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"Amal Nathan L Hi Evan, as a consultant How do I charge my clients? Hourly rate, per project or percentage of the total project cost. Thanks"
In this insightful video, Evan Carmichael shares his expert advice on setting up pricing strategies for service-based businesses, responding to a query from a viewer named Amal. Evan discusses the common fears clients have about project costs and the challenges service providers face when deciding between hourly rates and fixed fees. He offers a deep dive into why fixed fee rates might be the best approach when starting out, providing cost certainty to clients and helping build a stable client relationship.
Evan emphasizes the importance of clear communication and managing project scope creep, where project requirements might change mid-course, potentially leading to disputes and dissatisfaction. He explains how service-based consultants can protect themselves by defining project terms clearly from the start and maintaining open lines of communication with clients. This approach helps prevent misunderstandings and ensures that both parties remain aligned throughout the project duration.
Towards the end of the video, Evan explores the difficulties in scaling service-based businesses and compares them to product-based companies. He advises new entrepreneurs on the benefits of fixed fee projects to achieve a stable income level before taking bigger risks. Evan also touches on possibilities for consultants to expand their impact by taking equity in companies or productizing their expertise, paving the way for greater scalability and success in their fields.
