How do you price out consulting time? It’s not exactly a ‘deliverable’, more so providing insight based on experience, not an hours work. I’ve been approached by a client to do freelance consulting on what they currently have and art direction/design for new projects. Thank you

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You would likely call it “research” or “document preparation” or whatever you spent your time on. Either that or you just quote for a specific number of hours of consulting. Even if you don’t have a physical delivery, you are still going to have time spent in meetings, looking over current designs, researching new designs, and presenting your insights (which would be the deliverable).

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It still is a deliverable. You would specify what is being delivered. An informative plan, strategic plan, industry alignment documentation, etc.

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How much money would I be okay missing out on fun plans on thursday night for

Is the approach I’ve taken. I run a 5 figure consulting thing on the side for crypto tax work

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8 years exp. In NYC. What’s a range you would shoot for?

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For consulting work I charge by the hour or by the deliverable. Depending on the project I may include a success fee for favorable outcome - like a % of sales or a fixed fee for winning a deal.

Fee depends on the clients ability to pay, my opportunity cost, the value brought to the client, and the project duration.

If there is no deliverable or specified hourly rate, the fee is $0. That’s business development

I bill for all time spent in 5 minute increments. If I'm just responding to a quick question over Slack and it takes me less than a minute or two to respond, I don't bill it as a courtesy, but otherwise I'm tracking the time.

I bill at a rate that is consistent with me being able to consult full time, even though it's only a side gig.

A rule of thumb someone taught me was to work out your equivalent hourly salary (divide by 2000) and then double it to account for the extra costs of being a consultant (no benefits, overhead, may not always hit 40h/week billable depending on clientbase). So if you otherwise make 80k/y, that gives 80/h.

My current rate is 200/h, though I haven't updated it in a couple of years.

I'll adjust that depending on the engagement - if they're giving me lots of work and are pleasant to work with, I'll entertain a lower rate. If it's an occasional advice type of deal, I'll opt for a higher rate to offset some of the overhead. If the client is a startup with limited cash I'll take some equity in exchange for a lower rate.

With Consulting it can be hard to explain what your deliverables would be to a client. To figure out what your deliverables would be list your services and/or what you do. Then in another column list what will the client be receiving once that service is completed. If it's something you are creating in terms of documents those are deliverables. If it is a service delivered over time what is the "result" they can expect? For instance, over a span of one year, one of our deliverables is to increase your profits by 35%. We do this by incrementally increasing certain areas in your business to achieve this deliverable. Now on to pricing, you can charge by the hour or package. For instance, we offer virtual business service packages monthly priced per hour but offered as a package). For a client, we figure out their pricing by market rate + % markup + any value add you are giving with the service. But all of this doesn't matter if you do not know who your target market is. A corporate business may think $10k is reasonable and will pay in a heartbeat. However, a solopreneur or small business may think $10k is a stretch.

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