Setting prices can be tricky. You have to ensure you make enough to cover the times you're not making any money because you're not on a project. You also need a pricing model that makes sense, whether it's fee-for-service or project-based. The pricing model should be consistent across clients, comparable to competitive offerings, and have flexibility to offer discounts and promotions.
- Setting prices is tricky.…You have to ensure you make enough money…when you're delivering services…to cover the times you're not making any money…because you're selling…or you're doing administrative work…and you're not on a project.…Your pricing model must make sense,…whether it's project-based or fee for service.…The model should be consistent across clients,…comparable to competitive offerings,…and have flexibility to offer discounts or promotions.…
With a fee for service model,…that's where you're getting paid on an hourly…or daily basis.…This is a good model if you're not sure…how long a project is going to take.…If scope grows, so does revenue.…The downside is, you're at fixed rate.…You can only bill for eight hours a day.…A lot of people come to me and ask,…how do I set my hourly rate?…I learned a great formula a long time ago.…Somebody told me when I was in corporate…that I should take my total cash compensation,…so it was my salary plus my bonus,…multiply that number by three,…then divide that number by 250,…
- Identify types of consulting business models.
- Describe revenue models.
- Explain how to estimate and manage costs.
- Price services using pricing strategies.
- Explain how to negotiate deals with clients.
- List effects of responding to RFPs.
- Identify the phases of constructing a consulting engagement.
- Present findings and implement recommendations.
- Describe different ways to manage legal issues.
Skill Level Beginner
1. Define Your Consulting Business
2. Marketing and Selling
3. Contract and Protect Yourself
4. Run the Consulting Engagement
5. Handle Administration
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