What is a typical consulting fee? Good question. Unfortunately, the answer is that there are no typical consulting fees! Consulting is made up of so many variables and factors that there really is no easy answer. As you can imagine, typical consulting fees for skin care consultants are vastly different from typical consulting fees for jury consultants.
Typical consulting fees are all about value. How much value do your services offer your client? By doing a little research and bearing value in mind, you will be able to set a rate that is appropriate to your area of expertise and is competitive within the industry.
What does typical mean, anyway?
Typical means what other consultants are charging for the same or similar service. Typical means ‘the going rate.’ It would be a simple matter if a typical consulting fee was set in stone, but it isn’t. And, besides, you don’t want to be competing based on price, anyway. So, just how do you figure out a typical consulting fee?
Factors to consider:
When determining typical consulting fees, compare your consulting service to its equivalent, whether it’s direct local competition or rates you’ve researched online. For example, you cannot charge the same fee for a personal fitness consultation as you would charge for a tax consultation.
You will likely be able to charge higher fees in a large city than in a small community.
What do your competitors offer that is different from you? Do they offer additional value-added services? Do their services provide extensive follow-up and support? Typical consulting fees are adjusted according to what is offered.
Level of expertise
What are your credentials? If you have little practical experience under your belt or are fresh out of college, you cannot charge as much as a competitor who possesses 20+ years experience and expertise in the same field. That being said, there are excellent ways to jumpstart your expert status and leverage your expertise even if you are a new consultant.
Need help setting your typical consulting fees?
As you can see, there is no typical consulting fee. Would you like to understand your unique position and set your consulting fees for maximum gain? Order "Consulting Fees: A Guide for Independent Consultants" and charge a great hourly rate.
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