Practical Tips for Self-Employed Consultants and Solopreneurs
Advice and Insight
As solopreneurs, we're always looking for that sweet spot between meaningful work, steady income, and a flexible lifestyle. If you've been considering fractional executive roles—or are wondering what they are—then this article is for you.
Read MoreAs independent consultants, we often find ourselves caught in a paradox. We spend countless hours crafting insightful blogs, creating newsletters, and posting on social media, yet we struggle to convert those prospects into clients. Sure, being visible is important for generating awareness of your services, but here's what I've learned after decades in this business: nobody hires a consultant or coach without having at least one conversation first.
Read MoreAs a consultant or coach, it’s our job to help clients solve problems and operate at their best. Sometimes this is easy, particularly with process or operational improvements. For example, “Decrease product returns by moving the quality checks upstream in the process.”
However, advice becomes challenging when it’s more personal, like when a business leader needs to change a behavior or…
Read MoreAs a solopreneur, you’re undoubtedly familiar with the feast-or-famine cash flow rollercoaster that most small businesses face. Downtime between projects combined with slow payments can wreak havoc on your bank account. To smooth out the ride and lower your stress, work to achieve these three objectives: 1. Accelerate the money coming in. 2. Reduce waste and ensure that every dollar going out is giving you the best value, and…
Read MoreTax season is probably the most important time for independent consultants to think like business owners. You want to pay as little tax as possible without triggering an audit so that you keep more of what you earn. Ask yourself (and your accountant) this question: As a business owner, how can I lower my tax bill?
The short answer is to maximize your tax deductions this year and take steps to reap tax-saving benefits every year. The longer answer is in this article.
Read MoreHaving consistent cash flow is one of the hardest parts about being self-employed, especially when you’re just starting your business. It can be difficult for veterans, too! Client payment terms can be ridiculous, often leading to stressful delays. Even if you start working tomorrow, you might not see any money for 45-60 days after submitting your first invoice. Realistically, it can take months for the money you earn to reach your bank account. To improve cash flow, I recommend subcontracting as a way to generate income while you continue to build your own business.
Read MoreIf you're preparing to launch your own business, you're probably experiencing a mix of excitement and anxiety. As someone who's helped hundreds of professionals make the leap to self-employment, I can assure you that those feelings are completely normal. But here's the good news: with the right preparation, mindset, and support, you can move forward with confidence.
Naturally, there are a hundred things to learn and do when you’re just starting out. Here’s an overview of the initial steps with additional resources at the end.
Read MoreThanks to inflation, everything is more expensive now. Seems like a good excuse to raise your rates, and now is the perfect time.
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 the time to inform your clients that your rates will be going up next year. Read on for ways to make this easier.
Most solopreneurs launch their business with a simple LinkedIn post—but they're missing a golden opportunity. Your launch announcement isn't just another social media post; it's your debut on the professional stage. When done strategically, it can create momentum for your new venture and lay the groundwork for future success.
Read MoreMost solopreneurs find the majority of their work through referrals or repeat business from previous clients. These successful independents are the ones who come to mind when the need for their services arises. As I explain in my book, Succeeding as a Solopreneur, the two keys to making this happen are being memorable and nourishing your network. Using a “love list” is an excellent way to do both because it keeps your name fresh in people’s minds.
Read MoreOne of the six keys to success as a solopreneur is to be known for something and be memorable. When you are perceived as an expert, you’ll get more referrals and win more work. Narrowing your niche is an important step in the right direction, but you’ll also want to develop a tagline as part of your branding.
A marketing tagline is short phrase that helps people remember you in a certain way. Just like the phrase “Just Do It” makes you think of Nike, your tagline should make people think of you when they hear it. Ideally, it should say what you do and the results you achieve.
Read MoreThe one thing all independent consultants and coaches have in common is we all get FUD from time to time: FEAR of change, UNCERTAINTY about how to address a situation, and DOUBT about trying something new. When these emotions crop up, I refer to it as the FUD monster. I imagine a hairy gremlin on my shoulder, whispering nasty self-doubt into my ear. Here’s what you can do to tame your FUD monster…
Read MoreSometimes, no matter how many times you remind a client to pay you, they still don’t send the money. Your client might give all sorts of excuses, or worse, they stop replying to you at all.
Whether it’s $5,000 or $500,000, it’s still worth taking the time to get the money you deserve, and you may not even need to hire a lawyer or collections agent. Based on personal experience, here are some things you can do on your own.*
Read MoreEveryone knows that consulting services can be hard to sell because it’s often perceived as expensive and too theoretical. To combat this bias, demystify your process. Using work samples and deliverables to show prospects how you do what you do will go a long way toward eliminating their skepticism.
Read MoreAlthough the Corporate Transparency Act (CTA) sounds like it only applies to large corporations, it affects you as an independent consultant if your business is structured as anything other than a sole proprietorship. If your business is an LLC, C-corporation, or filing taxes as an S-corp, you are legally obligated to fulfil the reporting requirement that kicked in at the start of this year. This article tells you what you need to know and how to comply so you can avoid unnecessary fees and penalties.
Read MoreMany solopreneurs make the mistake of marketing themselves as a jack-of-all-trades. They think that putting themselves out there with a variety of services and expertise means they’ll be hired for more work. The exact opposite is true.
Being memorable generates referrals and credibility. This is why you want to be “The Person” to talk to for a given situation. Think of it from your potential client’s perspective. If someone is going to spend tens of thousands of dollars, they want to hire an expert, not someone who has “done something sort of like it,” or “done it once or twice,” or who may be able to help them. They want to hire a specialist and you want to be that person.
Read MoreAs consultants, our ability to communicate effectively is vital to our success. Whether you’re meeting a potential client for the first time or you have to deliver some difficult feedback, it’s hard to over prepare. That said, I suspect most of us don’t do enough preparation for these important conversations. Sure, we may jot down our key points or put together a flawless presentation, but have we prepared our brains to seek the outcomes we desire? …
Read MoreIf 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.
Read MoreOf course you’ve heard of ChatGPT but are you using it to work smarter and more efficiently yet? If not, you should be! Recently the Professional Independent Consultants of America (PICA) hosted a members-only roundtable discussion to help people jumpstart their use of this powerful tool. Special thanks to Alexis Hultine of Digital by Design, and Dave Seaton of SeatonCX for leading the session and sharing their insights. This article was written by ChatGPT using the transcript of the roundtable.
Read MoreToo 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. …
Read MorePractical tips and advice for solopreneurs such as independent consultants, executive coaches, and financial planners. #SolopreneurSuccess
This is where we post our latest content on how to be your best as a self-employed consultant. Nearly all articles are written by PICA’s Chief Advocate, Liz Steblay, based on her 25 years in consulting, including 20 as a solopreneur.
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