Successful Independent Consulting

NOVEMBER 2, 2022

"As a solopreneur, does it matter how I get paid?” Absolutely! In the U.S., being paid on a 1099 tax basis as a business instead of on a W-2 tax basis like a temp worker makes a huge difference to your profitability for two key reasons: You can pay less tax. You can save more for retirement. Here’s how I figured this out. Several years ago, as a solopreneur I did my taxes two ways using TurboTax software.

Consulting 195

Consulting Software Resources Company 195

Successful Independent Consulting

SEPTEMBER 14, 2022

The biggest stress for self-employed professionals is business development: how to cultivate meaningful regular work. It's vexing for at least three reasons. First, solopreneurs are experts who are good at helping clients solve problems or achieve certain goals, but they are not usually trained in sales or marketing. Second, when knee-deep in actually doing "the real work," solopreneurs are hard-pressed to find time to publish thought-leadership articles or create and manage marketing campaigns.

Development 195

Development Real Estate Sales Consulting 195

Successful Independent Consulting

AUGUST 24, 2022

If you tell people you are a consultant, many of them will not understand that you are an independent professional in business for yourself. They have good reason to be confused. Many people who call themselves consultants are employees of large global firms like Accenture, and others perform temporary assignments through a staffing agency. Still other people market themselves as consultants when they take on projects between (or in addition to) full-time jobs.

Consulting 195

Consulting Intellectual Property Accenture Deloitte 195

Successful Independent Consulting

AUGUST 4, 2022

Being self-employed is hard, so go in with your eyes open. Being a self-employed solopreneur isn’t for everyone. Sure, it sounds fabulous—the ability to be selective about the work you do, have a flexible schedule, escape office politics, make good money—but there are drawbacks. I made the leap to independent consulting in 2004 and never looked back.

Consulting 195

Consulting Cash Flow Insurance Insurance 195

Successful Independent Consulting

JULY 28, 2022

Financial stability is one of the top concerns when considering self-employment. Cash flow will be erratic, and it takes time (sometimes years) before you feel confident about making a living as a solopreneur. Becoming a millionaire while self-employed can seem unlikely, yet I did it without really trying. Here are my five steps to becoming a millionaire as a solopreneur. 1.

Cash Flow 195

Cash Flow Banking Consulting Small Business 195

Successful Independent Consulting

MAY 19, 2022

Management guru Peter Drucker once said “you can't manage what you can't measure.” I prefer to say, “Anything that’s measured can be improved.” By tracking (measuring) how you spend your time, you can increase your effectiveness, your income, and even your quality of life. Time is one resource that’s truly irreplaceable.once it’s gone, it’s gone for good.

Exercises 195

Exercises Development Examples Culture 195

Successful Independent Consulting

APRIL 27, 2022

If you were a hotel chain, would you be a Motel 6, Courtyard by Marriott, or a Ritz-Carlton? If you refer to yourself as a freelancer or consultant, what does that imply? The terms you use to describe yourself will impact how potential clients perceive you, how they pay you, and even how much they're willing to pay. There’s a lot of confusion over the terms used for workers who aren't full-time employees: Gig worker Temp Freelancer Contractor Consultant Solopreneur For professional independent c

Consulting 195

Consulting Accenture McKinsey Hotels 195

Successful Independent Consulting

MARCH 11, 2022

As a self-employed professional do you need a website? Is it worth the time and money if you get most of your business from referrals or by subcontracting? The short answer is, yes. Here’s why: 1. Millions of people are self-employed. Having a website will help you stand out from the crowd. 2. If you don’t have a website a prospective client may perceive you as an insincere short-timer.

Industry 370

Industry Examples Marketing Consulting 370

Successful Independent Consulting

NOVEMBER 26, 2021

Photo 50727473 / Piggy Bank © David Franklin | Dreamstime.com. The easiest time to raise your rate is on the cusp of something new — a new year, a new project, a new client. With the new year just around the corner, now is an excellent time to inform your clients. This article offers ideas of how to do this, as well as some sample language. How to determine your new rate Unfortunately, there’s no one-size-fits-all formula.

Consulting 195

Consulting Policies Banking Examples 195

Successful Independent Consulting

OCTOBER 13, 2021

Photo: Getty Images. As a an independent consultant you probably set your own rates. The more professional you are, the more likely you’ll be able to charge more for your expertise and services. Having a logo for your business will help you look like “the real deal” so why not get one? It’s not a huge financial investment. In some cases you can even get one for free.

Consulting 195

Consulting Financial Media Marketing 195

Successful Independent Consulting

SEPTEMBER 16, 2021

The most successful independent consultants find their own work by building a pipeline of leads through their own outreach efforts. Using a customer relationship management tool (CRM) can make this so much easier. That's why PICA partners with Mimiran, the CRM for solopreneurs that was built by a solopreneur, Reuben Swartz. His latest article is packed with practical advice, so we're sharing it with you.

Consulting 195

Consulting Sales Course System 195

Successful Independent Consulting

AUGUST 18, 2021

Photo by Euan Cameron on Unsplash. As independent consultants, we’ve all probably worked remotely to some extent but as the COVID-19 pandemic continues, it appears that working virtually will like be part of the “new normal.” Companies are figuring out their “work from anywhere” and/or hybrid models as the pandemic drags on and the “great resignation” threatens to lure employees away.

Consulting 195

Consulting How To Meeting Deloitte 195

Successful Independent Consulting

JUNE 17, 2021

Most independent consultants have some FUD (fear, uncertainty, or doubt) when it comes to finding work. Even if you’ve been self-employed for years, dry spells between projects can still happen, and if you’re just starting out it’s especially difficult to find your own work. It can take several months to set up your business, establish your reputation, and build your network in order to find and bill your own clients directly.

Consulting 195

Consulting Talent Insurance Insurance 195

Successful Independent Consulting

MARCH 16, 2021

If you’re self-employed, or thinking about it, or you know someone who is self-employed, THIS IS IMPORTANT ! We need to take action now to protect our right to be hired and paid on a business-to-business basis as independent contractors. If the PRO Act passes in its current form, you will likely be hired as a temporary employee. On March 8, 2021 the U.S.

Consulting 74

Consulting Course Resources Groups 74

Successful Independent Consulting

FEBRUARY 12, 2021

Being a self-employed consultant or “solopreneur” isn’t for everyone. Sure, it sounds fabulous – be selective about which jobs you take, have a flexible schedule, escape office politics, make really good money – but it definitely has some drawbacks. I made the leap to independent consulting in 2004 and never looked back. Although I made more money while working fewer hours, I also had to learn how to run my own business.

Consulting 370

Consulting Cash Flow Insurance Insurance 370

Successful Independent Consulting

DECEMBER 13, 2020

The easiest time to raise your rate is on the cusp of something new — a new year, a new project, a new client. With the new year just around the corner, now is an excellent time to inform your clients. This article offers ideas of how to do this, as well as some sample language to use. How to determine your new billing rate Unfortunately, there’s no one-size-fits-all formula.

Consulting 221

Consulting Policies Examples Benchmarking 221

Successful Independent Consulting

SEPTEMBER 24, 2020

Photo by Allie on Unsplash. Hiring a consultant can be a difficult decision for a client, especially when they’re going to be spending tens of thousands of dollars. They need to be sure that the person they’re hiring is competent, credible, trustworthy, and most importantly, effective. Use short stories or mini case studies to build your credibility before you’ve even had a conversation with a prospective client.

Consulting 150

Consulting Case Study Case Studies Study 150

Successful Independent Consulting

AUGUST 31, 2020

Photo by Euan Cameron on Unsplash. As independent consultants, we’ve all worked remotely to some extent but now we are working virtually 100%. And likely, this isn’t temporary. Many companies are already saying they won’t require every employee to return to the workplace this calendar year. Some are considering shifting permanently to “work from anywhere”.

Consulting 355

Consulting How To Meeting Deloitte 355

Successful Independent Consulting

APRIL 15, 2020

The #1 FUD (fear, uncertainty, doubt) among independent consultants involves business development. Will I be able to find enough work? How can I develop a steady pipeline of leads? I don’t know how to do sales! And now, with everyone stuck at home because of the COVID-19 shelter-in-place orders, business development and the networking that fuels it seem impossible.

Development 362

Development Consulting Sports Healthcare 362

Successful Independent Consulting

MARCH 31, 2020

We’re in an unprecedented situation because of the COVID-19 coronavirus, and the economic fallout has been drastic for many business sectors, such as travel and restaurants. For us as consultants, the effects are likely to be more gradual but our income will likely be affected. This article explains your options for cash-flow relief, whether you need it immediately or in the near future, and how to get it.

Cash Flow 248

Cash Flow Consulting Small Business Insurance 248

Successful Independent Consulting

MARCH 16, 2020

Strong winds of change are blowing in our direction. As self-employed professionals, the new California law, AB5 , has made it even more difficult to be hired as an independent contractor and paid on a business-to-business 1099 tax basis. The law largely sprang from a desire to protect lower-wage gig economy contract workers, such as those working for ride-sharing companies Uber and Lyft.

Consulting 39

Consulting Small Business Video Trends 39

Successful Independent Consulting

DECEMBER 19, 2019

Photo credit: ID 8861152 © Paul Jantz | Dreamstime.com. One of the benefits of being self-employed is paying less tax than you would if you were paid like an employee on a W-2 tax basis. If you’re smart, you’re getting paid on 1099 tax basis, deducting your business expenses, and contributing to your own retirement plan to lower your tax bill. (This two-minute video explains how this works.

Small Business 221

Small Business Consulting Government Examples 221

Successful Independent Consulting

OCTOBER 10, 2019

As an independent consultant running your own business, good marketing is critical. No one is going to hire an unpolished freelancer to help solve their business problem, especially if they’re going to spend tens of thousands of dollars. Clearly, a professional image is vital. A prospective client must see you as credible from the very first impression.

Consulting 231

Consulting Small Business Advertising Company 231

Successful Independent Consulting

JULY 16, 2019

Most self-employed consultants I know have deep expertise in a certain function or industry, and nearly everyone would like to earn some extra money. If this describes you, check out what I recently discovered. It’s the Gerson Lehrman Group ( GLG ), a 20-year-old international company that brings together subject matter experts (SMEs) with businesses and non-profits looking for insight on various topics.

Consulting 297

Consulting Talent Research Conference 297

Successful Independent Consulting

MAY 29, 2019

As an independent consultant, it’s vital that you convey professionalism at every step if you want to get hired at a great rate. Details matter, particularly when you’re making an initial impression. That’s why having a professional email address is a must, as is an eye-catching, effective email signature. Consider the following two examples. Who are you more interested to meet and potentially hire?

Consulting 278

Consulting Examples Study Course 278

Successful Independent Consulting

APRIL 12, 2019

Negotiating is typically hard for everyone, but it’s especially tough for consultants. It’s our nature to make the client happy, so negotiating for a higher rate feels awkward. But when you’re self-employed, even the smallest increase in your rate can translate to big bucks , particularly if the rate is for a long project, or if you’re working with an ongoing client.

Consulting 284

Consulting Travel Talent Sales 284

Successful Independent Consulting

JANUARY 23, 2019

Generally, the more experience you have as an independent consultant, the more likely you should move from billing by the hour to a fixed fee. At some point you’ll master your specialty and work much more efficiently than others. This means to earn what your services are truly worth, you’ll have to keep raising your hourly rates. But at some point, you’ll reach an invisible rate ceiling when clients think you’re too expensive, even if it takes you half the time to do the work.

Consulting 186

Consulting Cash Flow Interviews Examples 186

Successful Independent Consulting

DECEMBER 4, 2018

The easiest time to raise your rate is on the cusp of something new — a new year, a new project, a new client. With the new year just a few weeks away, now might be the time. This article offers ideas of how to do this, as well as some sample language to use when notifying your clients. How to determine your new rate Unfortunately, there’s no one-size-fits-all formula.

Consulting 354

Consulting Policies Benchmarking Examples 354

Successful Independent Consulting

OCTOBER 31, 2018

It was bound to happen. After 15 years and hundreds of contracts, I finally had a client that didn’t pay, and didn’t pay, and didn’t pay. For six months there was one lame update after another. “We’re working on it,” or “We’ve switched to a new process.” Yesterday, my bank finally received the wire transfer. Here’s my story, what I learned along the way, and steps you can take if you find yourself in the same situation.

Consulting 186

Consulting Banking Travel Examples 186

Successful Independent Consulting

SEPTEMBER 13, 2018

As a self-employed consultant do you really need a website? I’m asked this a lot, particularly if a consultant gets most business from referrals or they contract through agencies or boutique firms. Besides, it’s highly unlikely that a prospective client is going to stumble upon your website and decide to hire you. Surely creating a website is a waste of time and money, right?

Consulting 236

Consulting Case Interview Examples Marketing 236

Successful Independent Consulting

JULY 21, 2018

Recent court ruling likely to impact independent consultants in the U.S. This article was written by Henry Telfeian, a labor relations and employment attorney as well as the general counsel for the Professional Independent Consultants of America, Inc. (PICA Inc.). A graduate of Harvard Law School, he is an active member of the Supreme Court bar and an advocate for self-employed professionals.

Apparel 150

Apparel Consulting Advertising Course 150

Successful Independent Consulting

MAY 31, 2018

Recently I logged into my retirement accounts and was surprised (and pleased!) to see that I had crossed the million-dollar mark. I don’t consider myself rich. In fact, money is usually tight at the end of the month. Yet my bank account says I’m a millionaire. How did I do this? How can other self-employed consultants become wealthy too? Reflecting on my years as an independent consultant, I’ve boiled it down to five keys to success.

Consulting 150

Consulting Banking Cash Flow Knowledge Base 150

Successful Independent Consulting

MAY 2, 2018

· ID 70396708 © Anastasiia Bobko | Dreamstime.com. Last August I wrote a blog post about how labels matter , specifically that you should make more money by calling yourself a consultant instead of a contractor. But it’s not just about labels and language. It’s not enough to simply replace contractor with consultant on your résumé and LinkedIn profile.

Consulting 170

Consulting Emotional Intelligence Groups Meeting 170

Successful Independent Consulting

APRIL 2, 2018

Dear Liz, I have a quick question. I know a consultant who is going to do some work designing a company’s program for high-potential employees. The consultant has talent but not much experience. What hourly rate would you consider low, fair, too high? Can you ballpark this for me? - Louis Although the question is brief, a helpful answer is not. Pricing consulting services is notoriously difficult, particularly for self-employed consultants.

Consulting 199

Consulting How To Bain Accenture 199

Successful Independent Consulting

FEBRUARY 22, 2018

Adobe Stock photo #182517755 by nerthuz. Everyone has questions about the sweeping tax reform that became law at the end of last year. As a coach and champion for independent consultants, I went on a fact-finding mission to answer two important questions: Are self-employed consultants still better off being paid on a 1099 tax basis as a business or on a W-2 tax basis through a third party?

Consulting 199

Consulting Small Business Examples Guidelines 199

Successful Independent Consulting

DECEMBER 30, 2017

Photo © Vectomart via Dreamstime.com. As we close out the year, I’m reprising one of my most commented on LinkedIn articles. First published January 12, 2015, it’s just as relevant today as it was then. I’ve also expanded the original list of qualities from 19 to an even 20, and updated a few other things based the LinkedIn comments. Here’s to a prosperous 2018!

Consulting 170

Consulting Emotional Intelligence Meeting Groups 170

Successful Independent Consulting

NOVEMBER 30, 2017

“ Home Run - Nationals Park ” © Gareth Milner, Creative Commons license. Recently I helped a consultant land a $420,000 consulting contract. That’s not a typo. It’s an 11-month project for one consultant: $320k in consulting fees and another $100k for travel expenses. I’ve excluded my company’s agency fee in these numbers; the actual budget was a bit larger.

Consulting 186

Consulting Development Course Meeting 186