Consulting is an idea vocation on many levels. It enables one to capitalize on all the experience gleaned over the time they have been working in a sector. It is also a practical solution for exiting the nine to five routine and working flexible while remaining in their chosen vocation. There are five factors that influence the worth of your services.
1. The Niche
One is the field you consult in. For example, a financial consultant will be busier compared to one who consults in personal event organizing for instance. This is because every person or household handles finances but only occasionally has an event they would require to consult a professional on.
2. The Competitors
How competitive a field is also matters. If it is crowded or fairly so within your area, your rates will be compared to those of your competitors and you have to stay within their range. If you get into a niche business, such as a garden and landscaping consultancy, you will have little or no competition and you can charge higher rates although they must be reasonable.
3. The Economy
The general economic climate is also a factor. When there is a slump, job cuts and limited prospects, people tighten their purse strings. One who consultants on personal events like parties, weddings or on activities like gardening will see fewer clients. This may mean charging less to attract or retain clients but it also means diminished returns. This may also be the time financial consultants do booming business as people seek solutions for their fiscal dilemmas and challenges. They can therefore charge relatively high fees and still have many clients.
4. The Time
The element of time also comes into play in setting rates. In some kinds of consultations, clients only need one or two sessions. An example is image consulting. One meeting would be to meet the client, listen to them and the next one would involve going shopping with them or visiting them in their home to show them how to team items suitably and attractively. In this case, the fees should be higher as the issues the client has get resolved once and for all.
Other kinds of consultations require several sessions. A gardening and landscaping consultant for example, will make several visits until the garden takes shape, flowers or vegetables are planted and thriving. The fee per session should be lower.
5. The Location
Finally, location matters. Those in the city may consult on matters to do with image and interior design while very few in rural locations would. You can set rates that are fairly high for what is in demand but not very much for those that are hardly or rarely required.
