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Consulting on the side.
Posted on 6/17/15 at 3:19 pm
Posted on 6/17/15 at 3:19 pm
Does anyone here happen to do any consulting on the side? I was approached by a research group that is part of a multi-billion dollar investment firm. They are seeking some general info pertinent to our industry and trying to foresee the trends. They are asking for 2-3 quarterly calls lasting 20 to 30mins. I was handed this by our CEO, so I have permission to do so. I have never done anything like this. What should I seek for compensation? $1,000/hr. 
He told me not to go cheap.
Again, any advice would be appreciated.
He told me not to go cheap. Again, any advice would be appreciated.
8
Posted on 6/17/15 at 3:25 pm to TheWiz
As your consultant on this, I will not be cheap.
Posted on 6/17/15 at 3:56 pm to TheWiz
I bill out at 250.00 an hour, I know you said the call is :30 but do you need to prepare for the call? Will each call create follow up for you to do?
Posted on 6/17/15 at 4:05 pm to Old Sarge
quote:
do you need to prepare for the call? Will each call create follow up for you to do?
Yes and I assume so.
Posted on 6/17/15 at 4:23 pm to TheWiz
quote:Dare I ask.... exactly how does one declare oneself a "Consultant"?
Consulting on the side.
Posted on 6/17/15 at 4:26 pm to tigerpawl
quote:
how does one declare oneself a "Consultant"?
Their verbage, however, a quick google search says it is a professional who provides professional or expert advice in a particular area.
Posted on 6/17/15 at 4:47 pm to TheWiz
quote:The let's drill down a little more. What's an expert? By this criteria, anyone could be a consultant? What is it that separates the wheat from the chaff here?
Their verbage, however, a quick google search says it is a professional who provides professional or expert advice in a particular area.
My grandpa once told me that an expert is a coonass with a briefcase - 50 miles from home.
From Entrepreneur Magazine: LINK
"A consultant's job is to consult. Nothing more, nothing less. It's that simple. There's no magic formula or secret that makes one consultant more successful than another one."
"But what separates a good consultant from a bad consultant is a passion and drive for excellence. And--oh yes--a good consultant should be knowledgeable about the subject he or she is consulting in. That does make a difference."
This post was edited on 6/17/15 at 4:54 pm
Posted on 6/17/15 at 4:51 pm to TheWiz
Then I would use 150 on the low side and 250 on the high side and bill for the amount of hours of your time it will consume in it's entirety not just the call time.
Posted on 6/17/15 at 6:50 pm to Old Sarge
That seems about right. I had seen an article from entrepreneur which stated: (salary + benefits) / (48 work weeks X 40hrs)
Assuming the calls take 30mins each and each call requires 1-2hrs of prep work. I'll take that little extra jingle.
Assuming the calls take 30mins each and each call requires 1-2hrs of prep work. I'll take that little extra jingle.
Posted on 6/17/15 at 9:36 pm to TheWiz
$1,000/hr might be pushing it. 
Posted on 6/17/15 at 9:49 pm to Athanatos
Posted on 6/17/15 at 10:05 pm to tigerpawl
quote:
My grandpa once told me that an expert is a coonass with a briefcase - 50 miles from home.
Your grandpa was pretty smart, I once got a call from a manager at a company I worked for who asked had I ever been to a particular companies facility, and did I know anyone there? My answer to both was no, and he said good you are now the "expert from out of town". The people already on the job knew what they were doing, it was just taking longer than expected, and they wanted the customer to see a new face. From that day on these trips were known as "being the guy from out of town".
Posted on 6/17/15 at 10:29 pm to TheWiz
Have them make the first offer. Not only is that good practice generally, but they probably have a pretty good idea of what they consider "normal". Of course, you counter with something considerably higher but at least in the ballpark.
Also consider that unless they sign you to something exclusive you can then pimp yourself out to their competitors. Just call them up and say "Hey, firm XYZ approached me for my opinion so don't you want to hear it too?" You make a quite a bit of coin that way. But OTOH if they want exclusivity then of course they should pay extra.
Also consider that unless they sign you to something exclusive you can then pimp yourself out to their competitors. Just call them up and say "Hey, firm XYZ approached me for my opinion so don't you want to hear it too?" You make a quite a bit of coin that way. But OTOH if they want exclusivity then of course they should pay extra.
Posted on 6/18/15 at 6:15 am to foshizzle
Yes have them make the 1st move......Also, don't think you aren't replaceable. I've been consulting for major nurse staffing firms for 5 years and I've always accepted a rate that was competitive but not greedy or unrealistic.
This post was edited on 6/18/15 at 6:16 am
Posted on 6/18/15 at 7:12 am to L S Usetheforce
In my work experience, a consultant is someone who has no job and needs to fill a resume.
Posted on 6/18/15 at 7:26 am to TheWiz
When my dad retired from chevron they offered him 2k a day to come back as a consultant so 1k per hour may be steep.
Posted on 6/18/15 at 7:53 am to yellowfin
I'll let them offer first. Does that Entrepreneur formula seem about right to anyone else? I was thinking $250/hour. I know $1k was swinging for the fence
Posted on 6/18/15 at 8:19 am to TheWiz
I feel you should name your price and stick to it. Give the customer great value and you should get fair share if you save or make the client money.
My fees usually work out to 500 plus an hour however I'd never tell a client that. ex. I may quote 5000 dollars for me to do x,y,z which I know may take me about 10 hours.
Starting out I did lots of 50 dollar an hour work and have had some that equalled into the thousands per hour because I negotiated a royalty. I look at like this, if I make you 1mm dollars would you give me 100k?
My fees usually work out to 500 plus an hour however I'd never tell a client that. ex. I may quote 5000 dollars for me to do x,y,z which I know may take me about 10 hours.
Starting out I did lots of 50 dollar an hour work and have had some that equalled into the thousands per hour because I negotiated a royalty. I look at like this, if I make you 1mm dollars would you give me 100k?
Posted on 6/18/15 at 8:25 am to misterc
I work in a skilled analytical field. When operational consultants came in to improve efficiency, they got paid for a month to have us show them how to do our work then got paid for a month when they pitched our results to management.
They didn't provide any input and learned valuable skills from us. Don't know why they didn't pay us
They didn't provide any input and learned valuable skills from us. Don't know why they didn't pay us
Posted on 6/18/15 at 8:27 am to TheWiz
just think about it like this....anything you make cut it in half and thats your take home.
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