I would like to thank everyone for their time and input, it is greatly appreciated. @QueenCityConcentrate @Siosis @Juice311 @GreenMachine_Consult @MagisterChemist @WolfeXtracts @BiotechBrew @blackie @mcpikeig
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Many people who start out consulting undervalue themselves. If you are serious about consulting you should not charge by the hour. Charging by the hour doesnât make sense for either the consultant or the client. If I charged hourly then the longer i draw the job out the more i would earn. This is not beneficial to the clients needs or the consultant as you also could be spending more time elsewhere on other jobs. After reading a few books before embarking into consulting i found this to be the most important lesson. I price our services based off 3 options,
- Project Implementation - Project designing and planning
- Project Oversight - Guidance and Oversight of Project
- Retainer: bi-monthly - yearly
Options one and two fees are based on many different factors. If we are consulting to improve their overall process and can earn them a million more dollars without any extra costs per year I would hope 10% for helping them would be fair to the client. The retainer option is usually taken most advantage by existing clients from option 1 or 2 after youâve developed a relationship and they are comfortable that you are the one they need. I suggest 5-10k+ a month for these services billed quarterly. These arenât for selling a new client its for existing clients happy with your services looking for a trusted head they can consult anytime.
thats my educated opinion on this matter, I look forward to all the people who tell me im charging too much, Cheers!
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