You're setting consulting fees for the first time. How do you determine your worth?

1. Don't sell time - sell impact. 2. Think of a number and double it - low fees tell your client you're not worth that much. 3. If you don't think you're damn good at what you do, no one else will and you won't make a living.

This is one of the most difficult parts of consulting; knowing your worth. It is important to research the department, company, industry and your own niche to learn how to best set your price. It helps to consult with other consultants and friends and family in related industries so that you don't undersell or oversell your services. You should always start your negotiations on the high end and work from there. Do not be discouraged if you don't get your requested rate at first- you can work your way up by doing excellent work.

When I was getting started, I was coming out of the public sector and really had no idea what to charge for the value of what I was delivering. Smartest thing I did was ask people and to my delight, people shared. Now whenever someone is starting out, I have no problem giving them suggestions on what to ask for. Get help, help others. It’s not enough to “think” you’re worth something. Do the research, and find out about the market you are entering.

Remember your day rate is not just for that day, it is for the years of accumulated experience that you have. The day rate also reflects all the extras hours you will give on calls and emails to be there for immediate support and guidance. The day rate needs to reflect the added value you will bring and the prevention of waste, if you weren't there to facilitate the powerful alignment.

Deciding how you are unique and owning how many skills you bring to the table is key. Too many advisors try to be like all the others and compete on price. Ask your clients what big results they are seeking and what that would mean to get those results. We should refrain from selling what we do and seek to solve problems. Price as a package vs. as an hourly rate. Love on your clients - the energy of passion for all we do is also important.

I agree with this. Knowledge is power. Researching the market to ascertain current trends and standards is a great and wise place to start. Research also allows to understand the benchmarks and compare and contrast to adjust prices based on the value you bring and your uniqueness.

I have my fair share of experience when looking for trainings for our organization and reaching out to trainers firsthand. From these encounters, I am able to come up with a baseline. Of course, it can always be negotiable based on the circumstances.

Es ist wichtig, sich nicht unbedingt an Preisstrategien von anderen zu orientieren, sondern sich selber zu fragen, was ich an Wert aus früheren Berufserfahrungen, Ausbildungen und Feedbacks von Kunden mitbringe, um dann daraus den Mehrwert meiner Dienstleistung abzuleiten. Wer sich das Ziel setzt, begeisterte Kunden zu haben, kann nur gewinnen und dementsprechend die Preise anpassen.

For me worked well the market research on three folds: - what my target group needs, what is value of it and well I can provide that to them - what other peers charge in the same segment, and make pareto, move on the pareto depending on your uniqe offering - your own value - how many hours a month are you willing/able to put in to keep quality of your services and life, what you need to earn to cover what you need. You have three ingrediences you can play with. Do not forget, it is good to be easy on this and have a good life! For you, clients and the world.

Determining your consulting fees for the first time can be a challenging task, but here are some steps to help you determine your worth: 1. Research 2. Assess Your Expertise 3. Calculate Your Costs 4. Consider Your Market Positioning 5. Value-Based Pricing 6. Test and Adjust 7. Be Confident Be confident in the value you provide and be prepared to articulate your worth to potential clients. Don't undervalue yourself, but also be willing to justify your rates based on the value you bring to your clients. By following these steps and continuously evaluating and adjusting your pricing strategy, you can determine your worth as a consultant and set competitive and fair consulting fees.

There are lots of different ways to price your services. Many people think it is simply about Time and Materials (ie you work 1 day so I pay you for 1 day) but this only takes you so far (even if your daily rate is high). Once you have a level of trust with a client you may be better off pricing for exposure/impact (ie you work with X senior people so you charge more than X junior people) or even better pricing for value (ie you deliver Y millions in value so you will take a percentage of that). Another thing to consider is that you don't always have to value everything in money; you may swap services or accept payment in other means Don't be afraid to move through different approaches as you build greater trust/reputation with clients

I avoid hourly fees unless it is a specific project that I am very confident will conclude in specific period of time. I prefer value pricing. Set monthly rate that will fairly compensate you for your anticipated time spent working for that client. You know your worth and if you are realistic about it you will find clients who truly appreciate your expertise and will be happy to pay. If not, they truly do not understand what you can bring to the table and it is better not to engage with them. Inevitably, either you or your client will not be happy (or perhaps both). Set a 30-day notice period for termination of the agreement if either side feels they are not getting the value they anticipated.

One thing I do is have a scale of fees depending on the person or organization I am working with so that I can support a range of situations. My rate for corporates is different than my rate for start-ups, for example. I'm transparent about this, and I find that people appreciate this transparency.

This is an integral part of working in the consulting space. A pricing strategy allows you to objectively define your end goal and then break it down into the component parts. For example, if you would like to make $50,000 per year, and price your services at $500 per hour, you know how much you need to work. You might also consider packages focussed around a particular issue. The other value of a pricing strategy is that it does not leave you speechless when someone asks you how much you charge. We tend to try to figure out how much that person can afford. We need to flip it around and state what our prices are and let the client determine whether they can afford this. It doesn’t mean we can’t negotiate, but it sets a starting point.

The highest route is value pricing.. and I do not know if this counts as a contribution and name dropping is tolearable here. Check out @BlairEnns Win without Pitching. Who is a mindful master of this!

Pick a fee that you can stand behind, and also, while building your client roster, be open to discussions. Your pricing doesn't have to be set in stone. Know the minimum you're willing to expect and be open to having a conversation.

There’s a massive gender pay gap in the consulting sector (as in all sectors) so as women and holding marginalised identities, we need to get really good at this! Talking about rates with others in your network helps bring more transparency. If you’re working as an associate or employee within a consulting firm ensure you’re asking for transparency on rates across your peer group. We also need to work on getting comfortable saying the rate and holding the silence, don’t undermine yourself when you’re having contracting conversations!

Well, i’ve been in business for 30 years, and had learnt how important it is, to firstly start with benchmarking in your country ( or market) in similar professions. Next decide how much you really have to offer in your field. are you in the middle of this price band, or perhaps you’re less experienced or perhaps you really a top expert in this field. And then you put your fees accordingly. I’m going to go out on a limb here, and say that, in my experience of running a business, women are much less, confident,tending to undervalue themselves. Men, the opposite, and perhaps women should learn from this!

When, considering your fees, there should be multiple options for your client to consider. Options include a project based fee, a per diem fee, or even an hourly fee. You should carefully consider the scale of the project before offering any of the above options. Please be sure that your SOP is comprehensive, both for your sake, as well as your clients sake.

When setting consulting fees for the first time and determining your worth, clear communication is vital. After assessing your expertise, market rates, and value proposition, ensure your fees are transparent to clients. Explain the rationale behind your rates, highlighting the value and outcomes they can expect. This approach not only justifies your fees but also builds trust and sets the stage for a professional relationship. Remember, how you communicate your fees reflects your confidence in your worth and the quality of your service.

I learned to create three offers. And then let them choose. This takes some stress out of the equation, new or not, and it has always worked for me!

Always start on the higher side - you can always come down, but it is hard to go up. Also make sure to communicate what they are getting. If they ask for more, the price or # of hours will need to go up.

Hearing “No” from prospects is paramount to reviewing and defining your pricing strategy. My framework is: if you hear five “yes” in a row, you are probably charging too cheap, and you should consider increasing your price by up 20%. Too many “No” in a row, indicates that: - You should review once again the market and your services, and consider adjusting the fee a bit lower—10% at most. - Or you are not communicating your UVP and ROI properly. Review and refine to maximize results.

Let us not be fussy about the fees. Deliver, satisfy and make your customer experience superb so that you are solicited again and again and also referred to!

I think this has been one of the best and most timely questions posed in the Top Voice questions sessions. My advice is that anyone who needs to establish a rate structure for their business products or services should review these contributions. Thank you, LinkedIn and all of the awesome contrbutors! I have learned so much by reading the responses shared with advice and expertise learned by the school of hard knocks!

When setting consulting fees for the first time, investing in yourself is crucial to determining your worth. This means enhancing your skills, acquiring relevant certifications, and gaining experience in your field. Such investments increase your value to clients, justifying higher fees. Reflect on the time, money, and effort you've put into your professional development. I attended several workshops and speakers bootcamps and it boosted my self confidence tremendously. Your rates should not only cover these investments but also acknowledge your expertise and the unique benefits you provide. As you continue to invest in your growth, your fees should evolve to reflect your enhanced worth and the superior results you deliver.

One thing I have found helpful is to be a specialist when it comes to your consulting approach. This combines much of what my colleagues have contributed already to this article. By being a specialist this enables you to get a premium for your expertise and so long us you continue to invest in yourself in the specialties you will earn your value. Continue to develop your skills and learn, practice, gain more knowledge and stay relevant. Focus on a few vs everything and it will generate demand and rewards for your consultation.

Yes. Yes. Yes. Just as any business reinvests profits to grow capacity, investing in your own learning will improve your value offering. A word of caution: avoid the guru jungle. Instead, build relationships with real folks you can support, who can encourage and coach you - and return the favor to those following your footsteps. Build collaboratives to extend your reach, and share opportunities with others. This co-learner approach works, and can exponential accelerate your impact.

A growth mindset is the cornerstone to keep playing the infinite game. What makes you a great professional? Why should I spend my money with you? What is the return on investment by getting your services? All these questions will point in the same direction: excellence. Not a rule of thumb, but I like to invest 5-10% of my deals in my self-development.

At this point in my career, even though I’m new to consulting, I’d add “invest in others”—perhaps as a cousin to professional development. I’ve allocated a percentage of my time to contributing my expertise and services as gifts to nonprofit organizations or other professionals. The experiences have provided me with new insights and learning and hopefully also help build community and capacity that is generative.

Be sure to understand your financial/income goals and demands. Ask yourself: What do I need to meet my current lifestyle versus the lifestyle I desire in the near and far future? Then, factor that into your equation.

I have three great Northern Stars that I passionately rely on: Jesus: Treat everyone like you want to be treated Sun Tzu: Know both your internal and external environments and you will will find success Gen Patton: Surround yourself with brilliant people, and be amazed by their brilliance in accomplishing the vision you set. Having faith in this combination and their Creator always yields the finest results.

Determining ones worth is based on the expertise and finnese in skills one has achieved along with the duration. The more specialized and in-demand your skills are, the higher you can reasonably set your fees. Other factors to consider would be market pricing, clients budget, the value proposition you do, complexity and scope of the project are a few major areas to consider aprt from cost involved and demand for that skill.

Worry less about worth - consider more (at a felt and embodied level, not just from the mind) what is needed to support a healthy balance of exchange in the relationships you have, and the systems the work enables. Remember too that money is not the only ‘currency’ in which exchanges are made!

Es muy común caer en la arbitrariedad y en el oportunismo al fijar precios de servicios se consultoría. Además de todo lo se?alado, coherencia y ética son dos valores fundamentales que los consultores deberían aplicar para este fin.