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Business Management analysis

How to Become an Independent Contractor

If you have a strong background in contraction and want to spread your wings to become an independent contractor, this article is for you. We've put together the most vital information that you must take into consideration before starting your own business below.

1.Naming your business

I always say that a business name must be simple and memorable. Come up with a name that be in alignment with the type of services that you will be rendering to your clients for example - Injabulo Construction. It's a name that comprises of your name and what the business is about.

2.Structure of your business

Now that we've come up with a name it's time to choose a solid structure to build our business on. There's different types of structures that you might choose which includes a sole proprietorship, a partnership or an S-Corp. For the purpose of this article we are going to stick to the widely used and adored one - a Limited Liability Company (LLC). It's important that you educate yourself about what this business structure entails about the operations or your business. What i like about it is that, should anything go wrong - your personal assets will not be used as a cushion to make up for the companies mistakes.

3.Open a business account

Your personal money must be separated from your business finances. It's recommended that you open a business account that is going to be solely designed for business transactions. This includes payments, tax implications and even outsourcing services. Take note of the various interest rates and features that are offered by banks before committing.

4.Advertising your business

People need to know that you have arrived and they can rely on you. The best way to do this is through social media, creating a business website or word of mouth. A lot of individuals battle with coming up with a strong marketing strategy for their business. If you feel like it's too much for you, remember that you can always outsource a professional that will help you get the gist of things.

That brings us to the end of our article today. We really hope that you've found this informative and useful. For more articles juts like this one published daily, make sure that you follow us and never miss out. 

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