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How Do You Set Consulting Fees?

One of the most frequent questions I receivefrom those who are trying to start or growtheir own consulting business is: "How andwhat do you charge clients for your consultingservices?"The ways of billing clients are numerous.There are hourly rates, by-the-job fixed rates,contingency or performance arrangements,flat fee plus expenses, daily fee plus expenses,and many other methods of charging for yourconsulting services. Which one is best?Let us consider some ways of billing for yourtim.