DETERMINE YOUR CONSULTING HOURLY RATE: PAY YOURSELF WHAT YOU DESIRE
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- Опубліковано 2 лип 2024
- Determine Your Consulting Hourly Rate or Hourly Fee and Pay Yourself What You Desire. This video provides an easy to follow formula to help you determine an hourly rate. I call this rate the sanity check rate, the starting point, for determining a consulting price to quote.
Ask yourself:
Do you know how to determine the right hourly rate so that you can earn what you desire?
How about the right hourly rate to use as a starting point when asked to propose an hourly rate?
Or when determining the right price to quote when presenting a fixed price proposal?
If you can’t answer the questions, Watch the video. But first grab a piece of paper and a pen or pencil so that you can determine your own hourly rate.
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VIDEO: • DETERMINE YOUR CONSULT...
Thank you for taking the time to listen this video. I hope you take the time to check out the other videos on this channel.
Laura Burford
What do you include or not include when determining your hourly rate?
Great video and really interesting. Thanks for sharing!
Thanks Arturo! I hope you picked up a point or two that you can use. More like this coming so I hope you subscribed to the channel!
It's always tricky to determine your hourly rate, love this formula!
Hi Tiffany, Thank You for your comment. What I found to be the tricky ties to how easy it is to miss something as you think about your expenses and not setting aside enough time for admin/marketing.
Awesome. It can be hard to decide sometimes. Great video
Thank You Jane. It can be hard to decide and it can also be hard to stick to what you know is right for you when it comes to an hourly rate to use.
Thanks so much for this!
So glad it helped. Hopefully some of the other videos will help as well.
I've always wondered how to determine my hourly rate! Thanks for sharing your formula! This is exactly what I needed!
Yes To Tech - I'm glad it helps because I've seen many people at the end of the year wonder why they didn't make what they had hoped.
That was incredibly helpful. I was going to set my rate WAYYY too low.
Many people determine a rate that is way too low and then wonder why they feel they aren't making money and frustrated with being their own boss. Glad the video was of a help. I hope you subscribe to the channel because I believe (being selfish) that you will find other videos helpful as well.
Great explanation of determining my hourly rate. Thank you!
Sno - Thank You! Glad you found the explanation clear. If you haven't joined my network, please consider doing so.
You did such a great breakdown, it was explained really well! Thank you.
Thank You! I hope you consider subscribing and listening to other videos on pricing, getting clients, etc.
I followed but I wondered if it is important to consider your competition and the fair market value of what you do? You may not get clients or maybe you could be charging less than the market rate. Thank you for taking the time to put this video together.
Hi Sherifa, Thanks for asking about your competition and fair market value of what you do. One reason I call the rate a Sanity Check rate is it is a starting point for you to help you determine what is the rate you want to charge. If you want to charge $250 an hour but the fair market value is only pay $100, then it is a good chance you will not get business. You need to change your expectations as to what you can pay yourself or you might decide you need to do something else. However, it also works the other way - if based on what you want to pay yourself you determine the hourly rate is $150 an hour and the fair market value is $250 - you can charge more and pay yourself want you want or more or use the money to grow your business somehow. The rate is a starting point.
This video was so helpful!!! ❤️
I’m glad to hear that! More like this are coming so I hope you subscribe and ring the bell to be notified when the next video is available.
really great video! packed with information that I will definitely be implementing this week
Ortal - Glad it was helpful - where a consultant or a freelancer - having a starting point for determining how much to charge is so important.
Curious, what about taxes? We actually pay much higher taxes as a 1099 contractors … how might we best calculate those additional tax rates to get our average net income?
Evan, I hate to push you off on this question, but I'm not a tax accountant. Everyone's situation is slightly different but you need to pay two sides - your taxes as well as the taxes for the business.
What factors are you to consider when paying associate or season consultants from your sole proprietor consultancy firm?
This is not a straight forward answer. If I hire an associate for a project, I ask them to provide a proposal for the work to be completed. If they provide their hourly rate - the same as if they obtained the work themselves - I discuss the effort with them and the rate is reduced by a percentage because I took care of the sale. However the rate you pay them needs to be a fair living rate. If the proposal provided is a fixed price or a value based price, we also discuss.
If the consultant is subcontracting with me providing a Statement of Work, I provide an hourly rate to them. I could comment more, but it is not a straight forward answer.
Does the model works for every country?
Gabriela - Yes, this model works no matter where in the world you are. The expenses you incur for you country might be slighlty different but regardless of where you live you need to take them into account. Also expenses by industry vary so take into account the expenses for your industry.