Break it down & lower your stress #consulting #pricingstrategy #sixfigureincome

Let's talk about the math behind consulting. Hi, my name is Paula. I'm an operations consultant, and I'm on a mission to help people build career freedom and security through consulting. Going out and working for yourself can feel totally overwhelming and scary, but think about it this way. If you are able to set up contracts where back of the napkin, you are making roughly $150 an hour, you only need 14 hours of work a week to hit 100K per year. Now, as much as possible, I encourage people to not charge by the hour unless you are doing tactical freelance work, aim for project-based fixed fees or a retainer model. You can charge a premium. Might only need two or three contracts to even exceed six figures. Let me break down those three pricing models really quickly, and if you need more help than that, I do have an ebook which covers pricing strategies and actually has contract clauses in it that you can pull from and adapt. Have your hourly model, right? And so again, those are for the doers, the freelancers, the highly tactical work, or when the scope is too big. Project-based or fixed fee is when you have clear deliverables milestones timeline. In that case, you need to set a not to exceed clause, so an hourly rate or an automatic flat fee kicks in. And the retainer model is very common for fractional leaders and for some consultants as well. It's what I primarily work on at this point, and that's where you are getting paid a certain amount per month to work up to a certain number of hours.