How much should you charge? How often should you be paid? Choosing the right consulting fee structure will insure you don’t get burned by clients and clients stay happy with your services. Don’t make the mistake of starting too low or worse choosing a structure that will limit your income potential.
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Table of Contents:
0:00 – Intro
0:37 – Package
4:35 – Retainer
7:03 – Percentage
9:23 – Pricing Formula
12:37 – Outro
Best Consulting Fee Structures: How Maxmize Your Profits And Keep Clients Happy
Are you considering starting a consulting business? Are you at loss to know how to price consulting services these days?
In this consulting 101 guide, you’re going to learn about the three best pricing models when it comes to figuring out your consulting fee structure as a starting business consultant. Know how much to charge for consulting services to ensure your long term success.
A business consulting services is one where someone provides management consulting services to a business, firm, or company to help them with their management, marketing, security, and the like. In other words, to build a consulting business, all you really need to do is focus on helping a specific group of people solve the problems they are facing.
Understanding your consulting fee structure is very important as this is part of your offer. One of the most important steps of how to get more consulting clients is to have a compelling offer, and your consulting rate is part of it.
With these pricing strategies, learn how much to charge for your consulting services and the different consulting fee structures when you start a consulting business.
There are many factors unique to each type of consulting fee structure. That’s why we’ll go through a simple formula you can use to figure out what your consulting prices should be when you’re just getting started.
When you’re starting off as a new consultant, a Price Package is the best way to price consulting services. The faster you can productize your service the faster you’ll be able to scale, and creating packages for results is one of the best ways.
On the other hand, when you prefer the advisory type of roles where you’re just answering questions and giving your insights, a Monthly Retainer is the best place to go. This keeps you as the expert and will insure you’re not sucked into doing a ton of work that your retainer service isn’t designed for. You’re being paid to think, not do.
When figuring out your consulting fees and when you’re just getting started, you need to take note that you don’t charge hourly and there’s no such thing as a discount only a smaller scope of work.
Also, a quick little tip, in your sales process you can extend the amount of time it will take to deliver something. Just because you can knock it out in a week doesn’t mean you should. It’s okay to give yourself extra-time and breathing room. It’s also another way to increase the perceived value of the package.
So if you’re still figuring out your consultant fee structure, this consulting guide might be the one for you! Start pricing your consulting services the right way.
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Comment below with your consulting fee structure questions!
hi jason sorry to ask you a question not related to this video.
about email marketing funnel there are the first email sequences (content marketing funnel ) and the general broadcast list .
my question is :
1- the general broadcast list should be written previously ? or just after analyze the performance of the first email sequences ; then we can decide if yes or no ?
2-the general broadcast list we should send them to all subscribers or just those who not buy from us .
Hey……We are looking to partner with you to create a series of review/tutorial videos. But not able to get your email ID. Please send email to jelly.shah@outlook(dot)com with your channel URL. We will discuss there…Waiting
Love this
I have another method that could be adapted which increases the quality of output and increases the trust and confidence of clients. Creating your billing based on a premium hourly rate. This allows you to track the time you spend and helps you learn what parts of the work are better served by you or outsource and a lower rate within the budget you have for the time. Efficiency excellence is worth creating tension over. Measuring not just the quantity of money you charge but also the quality of the work that you deliver. Another place to look is Gigesy. They offer and free referral service and stepdown fees as you do more work on their platform.
That line in the sand is so crucial. I find it hard to enforce this.