Application of new identity to 3 web ads and 3 print ads -3 hours.Complete website redesign with new brand identity – 6 hours.1 design theme applied to business card and print materials – 3 hours.Add an extra hour or two just to be on the safe side. If you don’t know the exact number, estimate. Use an app like Toggl to track your time spent on each deliverable. This is where your past experience comes into play. Step 2: Estimate how long each deliverable will take. Application of new identity to 3 web ads and 3 print ads.Complete website redesign with new brand identity.1 design theme applied to business card and print materials.Think about everything your client gets as a result of this project - the “inputs.” Step 1: Create a list of deliverables for the project. The Project-Based Formula For Setting Your Consulting Fees Here’s how you set your consulting fees using the project-based method. But it removes a lot of the uncertainty around hourly billing. It’s a bit more complex than the hourly method. The project-based method is a strong pricing method for beginner and intermediate consultants. Using the project-based method will eliminate this uncertainty. And uncertainty around a project will stop your client from moving forward. One of the issues with the hourly method is that your client feels uncertainty around how much they’ll end up paying you. But don’t lower your fee.Ĭonsultants are notorious for undercharging - especially when they charge by the hour.Įvery time you successfully complete a project, increase your hourly rate by $25.Įventually, you’ll get to the point where charging by the hour is no longer the best method for you or your clients. If you feel like it is too low, raise it.
Round your new hourly rate up or down in $25 dollar increments.Įxample: A salary of $98,000 equates to a monthly pay of $8167, weekly pay of $2042, and an hourly wage of $102. (You can also use our Consulting Fees Calculator if you have a target income in mind) You’ll spend just as much time winning projects as you do delivering them.įor work weeks per year, enter “48” (or however many weeks you want to work, subtracting the number of weeks you want to take off). Enter the average salary in a salary to hourly converter.Īs a beginner consultant, you’re typically not working 40-hour weeks. Write that number down.Įxample: “senior marketing manager average salary” = $98K. Open up Google and search for the average salary for your position. So, how do you actually come up with your hourly price? The Hourly Method Formula For Setting Your Hourly Rate However, if you’ve developed deep expertise in your field, we recommend you DON’T use the hourly billing method. This simple, easy method is great for beginners who are working on their first few consulting projects. You set an hourly rate, track your hours, and then bill your client by the hour. The Hourly Formula is when you charge by the hour for your consulting services.
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How can you raise your consulting rates - and get clients to accept higher fees? Our practice-level services focus on specific intelligence functions and activities practiced by intelligence practitioners or teams.What should you charge for your consulting fees? Intelligence program design & development.
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