When you made your "big leap" as an independent business consultant, there were several defining reasons why you decided to stick your neck out and become a member of one of the world's greatest professions. As time passed however, you realized that the practice of consulting was very different from the act of selling your consulting services. You suffered ... Continue Reading
Determining Your True Hourly Base Rate
March 22, 2018 by Leave a Comment
Time to start deciding what you will charge. The first thing you need to do is to determine your “true hourly base rate.” However, this rate is for your information only, not for your clients. It is the hourly price you will use to calculate what you will charge based on the overall effort you will put in, and the return you would like to get for that effort. It is not ... Continue Reading
The One Reason Why You Aren’t Charging What Your Worth
March 22, 2018 by Leave a Comment
In consulting, perhaps one of the most recurrent reasons for poor profits is undercharging. It’s unfortunate, because it has less to do with not understanding what should be charged and more to do with the consultant’s lack of confidence, insecurity, or most commonly desperation. Let me share the story of a friend of mine named John Butler. John was a seven-figure ... Continue Reading
The Importance of a Consulting Business Plan
March 22, 2018 by Leave a Comment
Too many new consultants fail to establish a sound business plan right up front. As important an aspect as having a sound business plan is, however, I will not be diving too deeply into this topic as we could easily get lost. I will, however, recommend an action that will allow you to save time, yet still allow you to create a very well-constructed plan. And that’s ... Continue Reading
What Consulting Business Structure Should You Choose?
March 22, 2018 by Leave a Comment
For the purposes of this book I will speak to the United States business market. Every country has its own set of policies and regulations, so I advise you to seek the counsel of a licensed attorney in your own market to make sure you decide on the best business structure for your specific business. There are really only four types of business structure most ... Continue Reading