Many consultants prefer to work on a retainer basis. Hiring an independent educational consultant (IEC) can give families objective advice, access to reliable information, and the individual attention necessary to make informed decisions. When you work as an employee, the company is profiting off of you a lot more than they are paying you. From here, you are going to want to allow some time for anything extra that may arise and then calculate your rough estimate against your hourly rate. ProMatcher.com estimates an average HR consulting fee of $142.38 per hour with a range of $96.19 - $188.57. Restaurant consulting is one of the more common categories of independent consulting. Members of the Independent Educational Consultants Association (IECA) and Higher Education Consultants Association (HECA) are eligible to receive a 10% discount on courses in the Independent Educational Consultant certificate. Former teacher, school head, and President of NAIS, the National Association of Independent Schools, CEO & Senior Consultant This type of consulting job provides services related to educational techniques and technologies for schools and families. They charge between $750 and $3,000 per case. It will also help you identify what to charge based on your own level of experience. While charging by hour is probably the most flexible pricing method available, it does have one glaring downside: the faster and more efficient you become at your work, the less you get paid. Nearly half of consultants charge less than $5,000 per project while just over half charge more. Business owners tend to be a lot better at running their business than growing their business, and as a result, they need help from outside growth experts. HEADS UP EDUCATIONAL CONSULTING In short, the businesses that tend to generate a significant ROI from consulting services are usually not going to be interested in offering ROI-based pay. Low rates may have them questioning your expertise. With the Initial Fee + Monthly Retainer method, you can use a small initial fee to make it easier to grab those first few clients, and still get a solid overall payment through the ongoing monthly plan. Because of this, it makes more sense for them to shop around and pay a fixed fee rather than attempting to pay based on performance. It may take you an hour to analyze and research your topic. At what price are you leaving money on the table? Just like anything in business, setting consulting fees is an educated guess. Different people within an industry will perceive the market rate to be higher or lower based on their personal experience. And one of those winning strategies is the initial fee + monthly retainer payment method. Consultants are likely to have deductible business expenses that can help you save big on your taxes. How to Charge Consultant Retainer Fees. Independent Educational Consultants can provide a student and family with individual attention, firsthand knowledge of hundreds of educational opportunities, and the time to explore all of the options. COLLEGES HECA members spend hours researching and visiting campuses and welcome college representatives into our communities. You don’t have to guess where all your income will come from each month. Your consulting fees should be based on the value of your work. For phone or Skype consultations or presentations. What about after you finish a project that didn’t feel like it was worth the hassle? Neither of these options make for good consulting clients... and that’s why ROI-based pay typically isn’t practical for independent consultants. So for example, if you were making $70,000 per year, you would divide that by 50 to get $1,400 per week and then divide that by 40 to get $35 per hour. Of course, we still have to factor in market rate. What amount are people willing to pay me for my time? Successful businesses know exactly who the proven players in their industry are (or can find out quickly), and those players are virtually never going to undercharge for their services. There are quite a few rock solid reasons behind this pricing decision. If the average business consultant charges and receives $100 per hour, than the “market rate” is likely between $50 to $150 per hour. The first part is a one-time initial charge that covers all the unique costs that come with starting a consulting engagement. 60% of all jobs today are paid hourly. This is our 3rd straight year doing the Consulting Fees study. As we just discussed, choosing the right method really comes down to you, your clients, and the market. Many consultants prefer to work on a retainer basis. Or should they find someone who will work with them for a fixed fee of $10k ? This method works exactly like it sounds. Remember to take everything we’ve talked about into account: Once you’ve factored this all in, it’s time to picks your rates and see what happens. For starters, how much money are you willing to accept? Individuals must fit into one of the four categories: Professionals with NACAC voting membership in the current or … Let’s take our previous hypothetical hourly wage of $100 and an estimated time of 10 hours for an example. This would be the case if you've incorporated. Membership Eligibility Requirements . Individual who provides college counseling on a fee-for-service basis. That’s actually a really tough question for many people to answer. An entry-level Education Consultant with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $50,420 … He can afford fees now... student leader Aaron Porter gets job on £125 an hour His consultancy advises universities on the range of challenges from reforms to higher education Why does this particular strategy work so well? Now that we’ve taken a thorough look at consulting fees and rates, it’s time to decide what you will charge your clients. Our educational consultancy exemplifies the same high standards of expertise, independence and professional integrity. I have already been asked to work with a consortium of school districts starting in August, 2017 but have questions about the financial aspect of consulting: reporting taxes, claims/deductions, hourly rates… This might seem simple at first glance, but both factors immediately raise some interesting and complex questions. How do you value yourself properly? 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