4. Price and package your services
When setting your pricing and packaging for your consulting services, there are a few key factors to consider. First, you'll need to account for your overhead costs and the time required to deliver your services. This will help you determine a baseline hourly or project-based rate that covers your expenses and provides a reasonable profit margin.
Additionally, your level of expertise and the value you provide to clients should be reflected in your pricing. More specialized or senior-level consultants can typically charge higher rates than those just starting out.
Hourly/daily rate: Charge an hourly or daily fee for services like mentoring, consulting, or training. This works well if the client has more general needs or they’re not sure what they need.
Project-based rate: Use a fixed, project-based rate for bespoke services with a defined deliverable, like strategy development or an audit.
M
onthly retainer: Agree to deliver regular, recurring monthly services for a set fee. This could be a certain number of hours per month that you spend on flexible tasks, or a defined scope of work, like social media management and reporting.
Packaged services: Offer pre-defined service packages at a fixed rate. This is similar to a project-based rate but with a standardized offering.
5. Attract and win clients
Launching a successful consulting business hinges on attracting and winning new clients. This is the most challenging aspects of starting out, but there are several strategies you can explore:
Reach out to existing connections who might need your help or know someone else who does
Offer a lead magnet like a free ebook, webinar, or consultation
Start local by reaching out directly to businesses or getting involved in local business organizations
