This is your starting hourly rate. If you think it's too low, turn it up. We asked consultants about their specific pricing strategies and the results might surprise you. Now that you've calculated your hourly rate for consulting and consulting services on demand, you're ready to embark on your new adventure.
Even if you have a full-time job, you can start a part-time consulting business by working nights and on weekends. If you have the type of consulting business that involves pure profits, you might not have to worry about overhead. This simple and easy method is ideal for beginners who are working on their first consulting projects. To set fees, some consultants simply take the hourly wage (plus benefits) they would earn if they worked with someone else's salary and then double or triple it.
Not only does this make consulting costs easier for your clients to manage, it also allows you to have a continuous flow of revenue, so you don't have to worry every month about whether you'll provide the work necessary to cover your bills. And while that may work for some big discount stores, it's probably not the approach that works for an independent consultancy. I'm talking about decades of experience consulting on my own and creating my own company when I say that for people like us, there's nothing more rewarding than running their own business. First, an initial opening fee is charged that covers the cost of starting a consulting relationship.
If you want to expand your consulting business, hiring employees or contractors can be a great way to do so. Whether you're already a consultant or a former executive looking for new challenges, it's a good time to start your new consulting business. With the right strategy and mindset, consultants can earn five or six figures or even more per month.