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Consulting: Subcontracting: Freelancing - The Financial Considerations and Differences Explained

Explore the financial aspects of transitioning from a full-time employee to a consultant, subcontractor, or freelancer. Understand the nuances and differences between these roles to make an informed decision. Expert advice by Guy W. Wallace of EPPIC Inc.

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Consulting: Subcontracting: Freelancing - The Financial Considerations and Differences Explained

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  1. Consulting – SubContracting – Freelancing In this article for the Chicago Chapter of NSPI way back in December 1985, I was responding to an earlier article in this publication that encouraged others to quit their full-time jobs and join the ranks of CONSULTANTS … and told them: “Come on in, the water’s fine!” I was pretty sure that that was not true. Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  2. Consulting – SubContracting – Freelancing First – will the move from full-time employee be worth it for you financially? This is not the best route for everyone. Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  3. Consulting – SubContracting – Freelancing Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  4. Consulting – SubContracting – Freelancing • Still to this day I counsel those who ask: • Determine exactly what products/services you intend to render to the marketplace Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  5. Consulting – SubContracting – Freelancing • Still to this day I counsel those who ask: • Determine who your competition will be and what their prices are for those products/services where you will compete Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  6. Consulting – SubContracting – Freelancing • Still to this day I counsel those who ask: • Determine how you will compete against those competitors on price, speed/agility, etc., in order to win enough business to make the move worthwhile Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  7. Consulting – SubContracting – Freelancing • Still to this day I counsel those who ask: • Determine how you will market yourself and your products/services to your targeted marketplace Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  8. Consulting – SubContracting – Freelancing • Still to this day I counsel those who ask: • Determine how much money you will bring in, minus your expenses – the “cost of sales” and how that “net” compares to your current take-home pay Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  9. Consulting – SubContracting – Freelancing Second – What is the difference between Consultants, Subcontractors and Freelancers? Don’t market yourself inappropriately. Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  10. Consulting – SubContracting – Freelancing Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  11. Consulting – SubContracting – Freelancing • What’s the difference? It’s nuanced IMO… • Consultants are hired for their Knowledge and their Expertise more than as a pair of hands to help out Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  12. Consulting – SubContracting – Freelancing • What’s the difference? It’s nuanced IMO… • Subcontractors are hired as a pair of hands to help out for multiple engagements and may have contracts that go on for months or years Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  13. Consulting – SubContracting – Freelancing • What’s the difference? It’s nuanced IMO… • Freelancers are hired as a pair of hands to help out one project at a time Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

  14. Consulting – SubContracting – Freelancing Guy W. Wallace in 2019 Guy W. Wallace Pursuing Performance EPPIC Inc. www.eppic.biz

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