Being a Business Leads to Greater Success
PICA exists to make you more successful. We want you to be your best, earn more money, and keep more of what you earn. The key is to think of yourself as a business rather than a temporary worker, a hired pair of hands, a contractor, or as staff augmentation. By setting yourself up as a business you will be taken seriously, treated with more respect, paid differently, and likely, paid more. You'll also be able to keep more of what you earn by paying less tax and saving more for retirement. All of PICA's content and events are based on this premise: That being a business leads to billing more and keeping more of what you bill.
This section of PICA's resources is focused on the mechanics of being a business, whether you're just starting out, or you're more established and need to expand your business. Foundational concepts are listed first, followed by resources by lifecycle stage.
PICA members have access to members-only content in this section, as well as web workshops, virtual roundtables, PICA's Office Hours, or by emailing PICA's Chief Advocate. Non-members and members alike can access free content below.
Foundational Concepts for Every Independent Professional
As an independent consultant, you should operate and present yourself not only as a senior professional but also as a business owner. This will help you to be paid more and keep more of what you earn.
| Lifecycle Stage | Title | Description | |
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What/Who is a Professional Independent Consultant? | As we go to market or talk about ourselves, we need to convey three key elements. This article explains what they are and offers suggestions to help you "walk the talk". | |
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2-minute video: Why Friends Don't Let Friends W-2 | Be sure you understand why it's better for you as a self-employed professional to be paid on a 1099 tax basis instead of a W-2 tax basis. | |
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Tax Status: 1099 vs. W-2 | How you are paid by clients impacts how you pay your taxes, along with how much tax you owe. This article explains why being paid on a 1099 tax basis is a huge plus. | |
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Temporary Employee vs. Independent Contractor | Whether you call yourself a consultant, contractor, or freelancer, the only status that matters is how you are classified and paid. Be sure you understand the various labels and terms so you know how to position yourself for success. | |
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Beware of Staffing Agencies | Understanding why third-party firms are usually bad for consultants is crucial. They can cost you money, even if you're paid on a 1099 tax basis. Be informed and improve your profitability! | |
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Costly Mistake: Paying a Consultant as a Temp Worker | Be sure you understand the 4 reasons why paying an independent consultant on a W-2 tax basis is bad for both you and the client. |
As we go to market or talk about ourselves, we need to convey three key elements. This article explains what they are and offers suggestions to help you "walk the talk".
Be sure you understand why it's better for you as a self-employed professional to be paid on a 1099 tax basis instead of a W-2 tax basis.
How you are paid by clients impacts how you pay your taxes, along with how much tax you owe. This article explains why being paid on a 1099 tax basis is a huge plus.
Whether you call yourself a consultant, contractor, or freelancer, the only status that matters is how you are classified and paid. Be sure you understand the various labels and terms so you know how to position yourself for success.
Understanding why third-party firms are usually bad for consultants is crucial. They can cost you money, even if you're paid on a 1099 tax basis. Be informed and improve your profitability!
Be sure you understand the 4 reasons why paying an independent consultant on a W-2 tax basis is bad for both you and the client.
Resources to Help You Be a Business
| Lifecycle Stage | Title | Description | |
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To Be or Not To Be an Independent Consultant | If you're just thinking about "making the leap" this article by PICA's Chief Advocate will help you think through the pros and cons. | |
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Creating a Foundation for Consulting Success | PICA's Chief Advocate offers tips on two interrelated topics: what to keep track of so you pay less tax, and how to set up your business for success. | |
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One Easy Step to a Professional Image | If you're using a personal email account for business, you're making a mistake. This blog by PICA's Chief Advocate explains why and how to easily fix it. | |
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Business Insurance | What you're likely to need and what clients often require; get familiar with the 10 most common types. | |
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Getting Started as Your Own Business | Use this checklist to lay a foundation for a professional business. | |
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Registering Your Business and Getting a License | You may need to register your business and get a business license in order to operate legally. Find out what you likely need and get actionable tips on how to do it. |
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Registering Your DBA (Doing Business As) | Find out if you need a DBA and if so, how to get one. |
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Tips and Tricks for Getting a Business License | It's getting harder to qualify as an independent contractor and paid on a 1099 tax basis. A business license is the easiest way to prove you are a legitimate business. This article has all you need to know, including how to get one. | |
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Invoicing Your Clients | The more streamlined your billing process, the sooner you're likely to get paid. Find tips, templates, and other considerations here. | |
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What to Do If Your Client Doesn't Pay | Having trouble getting paid? Learn how to collect payment without hiring a lawyer. | |
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Business Structure: Sole-Proprietor, LLC, Corporation or Other? | Understand the benefits and tradeoffs of the three most common business structures for consultants in terms of liability, taxes, ease of use and client perception. |
If you're just thinking about "making the leap" this article by PICA's Chief Advocate will help you think through the pros and cons.
PICA's Chief Advocate offers tips on two interrelated topics: what to keep track of so you pay less tax, and how to set up your business for success.
If you're using a personal email account for business, you're making a mistake. This blog by PICA's Chief Advocate explains why and how to easily fix it.
What you're likely to need and what clients often require; get familiar with the 10 most common types.
Use this checklist to lay a foundation for a professional business.
You may need to register your business and get a business license in order to operate legally. Find out what you likely need and get actionable tips on how to do it.
Find out if you need a DBA and if so, how to get one.
This article has all you need to know, including how to get one.
The more streamlined your billing process, the sooner you're likely to get paid. Find tips, templates, and other considerations here.
Having trouble getting paid? Learn how to collect payment without hiring a lawyer.
Understand the benefits and tradeoffs of the three most common business structures for consultants in terms of liability, taxes, ease of use and client perception.
Related Tools, Services, and Events
| Lifecycle Stage | Tool/Service/Event | Description | |
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Webinar with Q&A: Is Independent Consulting the Right Path for Me? Offered several times a year; see Calendar |
Anyone who has thought about becoming a consultant, or anyone who has already decided to be an independent consultant should attend this 75-minute workshop. We promise you'll leave this workshop with your questions answered. | |
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Web Workshop: Getting Started as an Independent Consultant Offered several times a year; see Calendar |
Come to this 60-minute workshop and learn what you need to do to get your business off the ground. Get answers to your questions and address your concerns. | |
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Getting Started Checklist | A printable reference guide with the info you need to set up your business, including links to websites for getting a business license and a tax ID number, getting business insurance, setting up your bookkeeping, and more. | |
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Timekeeping Resource Guide | As a solopreneur, it's a good habit to track how you spend your time, and not just billable client time either! "Anything measured can be improved." Tracking how you spend your time will lead to increased productivity and possibly higher revenue too. | |
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Web Workshop: Billing Rates and Pricing Strategies Offered several times a year; see Calendar |
Participate in this 90-minute workshop to learn how to set your initial billing rate, the pros & cons of various pricing models, and do some informal benchmarking with your peers. | |
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Webinar with Q&A: Keeping It Legal as an Independent Consultant Offered several times a year; see Calendar |
Understand the legal considerations of operating as your own micro-business, including how to negotiate contracts, qualify for 1099 tax status, and hire subcontractors. | |
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Virtual Roundtable: Getting the Right Type and Level of Business Insurance Offered a few times a year; see Calendar |
Business insurance needs change along with the type of work you do, and the type of clients who hire you. Get your questions answered in this live, virtual session hosted by PICA's insurance partner, CoverWallet. (Available to PICA members) |
Webinar with Q&A: Is Independent Consulting the Right Path for Me?
Offered several times a year; see Calendar
Web Workshop: Getting Started as an Independent Consultant
Offered several times a year; see Calendar
A printable reference guide with the info you need to set up your business, including links to websites for getting a business license and a tax ID number, getting business insurance, setting up your bookkeeping, and more.
Web Workshop: Billing Rates and Pricing Strategies
Offered several times a year; see Calendar
Webinar with Q&A: Keeping It Legal as an Independent Consultant
Offered several times a year; see Calendar
A tax professional explains why and how this foundational concept is so vital.
Virtual Roundtable : Getting the Right Type and Level of Business Insurance
Offered a few times a year; see Calendar
Business insurance needs change along with the type of work you do, and the type of clients who hire you. Get your questions answered in this Virtual Roundtable hosted by PICA's insurance partner, CoverWallet. (Available to PICA members at the All-In level.)