Finance

Independent pro

6 Things to Start NOW to Increase Your 2023 Billing Rate and Revenue

By MBO Partners

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…

Read More...
invoicing

How to Bill and Invoice Clients: 10 Steps to Get Paid on Time

By MBO Partners

10 simple steps to billing a client to ensure you get paid on time.

Read More...
consultant working

How Much Does it Cost to Start a Consulting Business?

By MBO Partners

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. Consider Start Up Capital Don’t be surprised if your first few months of financial reports show far more output…

Read More...
consultant

3 Ways Self Employed Track Time and Billable Hours

By MBO Partners

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…

Read More...
consultant

Overcoming Top Consulting Challenges

By MBO Partners

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…

Read More...
consultant

How Much Does It Cost to Run a Small Business?

By MBO Partners

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…

Read More...
contractor

How Do 1099 Contractors Get Paid?

By MBO Partners

There are a few different ways you can get paid working as an independent contractor. Typically, you will get paid either by the project or by the hour—this is determined by your bill rate and the written contract you establish with your client. 1. Hourly Payment Most independent contractors prefer to set an hourly-based bill…

Read More...
consultant

When and How Independent Professionals Should Offer Discounts

By MBO Partners

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,…

Read More...
calculator

Setting a Budget for Small Business: Saving vs Spending

By MBO Partners

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…

Read More...
net income

What is Net Income?

By MBO Partners

What Is Net income? Net income is the profit your business earns after expenses and allowable deductions. Why Is Net Income Important? As an independent professional, it is important to have a good handle on your finances. Knowing where your business stands financially can help you make important decisions such as setting bill rate, determining…

Read More...