Determining how much to charge as a consultant is difficult. There are HUGE variances in what consultants charge, and it depends on how you structure your offerings.
There is no single answer to this, and you’ll have to get feedback along the way.
Some of the things to consider are:
- Are you selling your time or a result/deliverable?
- How experienced are you?
- How much will your knowledge/advice impact their results?
- Are they used to hiring consultants? What rates are they used to?
- How big is the project?
- Is it retainer based or one-time?
- What is the market rate in your local market?
Launchest includes a complete pricing guide with industry ranges for different experience levels, but here are some top-level guidelines:
1) HOURLY: Charge hourly if the scope of the project isn’t clearly defined, or if you aren’t sure how much time/effort it will take. Agree to a range upfront, but the client will only pay for what they use. This is low risk for the client.
2) PROJECT BASED: If the project can be clearly defined, consider charging a flat rate for the entire project. This gives the client and you a clear idea of the total scope and investment. Most project based quotes are based on estimated time investments, but this reduces uncertainty and the need to track hours.
3) RETAINER BASED: You agree to set monthly services for a monthly rate. This allows for a long-term relationship where you contribute a set amount each month.
The specific amounts to charge are variable based on the factors above, so you’ll need to use your judgment and have a dialogue with the client to determine how much they are willing to invest.