Why do firms hire contractors? How much to charge per hour? Do you need an LLC? List of firms with clients who hire consultants. Should you work as a contractor, work as a consultant while searching for a FT job or start your own business? How to set up an LLC online

1. Consulting for Income
while searching for FT employment
George Benaroya
George@Benaroya.org
George.Benaroya@nyu.edu
linkedin.com

2. Finance for Marketing Decisions
G Benaroya Lecture
2 George Benaroya
▪ Career at Procter & Gamble, Tetra Pak and
Beiersdorf Nivea as Vice President Finance,
Global Controller & CFO.
▪Half of career at Headquarters and ½ running
local operations ($20 Mio to $ 2 Billion) in Asia,
Europe, Latin America and the US.
▪ Visited clients, consumers and factories in over 190 countries to
enable profitable growth, powered by Finance
▪NYU Students’ evaluation link
▪Contact: George.Benaroya@NYU.edu
https://www.linkedin.com/in/georgebenaroyacfo/
About me. George Benaroya

3. Why firms hire contractors
Linkedin, list of other firms
How much to charge per hour
1. Want/Need a job right away
2. Consulting while searching
Working through firms with
existing clients
List of firms
Example: GLG
3. Going independent
How to build an on line presence
How to save 60% on Linkedin premium
LLCs, Insurance, Contracts, Invoicing
Agenda
3 George Benaroya @ NYUConsulting for Income

4. Which group are you in?
1. Need or want a job right away.
2. Can wait. Could do Consulting while
searching for the target job.
3. Want to work independently.
Consulting for Income 4 George Benaroya @ NYU

5. Finance for Marketing Decisions
G Benaroya Lecture
5 George Benaroya
1. No headcount impact.
2. No corporate approval required.
3. Item is “hidden” on expenses.
4. Much faster.
5. Need to spend budget before December
31st. It’s been a good year.
6. Rotation is high.
7. Easier to “buy” than hire. No risk.
Why do firms hire contractors?

6. The IRS estimates 23 Million people are part of the Gig Economy
6Consulting for Income
~23 Million
~15 Million
+50%
Source: Brett Collinsy. “Is Gig Work Replacing Traditional Employment? Evidence from Two Decades of Tax Returns”
George Benaroya @ NYU

7. Percentage of contractors who prefer that type of work
7Consulting for Income
Source: Bureau Labor Statistics
George Benaroya @ NYU

8. Contractor firms to consider provided by Colleagues*
Aquent
https://aquent.com/
Creative, digital, and marketing staffing
Business Talent
Group
https://businesstalentgroup.com/ Connect leading organizations with independent
consultants, executives, project managers
Catalant
https://gocatalant.com Consulting & project engagements – short- and long-
term
ECA
(Ex Consultants
Agency)
https://www.exconsultantsagency.com/ Place consultants in permanent & project roles
Acre https://www.acre.com/
Connect innovative organizations and talent in
sustainability, health, safety & environment, corporate
responsibility and energy
*I have not worked with any of these firms as either an employer or consultant. Know of another firm? Please email me.

9. How much to charge per hour? Two ways to calculate it:
1. Take your annual salary, divide it by
2,000 hours. This is the base.
2. Multiply the base by 2. This is your
low rate.
3. Multiply the base by 3. This is your
high rate.
Example:
1. Annual salary $100,000, divided by
2,000= $50.
2. Multiplied by 2= $100.
3. Multiplied by 3= $150.
Based on these results, you should
charge $100 to $150 per hour.
Salary 100,000
Bonus (25%) 25,000
Medical care 16,000
401K contribution (6%) 6,000
Paid vacation + paid public holidays 7,692
Corporate discounts,phone
Thanksgiving turkey** 900
Employer taxes* 12,500
Total compensation 168,092
Hours worked 1,681
Rate per hour 100
Salaries have ranges (e.g. $100K-
$150K). The rate per hour in this case
should be $100-$150
*Employer taxes include: Social Security Taxes, Medicare Taxes, Federal Unemployment Taxes
(FUTA Tax), State Unemployment Taxes (SUTA Tax), Disability Taxes, Work Force Development
Taxes, Family Leave Insurance, Worker Compensation Tax, Health Care Tax (MA).
**Corporate discounts include: Gym subsidized fee, Day Care, Hotel & Car discounts, the
turkey you get at Thanksgiving etc.
Simplified Detailed
9Consulting for Income George Benaroya @ NYU

10. Why firms hire contractors
Linkedin, list of other firms
How much to charge per hour
1. Want/Need a FT job right away
2. Consulting while searching
Working through firms with
existing clients
List of firms
Example: GLG
3. Going independent
How to build an on line presence
How to save 60% on Linkedin premium
LLCs, Insurance, Contracts, Invoicing
Agenda
10Consulting for Income George Benaroya @ NYU

11. Consulting through firms which already have clients
Contributed by other colleagues:
https://ceriusexecutives.com/
https://www.yourencore.com/
www.dialecticanet.com
https://www.elevencanterbury.com/
https://emissary.io/become-an-emissary/
11Consulting for Income
Firms I know:
GLG.it
www.guidepointglobal.com
thirdbridge.com
www.10eqs.com/
www.colemanrg.com
www.xpertscouncil.com
www.alphasights.com
George Benaroya @ NYU

12. Executive Consultants
▪ Leveraging different areas of expertise enables
candidates to get more clients.
▪ Looks professional.
▪ Solves the issue of employment gaps.
▪ Income goes directly to the person doing the
work.
▪ There is no overhead nor fees. The site runs on
donations.
▪ It’s easy for candidates to join.
Executiveconsultants.net
12Consulting for Income George Benaroya @ NYU

13. 1. Want/Need a FT job right away
2. Consulting while searching
Working through firms with
existing clients
List of firms
Example: GLG
3. Going independent
How to built an on line presence
How to save 60% on Linkedin premium
LLCs, Insurance, Contracts, Invoicing
Agenda
13
Why firms hire contractors
Linkedin, list of other firms
How much to charge per hour
Consulting for Income George Benaroya @ NYU

14. 1.Linkedin.
Being selectively open to new contacts.
Publishing articles.
A premium subscription (@ a 60%
discount).
2. ExecutiveConsultants.net makes it
easier for Google to find me.
3.Quora & Medium I write content for
free. This builds my brand & network.
4.Twitter.
5.Facebook.
Online presence. What worked for me
14Consulting for Income George Benaroya @ NYU

15. ▪ One doesn’t need an LLC to operate.
▪ I chose to open 3 LLCs because: 1)it only cost $50/year 2)I can do it
myself in 30 minutes, on-line 3)it’s more professional 4)it’s “cleaner” to
deduct expenses. Links: Wyoming https://wyobiz.wy.gov/Business/Default.aspx
New Jersey: https://www.state.nj.us/treasury/revenue/gettingregistered.shtml
▪ One doesn’t need QuickBooks nor an invoicing system. This can be done
“manually”. I use Mint and Quicken for personal & business finances.
I do use QuickBooks for a business own.
▪ Insurance can be bought from Hiscock ($28/month, $ 1 million).
▪ Contracts: I agree to the terms offered by companies. It would be difficult
and time consuming to negotiate those with large companies. I also have
a number of “simple” templates I use
▪ Getting paid. Good practice to establish that (at large companies
processes can be lengthy). I try to use my own credit card for travel.
Setting up an LLC, Billing, Insurance, Contracts, Getting paid
15Consulting for Income George Benaroya @ NYU