Management & Consulting

Top Consulting Firms: Getting that First Job Offer!

2011-09-17T13:19:00.000-07:00

Let’s face it: times are tough. The economy is still in a downturn, more and more people in all industries are being laid off, and the really great job opportunities that actually are available are being fought after with a vengeance.

The competition for employment in desirable positions has never been fiercer, and that’s particularly true in the consulting industry. Consulting jobs are among the top choices for recently degreed MBA’s and other qualified individuals. Get in line; the positions at top consulting firms are being filled quickly.

If you fall into the category of a newly or soon-to-be degreed business major, or a solid related field, you may find the idea of getting one of these entry-level consultant positions very enticing. Or, maybe you have been working in the business world and have some experience, and now want to make the shift to consulting.

Either way, these pointers on what can hurt, as well as help, your chances of landing a job offer from a prestigious consulting firm should provide you with a basic platform from which to launch your future career as a successful consultant.

(Nearly) Surefire ways to kill your chances of landing a great consultant job; and best ways to recover!

Heed each warning: the following approaches are recipes for disaster and will land you out the front door after the first interview. Obviously, the optimal tactic is to not do these things in the first place.

If however, you find yourself in the middle of one of these interview faux pas, don’t resign yourself to failure! It may still be possible to recover, and you should do your best to do so, no matter what.

Faux pas: Show up unprepared, knowing little about the company history or specific job you are interviewing for.

Recovery solution: Grab some information in the lobby (you should be there early!) and if you must, try and nonchalantly speak with the receptionist about the company in a leading way.

Faux pas: Beef up your resume to the point of untruthfulness.

Recovery solution: This is a tough one. You should be very careful not to “lie” on your resume. Embellishment is one thing, but if you lose your integrity right from the get-go, it’s going to look very bad. The only thing you can really do is to admit to the exaggeration up front, so don’t do this!

Faux pas: Showing up too late or too early.

Recovery solution: If you show up late, there is little excuse, so try not to do this- again, the best recovery is to be honest and offer to reschedule. Apologize for wasting the interviewer’s valuable time. If you show up early (more than 15 minutes), do not go in yet. It will make you appear over-anxious or worse. Wait in the car or a nearby locale and go over the interview questions in your head until at least 15 minutes before the scheduled time.

Faux pas: Giving “canned” answers to common interview questions. Little can turn off a potential employer more than spewing out standard answers to questions. An example: Q- “What is your biggest weakness?” A- “I work too hard!”

Recovery Solution: This comes with trying to be prepared without memorizing responses. You need to be yourself and think on your feet. Practice the interview with a trusted friend and go over the same questions trying to answer them well yet unrehearsed. If you accidentally hear yourself blurting out an undesired canned answer in the actual interview, try to follow it up with another sentence or two, elaborating in a natural manner (but don’t ramble on!).

Faux pas: You answer a question that you don’t know the answer to by “winging it”. Bad idea. No employer expects you to know the answer to everything; they want you to be able to communicate how you would access the information if you needed to.

Recovery solution: This is preemptive- just remember do not answer something if you’re not sure. Explain how you would use available resources to find the solution or answer.

Faux pas: Have a laissez faire attitude about the company dress code and culture.

Recovery solution: Do your homework! Don’t walk in wearing Birkenstocks if everyone is wearing a tie. The reality is, you are going to need to be aware and fit in with the company culture to get a shot at this job. Make certain that you investigate beforehand so you know what to expect and you can play the part.Getting the call back!

That’s it! Everything about getting your first job offer at a great top consulting firm consists of mostly common sense interviewing tactics that you probably already know. Seeing them listed out and really contemplating them can help you organize your thoughts and your game plan for going in there, being confident and getting one step closer to getting the call back.

Before you know it, you can be starting your new career with a renowned and respected consulting firm like McKinsey & Company, The Boston Consulting Group, or Bain & Company!

Don’t Be Shy! Taking Steps Toward Selling Yourself and Your Consulting Services

2011-07-29T08:00:00.000-07:00

Are you just starting out in the wonderful and rewarding world of independent consulting? You’ve made a great decision, because the demand for consulting services has been growing steadily across the whole country in the last twenty years, and the future looks even more promising!

Now that you have your career goal figured out, you know what you have to do next, right? You have to promote yourself! There is no way around it; selling yourself and your services needs to become your sole mission in life. You are now a professional consultant and you must eat, drink, sleep, think, and breathe that fact at all times!

That’s right, you are going to become a 24-hour, ‘round-the-clock advertising machine for yourself. There are a lot…a lot… of great individuals and firms out in the job market that are in direct competition with you. They will take the job you’re after in a heartbeat and not think twice about it. It is literally an “every man for himself” situation in the world of freelance consulting, and the sooner you get into that frame of mind, the better.

You have your expertise in your field. You have your education. You have your experience. What you need to have now is name recognition. It is operation critical, above all else. So gather your materials, dress for success, and get to it!

The Shameless Self-Promoter

It’s all about you, now. Your consulting services will not sell themselves. There will be no relying on old adages about the quality of your work taking you to the top on its own merit. The new world order in business simply does not work that way.

Consider this quote from days gone by: “Be humble while being good and your work will speak for itself” – Monty Overson. While it may sound inspirational, and could still even have some relevance in certain situations, there is no room for a thought like this in the head of an inspiring consultant! On the contrary, you need to be full of self-esteem and exude an almost boastful persona.

You have to stand up and get noticed. You have to present yourself to potential clients and get the word out about you, you, you!

Remember that modesty or shyness is not even an option in this endeavor. Leave the understated personality to the out-of-work consultants. You need to be confident, proactive and ready to do a self-selling spiel at any given moment.

In other words, you need to be shameless! Your consulting services are exceptional and you are the best. Let everyone else know that, in every way that you can!

Steps to Selling Yourself

The time to begin is right this second. Don’t put anything in front of your goal to sell yourself and your services as a consultant. Consider these steps and take them seriously! Employ as many of them as you can and don’t stop there! This is your chance to break away from the pack and pull out into first place!
You can do this. It all starts with your positive attitude!

Step One: Self-Esteem.

Self-esteem is your ticket to success. Remember that the way you feel about yourself and your abilities shows on the outside and is contagious. There are endless famous quotes on the importance of this attribute and that’s because it is so crucial in business and in life. Here are two to reflect on:

“Self-confidence is the first requisite to great undertakings.” – Samuel Johnson
“Experience tells you what to do; confidence allows you to do it.” – Stan Smith

Step Two: Online Marketing and Media Promotion.

The Internet has become a behemoth as an advertising medium- probably the single most expansive way to attract awareness and attention for your name and services. Use it to your advantage!

Develop a website
Create a Facebook Page
Get on LinkedIn
Use Twitter
Keep a Blog
Join online freelance websites to offer your services

The list does not end there. Do your research and get online. You will drum up publicity and most likely receive more exposure this way than in all your other promotional efforts combined!

Step Three: Print business cards, flyers, and list your services in traditional directories.

Do not ignore the traditional methods of advertising like phone books and other off line directories. They are still viable means of promoting your consulting business. Also, have business cards printed up as well as flyers or brochures and always have some with you. Distribute flyers or other promotional materials around your area and on job boards. Target businesses that relate to the type of consulting you are offering.

Step Four: Take out ads in magazines or other journals related to your field and consider a press release.

These are helpful and not too expensive. The local papers will usually cooperate with you for a press release, at least initially.

Step Five: Join professional groups in your area.

Find out about any professional organization on any level. Your local area may have something as well as state and national groups.

Step Six: Hold an open house or professional mixer.

Host a gathering of potential clients as a way to introduce yourself and make valuable business relationships. It does not have to be a fancy, expensive event. A simple coffee and refreshment setup with some literature and an informal, interesting “pitch” prepared is enough to pull this off.

The Busy Consultant

Once you’ve mastered the art of self-promotion, there won’t be any stopping you. Follow the steps above and follow through and follow up! It is a never-ending process, this self-selling mentality is something you should keep with you and keep it up!

You should always be looking ahead and thinking of ways to continue to promote yourself. Never get caught thinking you’ve got it made. No matter how much work comes your way, you need to keep future work in the works. This is important!

As a well-marketed, busy consultant, you are going to do great! You should have no problem getting work, as long as you are skilled in your field and adhere to these steps. In fact, you may find yourself so busy, you’ll have to outsource some of your work!

The Triple-A Attraction Method: Getting Clients as a Freelance Political Consultant

2011-07-22T08:00:00.000-07:00

Political Consulting: Going it on your own!

Making the decision to offer your political consulting services on a freelance basis can be an extremely exciting and liberating career move. At the same time, however, you are now driving down a solitary road that can be stressful enough to turn your hair prematurely grey.

If you’ve already worked as a consultant for a firm, then you may have an edge. However, because political consultants are in high demand, you can still do great even if this is your first consulting gig.

Client Base Building: Your number one priority!

Consulting services have really taken off in recent decades. The risk you are taking can definitely be worth the rewards that you will reap. To maximize your chance for success in this line of work, you need to focus on the one crucial component of your business (aside from your own expertise, of course): your client base.

Without a solid list of clients, as a consultant, (no matter which line of consulting you are in) you are doomed. That is why your primary focus, as a political consultant who is just starting out, should be building up your client base. There is a simple yet fantastic way to push yourself to the top of the heap! You can stand out among the droves of undifferentiated masses scrambling for the best clients!

This nifty little technique for getting, and keeping, clients is so fundamental that it is little more than common sense. Yet, surprisingly, many political consultants fall short of recognizing this powerful formula that can make or break their career.

So, pay attention… because, by following what is called “The Triple-A Attraction Method”, you can be headed for a lucrative profession as a freelance political consultant!

The Triple-A Method of Attracting Clients.

“Simplicity is the key to brilliance” – Bruce Lee

The Triple-A Method is a prime example of this timeless quote. It matter-of-factly asserts that in order to attract and keep clients, you need to possess and perfect the “triple-A’s” of accessibility, approachability, and adeptness.

In general terms:

Accessibility is making sure potential clients are aware of your existence- getting your name and/or company profile “out there”.

Approachability is making sure that clients view you favorably. You must be the wearer of many hats and have political savvy to accomplish this.

Adeptness is making sure that your ability and expertise is in line with the services you are offering.

Order is everything!

Now that you see the Triple-A Method laid out before you, it seems fairly logical, doesn’t it? It isn’t difficult at all to grasp or follow, but you must take it absolutely as the holy grail of attracting clients. Those who don’t, well, just don’t get the opportunities that those who get it do.

And that’s not all. Read carefully: order is everything. This Triple-A Method of attracting clients works very well, but only works if you attack the three A’s in sequence.

Think about it. There are a lot of top notch experts in the field of political consulting, offering high-end services backed by their ivy league diplomas in political science. But, if their bedside manner isn’t up to par, or they just can’t seem to fit in with a given client’s company culture, they are going to get the boot. Likewise, if you are a reputable political consultant in your own circle, but you are branching out to an area where you have not made yourself or your services known (in other words, you are not accessible as a consultant), then it doesn’t matter how good you are. You aren’t going to get offers in that market.

Of course, conversely, if you do everything right in promoting your accessibility and you are extremely approachable, flexible and possess the social and professional skills to succeed, none of that matters if you just don’t have the political chops. You will eventually be found out.

The final lesson on this, however, is that the most successful political consultants have all three of these attributes and the best ones place their importance in the proper order.

Practice the Triple-A Method!

If you want to be one of the top political consultants in your field, you can do it! Just remember, that your priorities need to be straight and unfaltering right from the start.

Your clients are what make your business- they are your most precious asset. Make the most of your client base building ability by employing the simple and effectively synergistic “Triple-A Method”. Remember that the order of the Triple-A’s is of utmost importance!

First, make yourself accessible and visible as a consultant. You must promote yourself in every way possible and get the word out about your services. If clients aren’t aware that you even exist as a consultant, it is all a moot point.

Next, be approachable! Use your best diplomatic manners, your professional demeanor, and your social skills combined with political savvy to schmooze and impress your clients while making them feel at ease. You must come across as confident, not arrogant. You must be completely in tune with the changing needs and personalities of different clients and be flexible enough to respond to multiple environments.

Finally, you need to be sure you are adept at your job! You must show you have the expertise in the field to provide advice as a political consultant. Keep on top of your game by continuing your education and reading up on the latest trends in the industry.

By using this Triple-A Method for attracting clients, you are sure to surpass many consultants in the political arena, who may have the talent, but just don’t have the whole package put together like you do. Your success as a political consultant is just three steps away, by following through, and working on the right goals, in the right order!

Hiking the Trail of the Political Campaign Specialist

2011-07-15T08:00:00.000-07:00

The Emergence of Political Consulting

Political advisors date back to at least 100 B.C., during the reign of the Roman Empire! As the United States grew as a country, so did the need for political consultants. It all started with the first “consultants” who were proponents of the ratification of the constitution.

These supporters in the nation’s first states used their observations to persuade others to join with them in ratifying the constitution. Once they were successful, they acted as teachers (consultants) to those in subsequent States who were trying to accomplish the same goal.

The role of the political consultant early on in the nation’s history was strictly on a volunteer basis, however. It wasn’t until around the 1840’s that it shifted toward a campaign management task. The political party of the candidate largely managed this. Political consultants helped connect a candidate with individual voters.

Progress and innovation created a need for political consultants who were more specialized. The invention of radio and television called for political media consulting. These changes took the emphasis off of reliance on political parties for consulting duties. It was now becoming common to use advertising agencies instead. That was the beginning of political consulting in a professional sense.

Opinion polling, which was introduced in the forties, continued to grow and increase in importance. Its rapid growth along with other changes in political rules after the late sixties now required even more specific consultant skills. The advertising firms, which had replaced volunteer political party consultants, were also losing popularity in favor of those who made political consulting their only focus. This, along with three other major turning points, resulted in the career political consultants on the campaign trail today, according to Political Consulting Info on the History of Consulting.

Three Turning Points toward Political Consulting Today

1)      The Election of John F. Kennedy. President Kennedy ran an excellent campaign and won the election by using his own privately hired advisors and consultants. This was in contrast to the previously perceived importance of one’s own political party as the main political promoter.

2)      Campaign Finance Reform. This required more supporters with smaller contributions, creating a need for political fundraising consultants.

3)      Communication Technology. New forms of communication and distribution such as video and Internet related media has resulted in multiple specialties within the political consulting field.

Political Consultants in the Twenty First Century

Today, no major politician would be caught dead without a campaign manager or some sort of political advisor. As the areas of campaign strategies have become more specialized, most candidates have entire teams of advisors, not just one political consultant. There are many different titles and types of political consultants involved in helping a candidate get elected, but some of the more common ones are listed here.

Political Media Consultant- This position, sometimes called a media strategist, can command as much as $500,000 yearly with the top consulting firms. The media consultant is responsible for the campaign strategy in its presentation to the public. This can involve press releases, speech writing, and debate preparations. It may also include bookings of public appearances and publicity stunts, and ad campaigns. As with most political consulting jobs, the election years are non-stop work; but the rewards, in turn, are high.

Opposition Researcher- As the name suggests, an opposition researcher must file through tons of information, gathering pertinent data on the opponent and putting it into a report. The report may be hundreds of pages long, so organization and thoroughness are important to this consulting specialty. The consultant must uncover negative information about the opposing candidate. They may also advise their own candidate on how to respond to less than positive information leaked about them from the other side.

International Political Consulting- This is a catch-all term for any political consulting done in other countries. It can be a general political consultant or any of the specialties. Many political consultants choose this option in between domestic campaigns.

Political Polling Consultant- A consultant involved in polling can expect to work long, hard hours around election time. As a polling consultant you are required to analyze poll numbers and create a plan for the candidate based on those results. Then you must monitor the ongoing poll numbers, changing strategies as needed. This type of job does involve quite a bit of statistical analysis and calculations. A degree is very helpful for this specialty.

Political Fundraising Consultant- The political fundraising consultant is responsible for coming up with a comprehensive plan for raising funds for the campaign and implementing that plan. The use of multi-media methods, especially with regard to the Internet, has become an invaluable tool for fundraising consultants. In this respect information technology knowledge is a must.

Your Career as a Political Consultant

Political consulting has changed over the decades from a volunteer, supportive position of a generalized nature, to a full-time career that requires considerable expertise. To make it today as a successful political consultant, you would be wise to first get educated in the basic principles of political science. Then spend time studying one of the specialties that interests you. With plenty of niches to choose from, you can settle into a focused role of getting your candidate into office, one election at a time!

Exciting Consulting Jobs: Exploring the Public Sector

2011-07-08T13:34:00.000-07:00

Are you in the mind frame of exploring some career possibilities as a consultant within the public sector? There are still lots of opportunities for employment in this field, despite the current economic downturn.
In fact, during the recession, public sector jobs have actually increased in number relative to the private sector, according to a blog on the private sector vs. the public sector, by economics and finance professor, Mark J. Perry. You can take advantage of this situation and find a job that is both interesting and rewarding in public sector consulting.

What exactly is the “public sector” anyway?

There are lots of similar, yet slightly different takes on precisely what constitutes the public sector; here we will use the one offered by Wikipedia: "The Public Sector, which is also known as the State Sector, is the part of the economy dealing with production, delivery and allocation of services and goods by and for the government or its people. It can be on the national, regional and/or local/municipal level. Public ownership can take the form of:

Direct administration (funded through taxes) with production decisions made by the government.
Publicly owned corporations (and state-owned enterprises) that have more commercial freedom and criteria than direct administration- production decisions made internally (though goals may be set by the government).
Partial outsourcing and, in some cases, complete outsourcing delivering services or goods on behalf of the government. Usually, complete outsourcing is considered a mix between the public and private sectors."

Public Sector Consulting- what’s exciting about it?

Public sector consulting and contracting opportunities have been growing rapidly in recent years. These jobs are extremely fast-paced, demanding and stimulating. You will be exposed to a variety of situations and challenges that you will be required to handle with flexibility while maintaining an even keel.

These jobs are for those who thrive under pressure and dynamic conditions. You will have the opportunity to use a multitude of skills in problem solving situations.

As a public sector consultant you may be working in and among government agencies or side-by-side, as well as in a large firm or small local shops. Your assignments may vary from short-term to longer-term, depending on the requirements of the project. You will continually face a variety of circumstances. The chances of getting "bored" in this field of consulting is very little, however you may need to watch carefully, due to the fast-paced nature of the business, that you don't burn yourself out.

Samples of recent job openings in the public sector.

Many large consulting firms have an entire division devoted to the public sector. Some examples include:

IBM

Security and Privacy Consultant- helping clients comprehend key security and privacy issues, risks and exposures, using workshops and assessments. Developing security and privacy programs to meet the needs of clients’ businesses.
Cisco Call Center Consultant- Prior experience working at a call center. Acting as a call center consultant and required travel up to 75% of the time, 5 days a week.
Strategy Consultant- Using consulting skills and business knowledge and processes for strategic analysis of key issues to come up with solutions to change the client’s business for the better. Use of quantitative and qualitative measurement tools. Ability to manage client relationships in a complex environment. Bid proposals, leadership contribution, recruiting, mentoring, etc.

DELOITTE CONSULTING

Public Sector Bid Unit Manger Consulting- This job takes on the role of working in the Public Sector Bid Unit Team. They are responsible for the coordination of bidding and commercial activities for the firm’s UK Public Sector practice, which includes major government framework agreements. It is based in London, England.
Public Sector Strategy and Operations Manager Consultant- your responsibilities may include establishing analytical frameworks, conducting complex business analyses, conducting external research and data gathering, leading teams, developing effective relationships with the client, working with the client to help them achieve goals, and increasing the service line's knowledge base.

Some samples of government employed public sector consultants include:

Professional Services Consultant, U.S. Government- This is a technical leadership role in the federal business unit. Responsibilities include offering thought leadership to develop solutions for network infrastructure security across different industries, technologies and business problem areas. Working with internal staff, federal partners, industry experts, and customers to design, develop, prototype, and deploy solution for complex problems. Develop recommended architectures for product deployments.
Business Consultant- This opening is through the NSA (National Security Agency) and is an opportunity in the Business Intelligence organization. To provide independent business analyses and business process improvements to support senior leadership strategic decision-making. To utilize skills to help protect the country and those in the military who protect the country.

Start your career as a consultant in the public sector!

More than ever before, every type of business within all areas of the market is using consultants. This is especially true for public sector consulting.

Even though the economy is still under the weather, there are consulting jobs available for the taking; look under “public sector consulting jobs” on almost any job search site and you will find plenty of positions. Many of these are with big name consulting firms working for the benefit of the government, while others are within branches of government themselves.

They offer excellent pay, lots of opportunity to gain extensive work experience, in an exciting and fast-paced atmosphere. Explore for yourself the exciting field of consulting in the public sector.

SEO Consulting-An Internet Junkie’s Dream Job!

2011-06-21T08:00:00.000-07:00

Oh, there are tons of jobs out there for people who are computer savvy and just can’t get enough of life out there in cyberspace. This article is about one of them.

The topic is consulting and, more specifically, SEO (search engine optimization) consulting. The powers that be are touting consulting jobs as the hot new ticket for today’s business-minded professional. The predictions and current trends show consulting jobs expanding to every niche imaginable, with the outlook being quite positive. If that’s the case, then the market for Internet-based consulting jobs is going to grow exponentially.

SEO Consulting could be your future- and it could be an exceptionally bright future. If your interest is piqued then you might consider this area of consulting in a little more depth…

The Test…Are you SEO Consultant Material?

Are you one of those people who just can’t stop surfing the Net no matter what you have lined up on your schedule to do? Do you spend countless hours online looking up interesting trivia and reading about the latest technology and tech terminology regarding the Internet?

Do you stay up late, night after night, reading your friends’ tweets, while posting your status on Facebook, or crowdsourcing the juice on the latest episode of your favorite show that you forgot to TiVo and don’t have time to watch on Hulu?

Do you annoyingly, and repeatedly, have to check your credit card bill against the multitude of under $5 charges for various app downloads to your iPhone or BlackBerry because you’ve lost track of them all?

Did you spend the better part of your college years listening to your professor’s podcast versions of the lecture, only showing up for the midterm and final because you didn’t have the time or patience to actually attend those crowded lecture halls in ‘meatspace’ (Real Life, or “RL”)?

And finally, are you one of those people who can succinctly and confidently explain the difference between cyberspace, the Internet and the World Wide Web (no, they are not really synonymous)?

If you’ve answered yes, or wished you could have answered yes, to even one of the above questions, then keep reading…

* Are you together, organized, and a self-starter?
* Do you have great verbal and written communication skills?
* Do you enjoy “running the show”, so to speak, but you’ve always been told you’re personable and not pushy?
* Have you always wanted to make a living doing something fun and forward thinking?
* Might you be the type of person who would like to own your own business?

If you’ve answered yes to at least one question from the first group and two or more from the second group then guess what? You just might make a great SEO Consultant!

SEO Consulting Defined

There is a lot to understand about Search Engine Optimization (SEO); you will have a wealth of information to learn on the topic if you choose to emerge into this niche. In its simplest form, however, the term refers to the process of designing and creating or editing web pages and web content so that it naturally ranks higher up on a given list of web results when it is searched for by an Internet user.

It is the act of attempting, through unpaid or “natural” techniques, to improve the web presence or visibility of the desired data, relative to other like-data, through the use of Search Engines. A basic example of this is writing content that has a higher combination of words or phrases on a certain subject. A search engine will typically detect and place higher in the search results, the page that has the most of the relevant word/s or phrases in it.

This is really a niche form of marketing; some marketing companies offer SEO services, but it is complex and in-demand enough to have evolved into its own stand-alone profession in recent years.

SEO can also stand for Search Engine Optimizers, which refers to the individuals or groups/companies whom perform SEO tasks for clients.

Getting Into SEO Consulting as a Profession

If you would like to try your hand at SEO Consulting, here are a few suggestions to use as starting points.

1. Learn all that you can about the concept and techniques of SEO. Read everything you can get your hands on, take some courses, and talk to others who are already managing SEO practices. You should also learn about Internet graphics, as these are also being used to increase online visibility.
2. Find some mentors and people who are already working in this niche. Develop business relationships and learn from them. Observe and practice. Get into partnerships (in an informal sense) and network with others who are working in related Internet jobs and offer to develop pro-bono SEO documents for practice. Non-profit companies and groups like schools, etc., are great places for this opportunity. They will really appreciate your help; you can gain valuable experience and references at the same time!
3. Experiment with your own website. Try to design one that will show up at the top of major search engine results pages like Yahoo, Google, etc.
4. Join clubs and organizations related to SEO. SEMPO (Search Engine Marketing Professional Organization) is a great resource to start with.
5. Prepare a simple portfolio and samples to show potential new clients. You can start with family, friends and associates at first and proceed from there.

SEO Consulting just might be career you were always meant to have! If you really work at it, you have the potential to develop an extremely lucrative business, with growth potential limited only by the boundaries that you set for yourself!

Remember, this is a fairly recent and emerging niche market that is highly competitive and multi-faceted. The better informed you can become in the science and art of search engine optimization, the better your chances of success!

How Much Should I Charge? Setting Your Consulting Fees

2011-06-14T06:01:00.000-07:00

A prospective client asks you to do a project that is a bit outside of the norm, and now you’re struggling to figure out what you should charge them for the service. You don’t want to undercut yourself, however you also want to make sure that you remain competitive in your market, especially if clients are requesting quotes from several different consultants.

The honest truth is: there is no perfect method for setting your consulting fees. You need to create a fee structure that is going to work for both you and your clients.

Fees May Be Hard To Research

You can certainly try to research your competition, but most consultants do not practice the habit of making their fee structure public –online or on paper.

Why is this? Well, for the most part, fees are constantly changing and not all projects are the same. Rates go up and down all the time. Freelance consultants (just like any other service provider) reserve the right to charge whatever they want to whoever they want. They can charge one client one fee and another client something completely different and no one will ever know.

Therefore, you will find that researching fees in your market may become tedious-you’ll hit a bunch of dead ends. However, you can still try a few places:

1) You might get lucky and find some discussion forums that other consultants are posting to. In these forums, everything from handling clients to fee structures to how other people market their services or acquire new clients can be found.

2) You could try to network with other consultants in your industry to find out what range their fees run in. You may have to skirt the issue and get to know the other consultant prior to prying into their personal fee structures.

3) Try searching Google. Who knows? You might find some consultants that have absolutely no problem posting their fees.

4) Hop on some of the freelancing forums online. Millions of clients are posting projects and millions of freelancers are bidding. Pay attention to the projects and the average bids that are placed. Unfortunately, the clients have the ability to “hide” bids in order to eliminate the chances of people bid-comparing, however spending some time in these forums is a great way to gauge fees ranges.

What Other Consultants Do

Some consultants charge per the hour, others charge per project. Some ask for a retainer, others do not. Freelance writers may charge per word. Some may charge late fees, some may not. Everyone has their own method of assessing fees, and none of them are wrong as long as there is a profit.

It basically boils down to: How do you want to charge for your services? You need to find a method of charging that jives with you, your bills and the time that you invest into your work.

Take Everything Into Consideration: The Big Picture

There is a lot more to consider than just the items listed above. Beyond that time and energy that you devote to your work, you also have to think about the overhead that you pay to provide your services.

If you are a freelance writer, do you have to pay for the Internet? How about the electricity that you use in your office? If you go into the freelance forums and bid on projects, you need to take into count the time that you spend doing that and the fees that those forums assess to you.

Do you transfer money from the freelance forums to PayPal or your bank account? Does that cost a fee? What about the time it takes to do that?

Do you spend time emailing clients? All of the time and resources that you put into your work should be factored into the final figure.

So, basically, you want to figure out how many hours per week you work and how much you need (or want) to make each week in order to pay your bills. It would also be nice to make enough money to make you happy (and possibly passionate) about what you do for a living, but that’s a whole different article.

The Final Number

You already have the weekly amount that you would like to see in the bank account. Add in all of the expenses that you incur in order to make that figure hit the bank, and then divide that big-picture number by the number of hours you want to work each week.

For example, say that your big picture number each week is $1500, all expenses and pay included, and you’d like to stick to 35 hours per week. Divide that big picture number of $1500 by 35, and you have your hourly fee: $42.85.

Of course, nobody wants to charge $42.85 for an hourly rate. It’s simply too messy to keep track of. Round it up to $45-and most of your problems are solved.

Setting Fees for Projects

The next question is: What if I don’t have any idea how many hours it will take me to complete the project?

There is no reason why you can’t simply quote your hourly fee and work from there with the client. However, if a client absolutely demands a complete estimate for a project, it’s not a bad idea to sit down with them and figure out how much time the project should take and base the estimate on that amount of hours. Any “extra hours” put into the project can be negotiated, however, most projects can be estimated in terms of time –especially if you know what you are doing.

Setting fees for your consulting business is not a one-time thing. You will need to assess your hourly rate in comparison to your time investment and expenses (and how they all weigh against your competitor’s fees) on a consistent basis as your business begins to grow. You may notice that your expenses are increasing as you get more clients, resulting in the need to raise your fee; however your fees should always reflect a rate that makes both you and your clients comfortable.