IT contracting rates vary greatly based on a number of factors, including location, skills required, and specialization.
Location – IT contracting rates:
In today’s world where outsourcing and cloud computing are becoming increasingly popular, be mindful that IT contractors are often competing with other IT experts from all over the world, including countries with lower costs of living. However, this competition doesn’t necessarily mean that rates are reduced or that there isn’t room for you in the IT contracting world. In fact, IT contracting rates continue to vary greatly, and there is still room for IT consultants at the higher end of the rate spectrum–as long as you are clear on the value that you provide and who your market is.
Skills required – IT contracting rates:
Regardless of location, there are a wide variety of client requirements–from small projects for individuals or small businesses to multi-year contracts for large corporations or governments. In light of this, IT contracting rates will vary greatly depending on the project and the perceived value or importance of the IT work that is being contracted. Some IT contracts require high-level skill and professionalism. For example, IT contracting in the securities and banking industry obviously require increased quality, monitoring and accountability which are reflected in price. This brings us to the next factor: specialization.
Specialization – IT contracting rates:
As in any consulting field, it’s crucial that you carve out a niche for yourself. Getting specific about your service offering helps in many ways, including being seen as an expert and being able to focus your marketing on a small, clear group of potential customers. Many IT contractors start out as generalists but they soon discover that IT contracting rates are higher in more specialized fields. Why not save yourself some time and skip directly to a specialization? Discover your niche and grow your IT contracting rates.
Are you interested in learning more information about setting IT contracting rates? Check out this excellent article about computer consulting fees. Further, if you’re looking for help setting your own IT contracting rates, obtain a copy of Consulting Fees: A Guide for Independent Consultants.
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