The time-based model: This one is pretty common and straightforward. Your rate and scope of work are determined at the outset. You can choose to have an hourly rate or a day rate, which is often referred to as a per diem. Not my favorite but definitely to be considered when starting your consulting company.
The project-based model: My favorite one and what I do 90% of the time! You agree to perform a specific type of work for a predetermined amount of money. Before starting, the details of all deliverables will be agreed upon by both parties. Big advantage is the signed contract. Be careful of clients that keep adding more tasks that weren’t outlined in the original contract. This often happens unintentionally.
The retainer-based model: This involves providing ongoing service over a set period of time. Unlike the project model, this approach doesn’t necessarily involve a specific deliverable. To me, I find it challenging to individually charge for a text that took me 30 seconds to send. Not my favorite but excellent to maintain a relationship with a client.The consulting firm model: In this situation, you hire freelancers or employees to complete work on your behalf. You still own the relationship with the client, but you have a team that handles some or all of the work. This will allow you to spend more one on one time with clients, while still meeting their needs and provide a wider range of services. You’ll need to be highly skilled at project management to avoid these fiascos. Also, your reputation is on the line so you want to make sure to fully trust your partners.---
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