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Finance
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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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Bill rate and pay rate are easily confused, but 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…
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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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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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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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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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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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As an independent professional it’s important to understand key financial terms. There will be a financial component to every part of your job, from the beginning of a project when you are negotiating with a client about your rates and writing a contract, to the end of a project when you are invoicing a client…
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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 these terms and numbers are an important part in determining the sustainability and success of your business. They can…
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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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