Making money — that’s a key reason you’re a consultant, right? You’re not doing this for free, are you? So what if there was a way for you to make more money for doing the same work, without any added effort? Well, there’s a simple way to do that.
Here’s how to make more money
Change the words you use to describe your work.
Several years ago, I attended a professional association meeting. The topic was setting fees for freelance writing. The speaker asked the group to do a show of hands to represent the fees they charged.
- 2 people said they charged $125+ an hour
- 2 people said they charged $65+ per hour
- 25 people (or so) said they charged $15 to $25 per hour
These people were pretty much doing the same work. So how come some people in the room were making almost 10 times as much for doing the same work?
Positioning. The people who charged more used different words to describe their work. Whereas most of the people thought of themselves as freelance writers and editors, the people charging $65+ an hour called themselves "marketing communications consultants". And the two guys charging $125 an hour (the only men in the room, by the way) billed themselves as "content engineers".
I was in that room, too. I was one of the people charging $75 an hour. When I found out two people were charging $125 an hour for the same work, I decided it was time to change my fees.
In my next post, I’ll explain why charging more can make you money, even if several people balk at your fees.
Need help with setting your consulting fees? Order my Consulting Fees Guide.