How to Increase Your Consulting Fees Over 712%

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If you’ve ever felt stuck and that you’re not earning what you believe you should be, you need to listen to this interview.

Barb Langlois is a consultant in my coaching program. She’s also an author, speaker and trainer. Barb is very good at what she does. Yet she was struggling to consistently attract her ideal clients and receive high fees for the value she created for her clients.

In this interview below Barb shares how we tackled all of these challenges and why she’s now able to attract and land more clients than ever before. You’ll also hear how she increased her fees over 700% and turned a short one time client project into a full year.

Do you want more clients? Are you ready to learn the proven system and process consultants are using to attract their ideal clients and receive higher fees consistently? If so, apply for my Marketing for Consultants coaching program.

This is the program where I personally work with you to reach your goals faster than you ever thought possible. If you’re tired of not knowing what to do, how to do it, and why what you’re doing now isn’t working, apply and let’s setup a time to talk. I’ll show you step-by-step exactly what you need to do to start getting results.

Marketing for Consultants Survey Results 2014

The results are in…

We asked over 15,000 consultants how they market their consulting services as we do each year.

We’ve compiled the results and created an infographic that shows you what type of marketing consultants are finding most effective and what is the most ineffective.

See the full infographic with survey results below: Continue Reading

How to Turn a $5K Consulting Project Into $54K

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Ken Blankenfeld is a consultant to the construction industry. He’s a corporate veteran managing projects valued at more than $500 Million.

In his previous role as a VP, before going out as a consultant, Ken took the company from $6 Million to $85 Million in four years.

Yet when he launched his consulting business he found it challenging to consistently land his ideal clients.

Since Ken joined my coaching program he’s seeing marketing in a different way and the results show. In this interview, you’ll learn how Ken turned a $5K consulting project into a $54K project – and he says it was the easiest sale he’s made (and he doesn’t like selling!).

If you’d like to learn how to consistently attract your ideal clients, increase your income and grow your business fill in the form here and let’s setup a time to talk.

Increase Your Fees with the Right Consulting Clients

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The average price for a detached home in my city is $1.29M (yes, that’s mi-lli-on).

As a result many young couples are moving into the suburbs to find a home they can afford.

Remember, you can always earn more. There is no limit to what you can earn as a consultant.

Others are deciding to re-arrange their priorities and live in a condo in the city – giving up space for convenience.

The housing market is like consulting.

I drive or walk by homes that sell for $4-10M almost every day.

That’s a great deal of money. Yet, people buy and sell these homes throughout the city all the time.

As a consultant you might want to earn more and yet believe that you can’t raise your fees…that people won’t be willing to pay more.

Here’s the thing, you can always charge more.

Just like I can show you a house that is listed for $5M I can also point one out that is on for $7.5M and even $15M.

And like one consultant can charge $5000 per project, I can show you another consultant that receives $50,000 per project, and another that gets $200,000 per project. Continue Reading

5 Reasons High Consulting Fees Don’t Lose Business

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If you’ve ever entered into a conversation with your ideal buyer only to have your proposal declined because your fees were too high, I feel for you.

Unfortunately, it’s not your buyers problem, it’s yours.

There are many other reasons your proposal may be declined and the buyer will tell you your fees are too high.

If you’ve followed the right steps your proposal shouldn’t be a surprise to your buyer, it should be a welcomed invitation to start working together.

Here are the most common reasons consultants lose business when a buyer thinks the fee is too high…

  1. You failed to ask about the buyer’s budget. If you had, and if your buyer stated a budget that was unrealistic you could and should have addressed right then and there.
  2. You haven’t clearly explained and communicated the ROI that will be created as a result of the project. Your buyer likely sees your fee as an expense, not an investment.
  3. Your relationship with the buyer is weak. Ultimately buyers want to hire people they like and trust. If you haven’t developed the relationship to that level, it’s unlikely you’ll win their business.
  4. Your proposal attempted to sell your services, when it should summarize what you and the buyer have already agreed upon. Remember, the proposal doesn’t win you the business, the business should have already been won and the proposal is what you use to make it official and get things started.
  5. You mistook the buyer for an ideal buyer. Meaning that they never had the intention to actually buy, or at least not anytime soon. They simply wanted to collect information and you failed to ask the right questions upfront to confirm this.

Continue Reading

How to Get Paid on Time

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The graveyard is filled with businesses that had cash flow problems.

If you’d like to avoid ending up with the same fate, make sure you’re not committing this classic consulting sin.

The reason most consultants don’t do this is because they are too scared to ask their clients.

Consultants ask me all the time, “my client was supposed to pay me a week ago, and they haven’t what should I do?”

That “one week” becomes two, sometimes three, six or more…

There’s a simple way to make sure this doesn’t happen to you – get paid up front.

That’s right; tell your client that you take payment at the outset of the project.

If you can’t collect 100% of the payment at the start, take no less than 50% (or 1/3 paid out evenly over the project at minimum).

The idea here is that you shouldn’t be doing work unless you’ve been paid for it. Continue Reading

3 Steps to Double Your Consulting Fees

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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. Continue Reading

Get Paid More

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Here’s a thought…

You get paid for the value you produce and deliver to the market.

Companies need to constantly improve their products because buyers are always looking for more value.

Have you looked at yourself as a product? You should.

Whether you’re actually selling a product or providing a service, YOU are a product.

The more valuable you make yourself the more you’ll get paid.

Your Best Investment

When you invest in yourself, sharpen your skills, hone your marketing – you become more value and can charge and earn more.

Ever seen a 20 year old outperform an ‘experienced’ 40 year old salesperson? It happens all the time when the 20 year old is hungrier for success and decides to invest in themselves.

The 40 year old thinks they know everything. Makes some cold calls and grumbles about how things have changed. Inside they’re starting to doubt their abilities. But they don’t do anything about it. Continue Reading

Why a 10% Drop in Consulting Fees Leaves You With 33% Less

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Imagine offering a client a 10% discount to win the project only to find out you actually took a 33% hit. Ouch!

If you’re engaged in time based consulting work you may be surprised to learn that offering your buyer a modest discount can actually reduce your gross profit by a much greater margin.

I was reading Ori Weiner‘s book on Advanced Fee Negotiation the other day. And I found a great example that clearly illustrates how dangerous discounts can be.

This is an adapted summary of Ori’s explanation on page 26:

At first glance, this makes sense…

  • You’re a consultant that has just offering your client a 10% discount on your rate for the project.
  • You expect the project to be about 1000 hours at your rate of $500/hr.
  • If your costs on the project are $350, that leaves you with $150/hr profit (that’s a 30% gross margin).
  • Your total profit from this project would be $150,000.

Here comes the pain…

  • Your 10% discount would equal $50 off your regular rate.
  • That means your hourly rate drops to $450.
  • Your costs will remain the same ($350) unless you’ve negotiated otherwise (key point!).
  • That means your profit falls to $100/hr.
  • Your total profit is now down to $100,000 from $150,000.
  • That’s a decline of 33%, not the 10% you first bargained for! Continue Reading

5 Insights Into the Role of a Consultant

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A colleague and client, Andreas Dittrich in Germany attended an event where two professors and a typical client of his industry got to together to discuss the role of a consultant. Below I’ve adapted the key lessons Andreas shared with me in an email:

1. The three most important characteristics constituting a consultant’s brand are: first of all the value created for his client, followed by his visibility and reputation. Creating value is the central momentum from which everything else emanates.

You can strategically position your fees to remove or eliminate any doubt or hesitation a buyer may have in working with you.

2. Specialization is the essence of proper positioning. When asked why she (HR Manager) contracted a consultant the answer was a) the guy had good references b) he had stayed persistently “close to the ball” over a considerable period of time and – that above all – he was in a position deliver the “tailor-made suit” needed at that time.

3. How to find the right consultant? “Whenever we need a consultant for our business or a project, I call a colleague in the same industry and ask how he/she solved that problem and who supported them”. Referrals through a network are the most important source for consultancy contracts since they may minimize the risk of grabbing the wrong one, enhancing the chances of getting things done and solved. Continue Reading

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