Best Consulting Fee Structures: How Maximize Your Profits And Keep Clients Happy
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- เผยแพร่เมื่อ 19 พ.ค. 2024
- How much should you charge? How often should you be paid? Choosing the right consulting fee structure will insure you don’t get burned by clients and clients stay happy with your services. Don’t make the mistake of starting too low or worse choosing a structure that will limit your income potential.
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Table of Contents:
0:00 - Intro
0:37 - Package
4:35 - Retainer
7:03 - Percentage
9:23 - Pricing Formula
12:37 - Outro
Best Consulting Fee Structures: How Maxmize Your Profits And Keep Clients Happy
Are you considering starting a consulting business? Are you at loss to know how to price consulting services these days?
In this consulting 101 guide, you’re going to learn about the three best pricing models when it comes to figuring out your consulting fee structure as a starting business consultant. Know how much to charge for consulting services to ensure your long term success.
A business consulting services is one where someone provides management consulting services to a business, firm, or company to help them with their management, marketing, security, and the like. In other words, to build a consulting business, all you really need to do is focus on helping a specific group of people solve the problems they are facing.
Understanding your consulting fee structure is very important as this is part of your offer. One of the most important steps of how to get more consulting clients is to have a compelling offer, and your consulting rate is part of it.
With these pricing strategies, learn how much to charge for your consulting services and the different consulting fee structures when you start a consulting business.
There are many factors unique to each type of consulting fee structure. That’s why we’ll go through a simple formula you can use to figure out what your consulting prices should be when you’re just getting started.
When you’re starting off as a new consultant, a Price Package is the best way to price consulting services. The faster you can productize your service the faster you’ll be able to scale, and creating packages for results is one of the best ways.
On the other hand, when you prefer the advisory type of roles where you’re just answering questions and giving your insights, a Monthly Retainer is the best place to go. This keeps you as the expert and will insure you’re not sucked into doing a ton of work that your retainer service isn’t designed for. You're being paid to think, not do.
When figuring out your consulting fees and when you’re just getting started, you need to take note that you don’t charge hourly and there’s no such thing as a discount only a smaller scope of work.
Also, a quick little tip, in your sales process you can extend the amount of time it will take to deliver something. Just because you can knock it out in a week doesn’t mean you should. It’s okay to give yourself extra-time and breathing room. It’s also another way to increase the perceived value of the package.
So if you’re still figuring out your consultant fee structure, this consulting guide might be the one for you! Start pricing your consulting services the right way.
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Comment below with your consulting fee structure questions!
Appreciate the effort you have put in this video. 🙏
So much value in your videos Jason, subbed and extremely grateful for the step-by-step breakdowns!
Hope your channel and client-base grows tremendously!
Thank you so much for the insight, i found all the information useful.
Great communication skills! Have a great 2022!
Have a great 2022 as well! Thanks for watching and good luck with your consulting business!
I have another method that could be adapted which increases the quality of output and increases the trust and confidence of clients. Creating your billing based on a premium hourly rate. This allows you to track the time you spend and helps you learn what parts of the work are better served by you or outsource and a lower rate within the budget you have for the time. Efficiency excellence is worth creating tension over. Measuring not just the quantity of money you charge but also the quality of the work that you deliver. Another place to look is Gigesy. They offer and free referral service and stepdown fees as you do more work on their platform.
I would strongly disagree with any structure that is based upon an hourly rate. Sure it's a place to start when your new but it's far from ideal - I do agree that you should track your time and delegate the lower value parts of the project so you can become better at the other parts. Thanks for your additional fee structure idea 🙌
Excellent. Sound advice
Thank you! There are so many different ways to go about this - hope one of them is a good fit for your business!
Love this
Awesome! 🔥
Give a mouse a cookie❤. Great analogy.
Thank you
Thanks for watching! 🔥
hi jason sorry to ask you a question not related to this video.
about email marketing funnel there are the first email sequences (content marketing funnel ) and the general broadcast list .
my question is :
1- the general broadcast list should be written previously ? or just after analyze the performance of the first email sequences ; then we can decide if yes or no ?
2-the general broadcast list we should send them to all subscribers or just those who not buy from us .
🙂 No problem!
1) This is actually up to you on how you want to do that. What most people do is write emails in real time. That is they review the results from the week and then write the broadcast emails for the coming week. That's the easy way to start as a beginner. Then once you know what emails have worked, you can create a automated broadcast for new subscribers.
2) Content emails can be sent to everyone. If it's a project pitch email, then only to the people who haven't purchased/seen the offer before
Great video! What's 48-5 please? Thank you
Hope this gives you some ideas for your own consulting business thanks for watching! ... Sorry not sure what that means
@@JasonAWhaling Thank you. You mentioned in the video you were available to the client 48/5..
@sectormentor6265
I took it to mean 48 hour response time, 5 days a week.
That's how I run my business.
That line in the sand is so crucial. I find it hard to enforce this.
Oh yeah it's a constant challenge! Your not alone in that 👊
If anyone could give input, I’d be beyond grateful:
I’m taking the leap into consulting after years of sitting on the idea. My niche market are business owners within their first 2-3 years of operation. Working with multiple agencies, I’ve seen the kind of money that’s drained from these owners, with little results. My idea is to help prevent wasted spend and implement sound strategy. I’d be auditing current vendors and sources quality ones for their needs.
Any idea on how to best go about pricing for this kind of service? I could go with packages, but I would need to have time in there for data and report analysis to ensure that targets are being hit.
Thanks again and if you read all of that, you’re a real one ☝🏼
Sounds like a package is the way to go on that. If you need more 'time' then you'd just increase the cost of the package and make it clear it's for a set number of months... Once the initial time is up you can offer a retainer that's a much lower monthly fee. You've got this!
@@JasonAWhaling Thank you for taking the time to read and reply! You’ve helped me move a lot forward. So much value on here, it’s insane 🤯
Sorry, what's 48/5 ? Something, during the five weekdays?
You'll respond within 48 hours, five days per week to questions... sorry that was a confusing way to say that 😅
Thanks for the response months on @@JasonAWhaling, good video and that's a really good system to hold both parties to and get reasonable results.
I just want to start off with consulting service to construction companies but don’t want to charge hourly but precentage? How can I reach out to you, ask you some questions
Comments are the best place to ask questions... Just create a new comment with your question! (I don't see comment replies)
@@JasonAWhaling so what’s the best precentage when start off?