Your Daily Rate: A Long Story Short

I was asked the other day to explain in one minute or less how independent consultants determine their daily rate. Okay! The long story short is actually a formula:

Daily Rate = (Salary + Overhead) / Billable days + Profit

But if you are like me, Algebra was a long time ago, so perhaps a longer short story will be more meaningful.

iStock 000011516022XSmall scissors  measuring tapeThere are four important facts you must know to determine your daily rate. To get to that bottom line, some reflection and a few calculations are in order. You need to know the following:

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Turkeys or Troubadours: Pricing Methods for Independent Consultants (Part 2)

The best antidote to a sleepless night is finding the price setting method that works best for you. It is essential that you receive fair compensation for your work so you can stay in business and rove from one successful project to the next, maintaining your independence and building your reputation.

Read more: Turkeys or Troubadours: Pricing Methods for Independent Consultants (Part 2)

Turkeys or Troubadours: Pricing Methods for Independent Consultants (Part 1)

You probably know how much your project is worth and what you should be paid for it but how do you price your services? Are we turkeys dutifully charging for the hours we work or troubadours joyfully plying our trade? Price setting is an art not a science. Here are several methods to consider.

Read more: Turkeys or Troubadours: Pricing Methods for Independent Consultants (Part 1)

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