Consulting: How To Set Your Fees And Working Contracts

Working for yourself and being your own boss maybe your ultimate end goal. Working on a variety of projects with a spectrum of clients can be empowering and gratifying.

As a consultant you are in charge, you have to register as self-employed, set up the consultancy, find your clients, put contracts in places and manage your workload. Not to mention, ensure you are delivering a top-notch service, whilst cultivating new leads and managing your finances.

But when it comes to finances, many don’t know where to start, not only do you need to file your taxes but also set your fees. Yes, there’s lots to do but taking a bite size approach to it all, is key.

Setting your Fees

For some reason when it comes to discussing money with clients, whilst we all want and expect to be paid well, nobody seems to want to talk about it. There is a reluctance to tackle this head on, we end up feeling awkward about asking to be paid for our services. Rather than being a taboo subject, it should be something we talk about more openly.

Setting your fees can be tricky, many questions spring to mind, such as, how much do you charge and how do you work it out? Do you take your current salary and multiply it? Do you charge an hourly or daily fee? Should you set a retainer fee? If you set your fee too low, you are doing yourself a disservice, and if you set it to high you may find yourself struggling to get any work at all.

There’s lots of advice out there about setting your fees, for example The Association of Independent Professionals and the Self-Employed (IPSE), has suggested taking the equivalent earnings you would have received as an employee and adding a third. This approach may work for you but if you’re like me, you’ll want to look at all the advice before making a decision.

So here are some tips on setting your fees:

Do your research, check out the competition and ask fellow consultants what they charge.

To help benchmark your fees check Major Players a recruitment agency that regularly run salary surveys,  as well as Londonfreelance.org, which suggests freelance rates and advice for various roles.

If you plan to consult via a recruitment agency, they will have set day rates, depending on your experience and the industry which you can adopt for private work.

Take into consideration your skills set and charge accordingly. However, be prepared to be flexible and negotiate but don’t sell yourself short.

You can read the rest of my article over on minutehacks.com  

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Your CAREER, how to do what you want when you want

Are you looking for a change in your work life? Do you feel like work is depriving you of your happiness? Are you fed up of the 9-5 grind? Do you feel like you are ready to make the next move in your career but not sure what to do? Or maybe you feel like your career is stagnating and you’re at an intersection of indecision.

Working in a 9-5 (usually longer) can start off nicely, but soon morph into a living nightmare. It can be restrictive, time consuming and if you don’t like your job, an extremely unsatisfactory and depressing daily experience. At one point in my career, I felt trapped and depressed, plodding along in my 9-5 job until I decided to step-up and make a change. I wanted to have control over my life and how I spent
my time, so I decided to set up my own consultancy. If you like the sound of being your own boss, deciding when and where you work, you should seriously consider becoming a consultant. It’s a great way to free yourself from the 9-5 drudgery, by using the skills you already have.

Working as a consultant in the field you already specialise in, means, you can choose to work independently or with others. You can remain an independent, or decide to scale up, hire staff and delegate. You can choose to work from anywhere in world. The decision is entirely yours to make and boils down to how much responsibility you want to take on and how it will impact your work-life balance. I know lots of consultants that split their time between living in the UK and abroad
because being a consultant allows them the freedom to do so.

You can read the rest of my article over on Irish Tech News – Link below.

Your Career, How to do what you want and when you want.