As a Solopreneur, Don’t be #OpenToWork on LinkedIn. Do this instead!

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As a Solopreneur, Don’t be #OpenToWork on LinkedIn. Do this instead!

If you provide services to companies as an independent consultant or to business professionals as an executive coach, you should be using LinkedIn to help build your business. It’s an excellent tool to establish your credibility, create awareness about your expertise and services, expand your network, and of course, keep in touch with your existing connections to help foster referrals. Although it’s a terrific platform, using LinkedIn effectively is getting more complicated as new features and tools are added. This article discusses two of the more recent LinkedIn tools that can be used as a solopreneur to help drive awareness of your services and build your pipeline of prospects.

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Figuring Out Your Billing Rate as an Independent Consultant

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Figuring Out Your Billing Rate as an Independent Consultant

Too many solopreneurs undercharge for their expertise. They don’t know to add a hefty margin to cover things like self-employment tax, business expenses, health insurance, and nonbillable time spent on business administration. Or they haven’t raised their rates consistently over time, or they haven’t switched to a fixed fee. This article explains how to determine your “base rate”, and the external factors that will impact your pricing. …

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Business Development in the 21st Century

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Business Development in the 21st Century

As self-employed professionals, we’re experts at helping our clients solve problems but we often struggle when it comes to building a healthy pipeline of leads. For most of us, prospecting for new clients is the very last thing we want to do.  But what if there was a way to make it less of a chore and maybe even enjoyable? …

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Start Each Engagement with the WOW Factor

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Start Each Engagement with the WOW Factor

One of my “whys” for becoming a solopreneur nearly 20 years ago was to have more quality time with my daughter. Self-employment would not only let me set the boundaries I needed, but it would also allow me to manage my time as well as my clients’ expectations. To do this…

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Self-Employed? Think APV: Always Provide Value

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Self-Employed? Think APV: Always Provide Value

As a solopreneur responsible for finding your own work, you may be tempted to adopt the ABC sales mantra, “Always Be Closing,” as described so powerfully by Alec Baldwin in the movie Glengarry Glen Ross. But when you’re self-employed, ABC might be the kiss of death to your business because nobody likes being sold.  As coaches, independent consultants, and financial planners, we’re problem-solvers, not salespeople. We want to be remembered and trusted, so put the client first.

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Every Solopreneur Should Know Their Why

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Every Solopreneur Should Know Their Why

Solopreneurship is not the right career choice for everyone. You have to do things you’ve never done before and push your boundaries, all while trying to earn a living. It takes courage, persistence and grit because fear, uncertainty, and doubt—FUD—is always lurking, trying to coax you back to the safety of a “real job.”…

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Nine Things to Think About Before Taking the Leap to Independent Consulting

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Nine Things to Think About Before Taking the Leap to Independent Consulting

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. Although I made more money while working fewer hours, I also had to learn how to run my own business. Here are nine things to think about before taking the leap to become a solopreneur.

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To Boost Your Business, Track Your Time (Nearly All of It!)

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To Boost Your Business, Track Your Time (Nearly All of It!)

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. Read more for tips on why you should track your time, what time to track, and how to make it happen.

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Consultant, Contractor, Freelancer - Labels Matter!

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Consultant, Contractor, Freelancer - Labels Matter!

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.

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How to Be an Effective Consultant While Working Remotely

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How to Be an Effective Consultant While Working Remotely

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 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.

To complicate things further for consultants, clients may misperceive “checking in” as a waste of time and/or something they don’t want to pay for. Or worse, they may still have the mindset that if they can’t see the consultant doing the work, they might think they’re overpaying…

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Supplement Your Consulting Pipeline by Subcontracting

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Supplement Your Consulting Pipeline by Subcontracting

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. Subcontracting to a well-established consulting firm or through an agency or online platform can be an attractive option. This article and the corresponding quick reference guide summarize the pros and cons and offer practical tips for expanding your reach…

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The PRO Act Will Limit Your Ability to be a Self-Employed Consultant!

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The PRO Act Will Limit Your Ability to be a Self-Employed Consultant!

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.

On March 8, 2021 the U.S. House of Representatives passed the PRO Act that includes the “ABC Test” that’s part of the controversial California law AB-5. The ABC Test is a huge problem for us as independent consultants because part B states that an independent contractor must perform work that is outside the usual course of business of the hiring entity. This means that as an independent consultant, you can't subcontract to another consulting firm, nor can you hire subcontractors to help you with your own consulting work. Instead, you would have to be hired (or hire others) as a temporary employee on a W-2 tax basis, not on a 1099 tax basis. This is a big deal for us as self-employed professionals because how you are paid affects how much tax you owe…

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How to Be an Effective Consultant on Virtual Projects

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How to Be an Effective Consultant on Virtual Projects

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”.

To complicate things further, many of our clients are learning how to work virtually for the first time and they may misperceive “checking in” as a waste of time and/or something they don’t want to pay for. Or worse, they may still have the mindset that if they can’t see the consultant doing the work, they might think they’re overpaying.

Given that consulting is relationship based, it’s imperative that we build credibility and trust quickly…

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Business Development and Networking During a Pandemic Lockdown

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Business Development and Networking During a Pandemic Lockdown

The #1 FUD (fear, uncertainty, doubt) among independent consultants involves business development. 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. But that’s not the case!

Clients buy consulting services from people they know and trust. So use this time to strengthen your relationships with clients, prospects, and colleagues who may be able to refer you to other prospective clients. Here are three things you easily can do from home.

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Negotiation Tips for Independent Consultants

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Negotiation Tips for Independent Consultants

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.

I recently discovered a series of practical tips on Instagram, of all places, by following Johanna Voss, owner of a boutique talent agency for female influencers and keynote speakers. With her permission, here are her three essential negotiation tips that every consultant should know.

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Is It Time to Consider a Fixed Fee for Your Consulting Services?

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Is It Time to Consider a Fixed Fee for Your Consulting Services?

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.

When you reach this point, it’s time to start thinking about billing for your services by the project instead of by the hour or day. The idea is to price the project as if you’re going to do it from scratch, even though you know you’re going to adapt plans and materials from prior projects. By doing so, you’ll boost your income per hour.

Here’s an example…

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Website or No Website? Answers and Help for Independent Consultants

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Website or No Website? Answers and Help for Independent Consultants

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?

I used to say that if you had a really strong LinkedIn profile and you keep your network warm, you probably didn’t need a website. Indeed, I know dozens of independent consultants making six-figure incomes without one.

Now, however, my answer is, yes, absolutely, you need to have a business website. Here’s why:

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