Article: How Do You Set Consulting Fees?
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How Do You Set Consulting Fees?
One of the most frequent questions I receive from those who are trying to start or grow their own consulting business is: "How and what do you charge clients for your consulting services?"
The ways of billing clients are numerous. There are hourly rates, by-the-job fixed rates, contingency or performance arrangements, flat fee plus expenses, daily fee plus expenses, and many other methods of charging for your consulting services. Which one is best?
Let us consider some ways of billing for your time.
1. Hourly or Daily Rate
Many consultants charge by the hour or day. To establish an hourly or daily rate, they try to calculate the number of billable hours in a year. Many hours will be spent marketing and in administrative and other ...
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