How should I decide how much to charge for consultative services?
I've started giving my clients financial consulting. I don't have much experience with that yet and my biggest concern is that I don't really know how to price my service and how to emphasize the value of my experience.
This was an issue for me too when I started out as a consultant. It’s not easy to understand how to price your services, as well to find that fine line where you know you’re charging enough so that the client appreciates your work but not too much so that they don’t feel ripped off. It surely takes a while to get the hang of it.
Keep in mind that consulting is a service. I’d say you need to understand the value you bring to the table and especially how your clients perceive it.
Look at the result that your clients achieve because of you. Find what they perceive as real value.
The knowledge and expertise you share and the way you share them with your clients can help them improve their business.
Emphasize the value of your knowledge to establish authority and create value by delivering a desired outcome to your clients.
In my experience it is typically best to charge by the hour instead of project because it may take a while for you to learn how to position and price yourself correctly.
Look up fees for financial consultants and get a better idea of the value pricing they provide. I charge $80 an hour.