3 Steps to Double Your Consulting Fees

triple-consulting-fees

How would you like to increase your consulting income by 50%, 100% even 200% and more…interested?

There’s a very simple way to achieve this and I’m going to tell you how…

Increase your fees.

If you’re currently making an average of $15000 per consulting project, increase your fee to $25000, $40000 or even $80000.

Here are three guidelines for you to make this happen:

1. Charging too little. Many consultants I speak with in my coaching program are charging too little for the results they provide. If you are helping your clients improve sales by $250,000 annually, charging $5000 is too little. If you know you’re providing huge results for you clients and not charging enough – increase your fees right away. That will have a huge impact.

2. Provide greater value. Let’s say you’re currently providing a service to your clients for $20000 and it includes A and B. If you add more value by providing A, B, C and D, you can increase your price to $50000. The key here is that you can charge more if you’re creating more value. This is a very powerful approach.

3. Give your client options. I’ve long talked about the value and research that supports the effectiveness in giving your clients pricing options. You’ll have 3 packages. The first may be for $15000, the second for $35000 and the third for $70000. Most clients will take the second/middle package. A few will take the first, and fewer will take the third. But together, you’ll grow your income significantly by taking this approach. Remember, as your consulting fee increases, so too does the value that you provide with each package.

There are many ways to structure, position and package your offers to get the most out of your consulting fees and grow your consulting income.

This is exactly what I do with my clients. And many of them now land $50K, $80K, and $100K+ projects on a regular basis.

If you’re serious about growing your consulting income and business, contact me about my coaching program for consultants.

Check out our fully updated Consulting Success System! Learn More and Buy Now.
  • Omar Albashir

    Very interesting, and agreed!
    Providing options is one of the best ways to engage and motivate. In our case of consulting, we create the options (even if they are not there) in order to answer some potential questions the client would ask. Unfortunately some of our colleagues wait and expect such questions to be directly asked by the client, yet the client needs explanations from scratch (the client may not even imagine the possibility of other options) so, it is you who should offer the varieties.

    • http://www.consulting-business.com/ Michael Zipursky

      Glad you found it interesting Omar.

  • Neil

    Hi Michael,

    Good points but at what stage does one increase their client fees, especially if they know they fall within category 2? This gets tricky when you have signed a contract, say for one year or longer..

    • http://www.consulting-business.com/ Michael Zipursky

      Neil – of course you’ll honor the contract you made. I’d encourage you to think about using this approach with new clients as well as new offerings with existing clients.

  • Pila

    Always grateful for the great tips…but…

    …How go you explain the realisation that you have been undercharging to
    your client. Doesn’t it come across as amateurish on your part?

    Regards

    • http://www.consulting-business.com/ Michael Zipursky

      Pila – for existing clients, you can carry through the current contract until it is complete. And then work in your higher rate for the next project based on this approach. Or you can look for opportunities to offer new services/products to your current client in addition to the current contract. Plus you can use this approach for all new clients.

  • West Rama

    Thanks for your tips for how to double the consulting fees.I also knew there is risk in every thing but still your idea is pretty impressive to increase the consulting fee.