When starting a consulting business, it's important to consider the cost of running the business and the amount of money you need to make in order to maintain a certain quality of life. It's also important to understand the different methods of setting your consulting rates and the average rates for different industries. The initial fee for a consultant can be beneficial for those just starting out, as it allows companies to invest in their services at a lower cost. However, it's important to account for additional expenses that your employer previously covered, such as medical care, vacation days, sick time, and a 401k plan.
A business plan consultant is someone who will help you refine your ideas and strategies so that they can become a viable business. They will challenge your assumptions, fill in gaps, conduct in-depth independent research, and formulate business models and tactics. To decide how much to charge for your consulting services, consider the pay range for consultants in your industry and set the price close to the minimum. You may also want to consider charging an initial setup fee that covers the cost of starting a consulting relationship.
It's important to do thorough research before setting your consulting rates and not just do the opposite of what others do. Doing so will help you attract clients and build your portfolio while still earning an adequate hourly rate.