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How to set pricing for a project

How to set pricing for a project: Consulting Professional Weekly Tips
How to set pricing for a project: Consulting Professional Weekly Tips

When pricing a project, you can go with a flat rate or an hourly/daily rate for services. A flat rate project can be very profitable; but if the scope expands, you could lose a lot of money. Hourly projects aren't as profitable, but if the scope expands, you simply make more money. To set the rate for flat-rate work, use your standard hourly or daily rate multiplied by a basic effort estimate, and build in cushions for scope creep and additional profit margin.

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