CONSULTANTS CONSULTANTS Sheep in Wolfs Clothing By Gary

CONSULTANTS ?

CONSULTANTS Sheep in Wolf’s Clothing By Gary Mc. Quown 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. You should consult with a trained professional familiar with the laws and regulations of your area for specific advice.

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

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

Consultants Temporary Service Profit “Oldest Profession”

Consultants Sense of Humor Thick Skin It’s True

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”

Consultants. . Employer Temporary Resource Discretionary Spending Budget Breaker Scapegoat

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

Consultants. . IRS INDEPENDENT CONSULTANT (1099) EMPLOYEE (W 2) 20 Rules IRS Revenue Ruling 87 -41

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

WHY ? Profit Power / Control Warm Fuzzes

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

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

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. )

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

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

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

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?

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

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

Paperwork. . FICO Buy a House Incorporate Insurance

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

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

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

Recruiters? Lower Rate More Billable Hours Less Non Billable Hours

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

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

Where will I work? Onsite Telecommuting Travel

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

What happens if I fail? Return to W 2 Try again

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

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