I recommend rounding up to the nearest $5 or $10 multiple, because a $78/hr or $117 fee looks odd. If you triple this, your consulting fee should be about $120 an hour. If you double this and round up to the nearest multiple of $5 or $10, your consulting rate should be about $80 an hour. Let’s say you make $60k a year plus benefits and you get four weeks of paid leave. (If you prefer some help, use our hourly rate calculator for this step.) It’s pretty easy math, which is also a reason it’s popular. Some consultants choose a triple rate because of what they call the rule of thirds - one third goes to your real wage, one third to expenses, and one third to administration, low utilization and bad debt. If you’re doing this, you’ll probably find that tripling your hourly wage is the best move. To set fees, some consultants simply take the hourly wage (plus benefits) that they would earn when working on salary for someone else and then double or triple it. Double/triple your hourly salary-based wage as basis for consulting fees Main Strategies for Setting Consulting Fees 1. (Want even more info? Get 200+ pages on setting consulting fees in my Consulting Fees: A Guide for Independent Consultants). Moving to Solution-based Fees (best choice)īy the way, I’m happy to send this article to you by email, along with a free six-part mini course – click here.Setting consultant fees strategically using real-life data.Setting consulting fees based on performance.The main strategies for setting consulting fees include: Note that your personal experiences and background may influence how you go about setting your rate. With this in mind, you can determine typical consultant rates - what companies pay consultants for their hours, days, projects and expert opinions. ![]() Here’s some information to help you figure out what clients should pay a consultant (some clients are still prone to consultant fee sticker shock, though). Consulting pay and fees can be worked out in several ways. When you become a consultant and throughout scaling or rebooting, you’ll need to set consulting fees. ![]() (It’s also applicable to those wondering how to set consultancy fees – an independent consultant is still a consultancy and so is a freelancer!) Consulting fees, consulting fees…How do you set consulting fees? Here’s a guide to setting consulting fee rates.
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