your own company. However, launching a successful consulting business requires both financial preparation as well as a solid business plan. We’ve compiled four tips to…

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If you’re looking for a way to boost your business, you may have considered offering a discount on your services. After all, what’s more enticing to customers than a good sale?  But when it comes down to it, is discounting really a smart way to bring in more clients? Unfortunately, unless you are a large,…

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As you pursue your career as an independent professional, you’ll quickly discover that your success is tied to the business decisions you make. What you choose to do with your money is an important part of that challenge. Which purchases are smart investments? Which are simply a waste of money? Here are three areas where…

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What is the difference between gross income and net income? 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…

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Deciding what to charge for your services can have a big impact on how you structure and build your business. You don’t want to charge too much, in order to remain competitive. But you don’t want to charge too little either and risk missing out on revenue or not being able to cover your operating…

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When starting a small business, there are many financial considerations to take into account. Yes, defining and marketing your services is a big piece of the puzzle but in order to make a sustainable income and operate compliantly, finances should be taken into account as well. Here are six financial management topics that you’ll want…

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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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The many administrative and support tasks that must be done to effectively run a business is a big part of every small business owner’s job. Without an organized and well-managed back office, your business can suffer. While larger companies have teams of employees and individual departments to handle these types of tasks, when you run your…

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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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