One of the biggest questions that I get asked is ‘how do I set my fees for consulting?’
What Are You Already Making?
If you’re currently charging $100 an hour for your counseling services, and you can’t make more than $100 per hour in your consulting, then it’s not worth it.
You should in fact then be doubling the amount that you’re already making in your private practice. Reasons for this are:
- You want to make sure that you’re making more money
- There’s going to be a lot of time and energy that goes into finding new consulting clients
- Extra expenses are involved (websites, email marketing and things that you just haven’t anticipated)
What’s The ROI For Your Time And Money?
If people hire you, what’s the result they will get? If you’re able to save them thousands of dollars in a year, then you can really warrant charging more per hour. Look at the kind of outcomes that your clients are getting and then help them understand specifically how that’s going to translate into real dollars and cents.
As an example when I set my fees I look at all the different areas where I have passive and active income coming into Practice Of The Practice. If I have some sponsorships for the podcast, passive income and affiliate links, my own consulting, mastermind groups and membership community, I know how much my hour is worth. If I can make sure that I make at least that much in individual consulting then I know that I’m making more money. Otherwise I should put time and energy into those things that are already working and not try something new.
What You Should Look At
- All of your income sources
- Define how many hours you work in a week and that includes all the things you don’t get paid for and then determine what’s your basic hourly.
- Then double that for your consulting, because you know that some extra energy and unforeseen things are going to come in.
This allows you some wiggle room in regards to trying to build better products for your consulting clients. If you know that you’re making more per hour, you can go above and beyond and offer them services or specific tools that are going to help them grow faster.
For more resources on consulting and growing your practice click here, we would love to help you continue to grow your consulting and your private practice.
Joseph R. Sanok, MA, LLP, LPC, NCC
Joe Sanok is an ambitious results expert. He is a private practice business consultant and counselor that helps small businesses and counselors in private practice to increase revenue and have more fun! He helps owners with website design, vision, growth, and using their time to create income through being a private practice consultant. Joe was frustrated with his lack of business and marketing skills when he left graduate school. He loved helping people through counseling, but felt that often people couldn’t find him. Over the past few years he has grown his skills, income, and ability to lead others, while still maintaining an active private practice in Traverse City, MI. To link to Joe’s Google+ .