Creating Your Rate Card
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Creating Your Rate Card

Establish rates for your consulting services and solutions
4.7 (9 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
651 students enrolled
Created by Dr. Gus Prestera
Last updated 6/2016
English
Current price: $10 Original price: $20 Discount: 50% off
5 hours left at this price!
30-Day Money-Back Guarantee
Includes:
  • 1.5 hours on-demand video
  • 1 Article
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Set Target, Minimum, and Discounted Rates to streamline your proposal writing.
  • Create a rate card that describes your pricing structure.
  • Create solution-based pricing that aligns with your value proposition.
View Curriculum
Requirements
  • No materials needed. We'll provide you with a template.
  • Ideally, you have a good handle on your finances and have done some research on your marketplace.
Description

"What is your rate?" 

As business consultants, we hear this question all the time.  Being able to answer it effectively and with confidence is critical to the success of your consulting practice.  In this course, I'll show you best practices for establishing rates for your consulting services and solutions...rates that reflect your costs and market value.

I'll also show you how to organize your rates into a Rate Card (or Rate Sheet) that you can later use to streamline the process of quoting prices and writing proposals.  I'll provide you with a Rate Card template that you can apply to your business and demonstrate the process step-by-step, using real examples from my own rate cards.

We'll also explore solution-based pricing, a technique that more and more consulting firms are embracing.  Even if you choose not to use it for your pricing, you should at least be familiar with what your competitors are doing.

Who should take this course?

If you're a business consultant who wants to take your consulting practice to the next level, you've come to the right place.  I'll share my pricing system with you...a system like the ones used by the big consulting firms.  Learning how to price like a pro will help you grow your consulting practice and turn it into a serious business.

Ideally, you'll take this course after getting comfortable with your finances--it's important to understand your costs--and researching your marketplace.  When you understand the market and your value within it, you're in a much better place to establish your rate structure.

What do you get?

In addition to the Rate Card template, this course includes a printable Workbook (PDF) and 1.5 hours of videos, mashups, and screencasts. 

Enroll and take one step closer towards having the consulting practice you've always wanted.

Who is the target audience?
  • Business consultants who are trying to take their business to the next level.
  • Entrepreneurs looking to establish a consulting business.
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Curriculum For This Course
31 Lectures
01:41:14
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Getting Started
5 Lectures 15:17

Welcome to the Setting Your Rate Card course, part of my Pricing Your Services series on Udemy.  In this video, I introduce the course content and objectives. 

Introduction
04:22

You can download the Workbook (PDF) for this course, save it, print it, and use it as a companion to the videos.  Please do not reproduce or distribute this material.

Preview 00:42

You can download the Toolkit for this course, which contains a Rate Card template that you can use for your consulting business.  You can use it as you like and modify it to fit your needs, but please do not distribute the tool to others.

Download the Toolkit
00:56

"What's your rate?"  When you're a business consultant, you get this question a lot.  Being able to answer it effectively and with confidence is a critical success factor for your consulting practice.  In this video, I discuss why that is.

Preview 03:46

What are you trying to accomplish with your consulting practice?  Knowing your aspiration will help you determine how extensive your pricing system needs to be.

Preview 05:31
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Common Rate Structures
7 Lectures 21:24

In this interview excerpt, freelance graphic designer Belen Bilgic-Schneider shares her perspective on rate structures.

Interview: Belen Bilgic-Schneider
02:01

Are you ready to set rates? 

Know Thy Self: Ideally, you've spent some time getting to know your costs, so you know how much revenue you need to generate in order to cover your business costs and leave you enough to cover your personal costs. 

Know Thy Market: In addition, rate setting is easier once you've done some research on the marketplace.  It's important to know what's happening with your clients (or target market), their industries, your competitors, and the broader economy. 

Know Thy Value: Lastly, since price is a reflection of your value in the marketplace, you should ideally have a clear sense of your value unique proposition. 

Equipped with insight into your own finances, the marketplace, and your value, you'll be able to make smarter pricing decisions.  Big consulting firms have teams of people figuring these things out, but you'll need to hack at it on your own.

Ready to Set Rates!
01:40

Here we contrast hourly rates and day rates, the two most common rate structures for business consultants.

Hourly and Day Rates
02:40

When pricing larger engagements, it's not unusual for consultants to extend hybrid or project rates that simplify pricing.

Project and Hybrid Rates
01:57

With larger engagements, you'll often be pricing your services based on deliverables, rather than purely on an hourly basis.

Deliverable Rates
03:23

Here I share examples of how hourly rates are organized in my rate cards.

Examples: Hourly Rates
05:43

Here I share examples of deliverable rates from one of my rate cards.

Examples: Deliverable Rates
04:00
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Using the Rate Card Template
9 Lectures 31:49

In this interview excerpt, consultant Rich Waite shares his perspective on discounting rates.

Preview 01:32

Here I introduce you to a Rate Sheet (or Rate Card) template that you can use and walk you through its basic structure.

Preview 00:55

In this screencast, I demonstrate how to establish your Target Rate for any employees you have, or plan to have.

Set the Target Rate...for Employees
06:50

In this screencast, I demonstrate how to figure out your Target Rates for contractors.

Set the Target Rate...for Contractors
01:22

Once you've established your target rate for a given role, consider the target rate for the junior and senior roles within that role family.  In this screencast, I demonstrate how.

Set the Target Rate...for Junior and Senior Roles
05:47

Once you have target rates set, consider what your minimum rates are going to be.  As you engage in larger and larger deal, you'll find yourself discounting your rates more and more.  Establishing a floor helps you make sure you don't get carried away with your discounting.  In this screencast, I show you how.

Set the Minimum Rate
05:14

If you work with contractors and vendor-partners, you can sometimes negotiate better rates when buying their services in bulk.  Here we explore how that can work as it relates to your minimum rates.

Set the Minimum Rate...Negotiating Sub-Contractor Rates
03:50

In this screencast, we come up with possible discounted rates.  Establishing them now will save you time later, when you are pricing projects.  It's also helpful to work them out while this topic is fresh in your mind.

Set the Discounted Rates
04:28

In this screencast, we continue exploring discounted rates.

Set the Discounted Rates (continued)
01:51
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Solution-Based Pricing
7 Lectures 25:16

In this interview excerpt, David Manning, Managing Partner of PDG, a US consultancy, shares his thoughts on pricing.

Interview: David Manning
02:42

Here I discuss what solution-based pricing is and what the basic elements of it are.

What is Solution-Based Pricing?
03:48

Here we look at a process for developing solution-based pricing.

How to Create Solution-Based Pricing
04:16

Here we continue to look a process for creating solution-based pricing.

How to Create Solution-Based Pricing (continued)
03:57

Here I share an example of solution-based pricing from one of my rate cards.

Example 1: Solution-Based Pricing
03:33

Here we look at another example of solution-based pricing.

Example 2: Solution-Based Pricing
03:46

Here I discuss the importance of validating your solution and solution-based pricing by sharing it with others and getting feedback.

Validating Your Solution
03:14
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Wrapup
3 Lectures 07:34

Try this brief quiz and see how much you've learned and retained.  If you struggle to answer some of these questions, please go back and review the appropriate lecture.

Check Your Knowledge
10 questions

Take what you've learned and apply it to your business, then go ahead and post your reflections here.

Apply What You've Learned
03:12

Let's revisit the Pricing Your Services journey and see what could potentially be next for you as you put your pricing system in place.

Next Steps
03:48

Here are coupon links to help you save on other Pricing Your Services courses.

Bonus Lecture: Next Course
00:34
About the Instructor
Dr. Gus Prestera
4.3 Average rating
174 Reviews
8,300 Students
6 Courses
Consultant | Instructor | Entrepreneur

Gus has run his own talent development consulting practice for over 20 years and has worked with hundreds of client organizations ranging from pharmaceutical and consumer healthcare product companies to brokerage, banks, and insurance companies, from IT startups to long-established telecommunications service providers as well as law firms, retailers, hospital systems, and chemical manufacturers. His proposals have won—and lost—multi-million dollar deals as well as much smaller ones.

He has earned a PhD in Education with a minor in Leadership, an MBA, and a BS in Marketing as well as a Certified Performance Technologist designation. He has taught Masters-level elearning design courses and frequently delivers live and virtual workshops for leaders at all levels. He regularly presents at industry conferences and is a recognized thought leader in the talent development industry. His passion, though, is mentoring colleagues and fellow consultants as they launch and expand their businesses. Over the years, he has counseled hundreds of business consultants and budding entrepreneurs.