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CONSULTANTS ?

CONSULTANTS ?. CONSULTANTS. Sheep in Wolf’s Clothing By Gary McQuown Data and Analytic Solutions, Inc. Disclaimer. The following information is general in nature and intended for informational purposes only. It is not to be construed in any way as financial or legal advice.

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CONSULTANTS ?

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  1. CONSULTANTS ?

  2. CONSULTANTS Sheep in Wolf’s Clothing By Gary McQuown Data and Analytic Solutions, Inc.

  3. Disclaimer The following information is general in nature and intended for informational purposes only. It is not to be construed in any way as financial or legal advice. You should consult with a trained professional familiar with the laws and regulations of your area for specific advice.

  4. Topics What is a “Consultant”? Why (not) become one? Pros and Cons? Questions?

  5. Consultants An individual that provides a temporary service to another for profit.

  6. Consultants Temporary Service Profit “Oldest Profession”

  7. Consultants Sense of Humor Thick Skin It’s True

  8. Wolf or Sheep “Expect half of the employees to hate you before you arrive” “Hope the other half don’t hate you before you leave” Hunting / Marketing First in line for : Blame and Layoffs “Family First” “Ethics, Truth and Honesty”

  9. Consultants .. Employer Temporary Resource Discretionary Spending Budget Breaker Scapegoat

  10. Consultants .. Employee “One of THEM” Overpaid Competition Know It All Idiot Bonus Breaker Scapegoat

  11. Consultants .. IRS INDEPENDENT CONSULTANT (1099) EMPLOYEE (W2) 20 Rules IRS Revenue Ruling 87-41

  12. In General Employee: Controlled & Protected Independent Contractor : Independent & Accepts Risk

  13. WHY ? Profit Power / Control Warm Fuzzes

  14. Yin Yang Higher Income Lower Income or Loss Write Offs Business Expenses Greater Flexibility Uncertainty No Boss Clients Interesting Activities Non Billable Tasks Independence Greater Responsibility Unlimited Success Unlimited Failure

  15. Revenue Rate * Billable Hours - Expenses Wages Taxes Office & Supplies Professional Exp Health Other Profit REALRATES.COM, SALARY.COM & Friends

  16. Professional Expenses Insurance (Professional Liability, General Liability, Errors and Omissions, etc.) Legal (Contracts, Incorporation, Problems) Accounting (Taxes, Book Keeping, Billing) Marketing, Training & Development(Classes, Conferences, etc.)

  17. Marketing Holidays Accounting Vacations Book Keeping Sick Leave Networking Travel Training Between Jobs Administration Lack of Work Non Billable & Unpaid Hours 40 Billable Hours = 40 + ??? Actual Hours Worked

  18. (Wages + Expenses + Profit) Rate >= --------------- Billable Hours Profit

  19. Low Rate = High Billable Hours High Rate = Low Billable Hours Right Rate = Right Billable Hours Profit

  20. Frequently Asked Questions • What will I do? • How do I start? • How do I get jobs? • Recruiters? • What contract will I use? • Where will I work? • Will I make more or less? • What happens if I fail?

  21. What will I do? What you do now? Only Better! “Bench Warmer” “Builder” “Fire Fighter”

  22. How do I start? Save Money and Network Do the Paperwork Get a Contract Quit Regular Job

  23. Paperwork .. FICO Buy a House Incorporate Insurance

  24. Paperwork .. Incorporating Protection, Benefits and Cost Doing Business As = None Limited Partnership = Moderate Chapter S = Significant Chapter C = Greatest

  25. Paperwork .. Incorporating and Insurance Bench Warmers May not matter Builders Foolish NOT to Fire Fighter MUST

  26. How do I get jobs? Employer Employer’s Competition Networking / Marketing Recruiters

  27. Recruiters? Lower Rate More Billable Hours Less Non Billable Hours

  28. What contract will I use? Anything Agreed Upon Theirs with “Minor” Adjustments Legally Binding

  29. What contract will I use? Security and Non Disclosure Non Compete Penalty Clauses Late Payment / No Payment

  30. Where will I work? Onsite Telecommuting Travel

  31. Will I make more or less? More or DON’T DO IT

  32. What happens if I fail? Return to W2 Try again

  33. Questions? www.DASconsultants.com www.ICCA.com

  34. Thank You Sheep in Wolf’s Clothing By Gary McQuown Data and Analytic Solutions, Inc.

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