How to Set Your Consulting Rate with Confidence

Thinking about stepping into consulting? You’ve spent years building your expertise through done-for-you client work, and now it’s time to get paid for your knowledge, not just your time. But how do you figure out what to charge?

Let’s walk through how to set your consulting rate so it’s fair, profitable, and sustainable.

Consulting vs. Done-For-You Work

If you’ve been a service provider for a while, you already know how much time and energy go into delivering client work. Done-for-you services are about creating deliverables, like a social media manager drafting and scheduling posts or a bookkeeper closing monthly reports.

Consulting flips that. Instead of doing the work for your client, you’re guiding them with strategy, direction, and clarity. Your time isn’t just hours on a clock; it’s the years of experience and insight you bring to the table. That’s why consulting should always come at a higher rate than your done-for-you services.

Common Consulting Packages

There isn’t one “right” way to structure your consulting offers. Here are three common formats:

Hourly – While you can charge by the hour, it’s usually not the best choice. It can be messy to track, and it doesn’t always reflect the true value of your expertise.

By package – This is the most popular option. Packages might include a one-on-one session, plus notes, strategy outlines, or follow-up support that your client can keep.

On retainer – This works well if you want long-term relationships with clients. They pay a set monthly fee to have you available for guidance. Just make sure you cap the hours included so your time is protected.

You can mix and match these styles to fit your work. Start simple, and adjust as you learn what feels right.

Step 1: Start with Your Base Hourly Rate

Even if you don’t plan to bill hourly, knowing your baseline matters. Here’s how to figure it out:

1. Add up what your business needs to bring in each year (expenses, taxes, pay for yourself, and savings).

2. Divide that number by the hours you actually want to work.
   

Example: If you want $100,000 in revenue, plan to work 30 hours a week, and take four weeks off a year, that’s $100,000 ÷ 48 weeks ÷ 30 hours = about $69/hour.

Step 2: Factor in the Real Work

Consulting isn’t just the call itself. You’ll spend time researching, preparing materials, and sharpening your skills. Build that into your pricing.

If you spend nine hours total on a package (a 1-hour call plus prep, research, and follow-up), don’t just charge for the call. Price the entire experience. At $70/hour, that package should be $630.

And remember, you’re not required to show your clients the math. Package pricing keeps it simple for them and protects your time as you get more efficient.

Step 3: Adjust for Value

Your hourly baseline is just a starting point. Consulting creates an impact that far outweighs the time you spend.

Let’s say you help a business owner streamline their systems and save ten hours a week. That’s thousands of dollars in added value for them. Don’t undersell yourself by sticking too close to your hourly rate.

As you see your clients getting results, raise your rates to reflect the transformation you’re delivering.

Step 4: Test and Refine

Your consulting rate isn’t permanent. If you’re not booking calls, lower it a bit and see what happens. If you’re booked out months in advance, it’s time for a raise.

Your pricing should evolve with your experience, confidence, and the results you help create.

Ready to Step Into Consulting?

Consulting is one of the best ways to grow your income and reclaim your time. It lets you turn your hard-earned knowledge into something scalable, valuable, and deeply impactful for your clients.

And just like setting your consulting rate, managing your money as a whole gets easier when you have a clear plan.

Download The Ultimate Accounting Checklist to start organizing your business finances with confidence.

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