5 Career Paths that offer lucrative and stable Independent Consulting Careers

The road to Career Independence can have its bumps and bruises. As a Business Consultant working in an era of murky economic times, I strongly advocate the need for career independence.  Unfortunately, employment in the United States and Worldwide has vastly changed.  As you attain career growth, keep in mind that the only thing that lasts forever are your skills as a valuable asset to a specialized industry.  With that in mind, if you're looking for a source of livelihood that pays well and has ample opportunity for growth, here's compiled a list of jobs that meet both criteria.

Marry a Billionaire or even better yet, divorce one.

As my mother would tell me, it is just as easy to marry a rich man as it is to marry a poor man. To find out who is rich, check out  Forbes’ Billionaires list of top 10 of the most eligible bachelors including several who, at least for now, do seem to be taken.

Did you know your wandering neighborhood cat could be a Wifi Hacker?

Late last month, a Siamese cat named Coco went wandering in his suburban Washington, D.C. neighborhood. He spent three hours exploring nearby backyards. He killed a mouse, whose carcass he thoughtfully brought home to his octogenarian owner, Nancy. And while he was out, Coco mapped dozens of his neighbors’ WiFi networks, identifying four routers that used an old, easily broken form of encryption and another four that were left entirely unprotected.

Coco the Cat randomly roaming wearing the collar 

Everyone falls down; it's how quickly YOU get up that MATTERS

When I think of a truly successful businessperson, I think of Jeff Bezos, the founder of Amazon.com.  Jeff didn't become successful and a multi-millionaire on his first try.  He fell once (A9), and fell twice (Auctions), and thrived on the third run (Amazon.com). 

How does the Marketplace Fairness Act affect your online business?

The Marketplace Fairness Act grants states the authority to make online and catalog retailers ("remote sellers"), no matter where they are located, to collect sales tax at the time of a transaction.  Local retailers are already required to do. However, there is a caveat: States are only granted this authority after they have simplified their sales tax laws.

Simplification is required because of two Supreme Court rulings (Bellas Hess and Quill, described below) cite concern that collecting sales tax for multiple states would be too difficult.

The Marketplace Fairness Act requires that states must simplify their sales tax laws in order to ease those concerns and make multistate sales tax collection easy. Specifically, states seeking collection authority have two options for simplifying their sales tax laws.

Option 1: A state can join the twenty-four states that have already voluntarily adopted the simplification measures of the Streamlined Sales and Use Tax Agreement (SSUTA), which has been developed over the last eleven years by forty-four states and more than eighty-five businesses with the goal of making sales tax collection easy. Any state which is in compliance with the SSUTA and has achieved Full Member status as a SSUTA implementing state will have collection authority on the first day of the calendar quarter that is at least 90 days after enactment.

Option 2: Alternatively, states can meet essentially five simplification mandates listed in the bill. States that choose this option must agree to:

1. Notify retailers in advance of any rate changes within the state
2. Designate a single state organization to handle sales tax registrations, filings, and audits
3. Establish a uniform sales tax base for use throughout the state
4. Use destination sourcing to determine sales tax rates for out-of-state purchases (a purchase made by a consumer in California from a retailer in Ohio is taxed at the California rate, and the sales tax collected is remitted to California to fund projects and services there)
5. Provide free software for managing sales tax compliance, and hold retailers harmless for any errors that result from relying on state-provided systems and data

With states adhering to these provisions or the similar measures in SSUTA, retailers across the country will find collecting sales tax for multiple states much easier than it has ever been in the past.

How did we get here?

The 1967 Supreme Court case National Bellas Hess v. Illinois Department of Revenue set the stage for the debate on taxing internet sales when, in its majority (5 to 4) opinion, the court ruled that: “the many variations in rates of tax, in allowable exemptions, and in administrative and record-keeping requirements could entangle [the company]'s interstate business in a virtual welter of complicated obligations to local jurisdictions” (emphasis added).
This quote demonstrates the ruling’s basis in complexity and burden, which has rippled forward to create today a tidal wave of unanticipated consequences. Since Bellas Hess, out-of-state retailers have been shielded from the obligation to collect sales tax, based purely on the notion that it would place too much of a burden on their businesses. To provide a sense of perspective, keep in mind that the year this ruling was issued was the same year the floppy disk was invented at IBM. It was also one year before the first plans were developed at MIT to create ARPANET, which laid the foundation for the internet we know today.
In 1992, the matter of sales tax on remote sales came before the high court again in Quill v. North Dakota. This time, the court reaffirmed the earlier Bellas Hess decision (8 to 1), primarily on the basis of stare decisis (“to stand by decision,” a doctrine that requires the court to respect the precedent set by prior rulings). The ruling went on to state,
“[O]ur decision is made easier by the fact that the underlying issue is not only one that Congress may be better qualified to resolve, but also one that Congress has the ultimate power to resolve. No matter how we evaluate the burdens that use taxes impose on interstate commerce, Congress remains free to disagree with our conclusions” (emphasis added).

ConclusionThe retail world is a very different place today, forty-six years after Bellas Hess, and twenty-one years after Quill. Today, keeping track of a few thousand local tax rates is no longer an insurmountable technical, administrative, or financial burden - certainly no more difficult than calculating real-time-shipping, a common feature on most web sites and online sales marketplaces. Thus, the basis for the Bellas Hess ruling no longer applies and the Marketplace Fairness Act will help the many states now facing significant budget shortfalls. Although some suggest these States have a "spending problem" rather than a "revenue problem," it is important to recognize that these States have already been reducing their spending levels year-over-year and increasing collection and enforcement efforts based upon their existing sales and use tax laws. However, a State can only enforce these laws within its own borders unless (or until) Congress recognizes the significant advances made by "man and his ingenuity with machines" over the last 46 years. Simply put, without the Marketplace Fairness Act, our States are unable to require remote retailers to collect the existing sales or use tax already approved by that state's residents.

(Excerpt from http://www.marketplacefairness.org/what-is-the-marketplace-fairness-act )

Want to make money?? DIVERSIFY!!

I was reading the Urban Dictionary the other day, and looked up the definition of Insanity.  According to that dictionary, it stated that Insanity is doing the same thing over and over and expecting a different result.  The Urban Dictionary gave this example:  Working a job and expecting to get rich is insanity. Now doesn't that tell most of the populous a truth?

If you're in business and have been running a company for a while, the economy has certainly not been very cooperative in providing decent revenues.  While you may be an expert in a certain field and in the past saw decent business profits, if you really want stability and want to jump start  2013 revenues then you have to diversify.  By this I mean, do something not related to your field but within one of your personal strengths to foster growth and sales.  

Get out of your element!  Especially if you've seen slow growth, delayed profits, or non payment by your customers!  If you're good at selling - get a completely different product to sell.  If you are a creative person, consider painting, web design, writing - anything that brings you into a different field than what you're currently doing. 

If you have a certain expertise and find a fellow entreprenuer that requires what you do (and vice versa) - consider forming a limited liability company to unite both services.  You do not have to share your personal companies to accomplish this.  You can each keep your personal and primary companies separate.  You don't even have to form an LLC, you can form a partnership by writing up an agreement between both parties.  It's that simple!

As a business consultant for over 15 years, I can tell you that the companies that are weathering this economic storm have diversified and therefore grown. For instance Nabisco, recognized maker of cookies in the United States.  Nabisco doesn't just make one type of cookie. It is the maker of Chips Ahoy, Fig Newtons, Mallomars, Oreos, Ritz Crackers, Teddy Grahams, Triscuit,  Wheat Thins, Social Tea, Nutter Butter,  Peak Freans, Chicken in a Biskit all used for the United States, United Kingdom, Mexico and Venezuela as well as other parts of South America. Nabisco merged with Post Cereals because both companies had certain strengths they could provide each other to foster growth.

Another example, albeit when it started it was on a small business level, is City Fuel of New Hampshire's acquisition of Dave's Septic (also in New Hampshire). It doesn't take much imagination to understand that Dave's Septic is all about septic tank cleaning and portable toilets white City Fuel provided fuel via 10 trucks and 10 service vans to neighboring New Hampshire towns. 

Both businesses were completely different, but flourished because of their differences!

The businesses are managed by George Winslow.  In the Summer, Dave's Septic is extremely busy providing septic tank cleaning and portable toilets at weddings, construction sites, outdoor events, etc.  In the winter, City Fuel keeps employees busy providing fuel to homes and businesses to keep warmth on the premises.  

It's this type of merger/acquisition that benefits entreprenuers.  Even if you are successful, by diversifying in a completely different direction, you are ensuring that your business will continue to profit in good and bad economic times!

Create your Business's own Credit profile

Are you aware that 92% of all businesses DO NOT qualify for traditional financing?  Wouldn't you want your business to easily qualify for business credit without a lot of underwriting needed? If you have a business credit profile with Dunn & Bradstreet, Experian or other business credit reporting agencies, business lines of credit become a very easy thing to obtain. It's a matter of HOW to establish a CREDIT WORTHY business profile regardless of your personal credit history that counts.


You - the business owner - need to establish basic trade lines to begin creating your business's separate credit profile and identity. Businesses need a plan to establish business credit.  Those are the types of businesses that banks fund. 


Did you know that there are over 500,000 business vendors, but less than 5000 report  to business credit bureaus?  I can't stress how important it is to work with vendors who will report and to make sure they report accurately. 


When you first open a business, all lines of credit need to be secured.  In other words, everything has to be backed with money or collateral.  I wouldn't suggest using your home as collateral (in case the business fails, you would lose your home), but many people have.  


You can start with secured business credit cards and purchase the gas, computer systems, office supplies, etc. with the credit cards.  Ideally you should have at least 2 secured business credit cards. 


One example I like to use is Certificates of Deposits to fund your business.  Let's say you have $50,000.00 to invest in your business.  Instead of depositing the $50K directly into your business bank account, buy a CD worth $50K and use it to secure a business line of credit.  This is how you would fund your business, get interest on the CD (albeit not much), and start establishing your business's credit.   


DME Consulting can help you establish a business credit profile that will easily provide your business with credit (it also helps attract investors).  We'll help you understand what business credit is all about.  We will do an analysis of your business and provide you with a full report of the necessary steps you need to take and can guide you through the process.  Contact us for further details at info@dmeconsultingco.com.