Business Consultant Hourly Rate
Business consultants are appreciated and relied upon professionals in every industry in any nation. Consultants are admired for their independence and expertise. As management consultant or business consultant you can select any field you wish to specialize. Included in the areas that you can specialized are information technology consulting, strategic planning consulting, small business consulting, operations consulting, human resources consulting, e-business consultation and communications consulting.
Being a business consultant is a profitable profession.
The Hourly Rate of Business Consultant
The Harvard Business School conducted a research and it revealed that the business consulting industry has able to generate for about $100 billion in a year. Business consultants have helped many businesses to cut cost and increase revenues especially during the slow economy.
That is why, business consultants are one of the most highly paid professionals in the world. According to Association of Management Consulting Firms revealed that an first-timer consultants can earn up to $65,000 a year while senior consultants can earn as much as $300,000 each year. In case of self-employed business consultants they can earn from $35 to $400 hourly, which depends on their market.
Remember that that creating the ideal hourly rate for business consultant business is critical when beginning a business consultant profession. Setting the right price typically starts by asking or determining the following: the worth of your service and the clients willing to pay for your services. Even though the answer is subjective but there are various established factors that usually influence the hourly rate.
Factors to Consider
As any type of job, experience plays an important role. This is just the same as the employer might look on your work experience or history, number of years as a consultant can have big impact into your business consultant hourly rate. As a matter of fact, studies revealed that hourly rate could double if you are already long in the business. Most of the time, the highest rate is depends on 5 to 9 years in the industry.
Geographic region is also one of the important factors in terms of the hourly rate that you can get. It means you need to look for a geographic region or area wherein you can able to get more clients. Even if you may also determine if you have some competitors, it is also very important to remember that it depends on your expertise on the field. Meaning, even if there are competitors out there, it is still depends on your skills and capabilities on how you can able to get profit.
Industry also one of the basis for your hourly rate, meaning if you are in the IT industry, small business industry and education industry, it is basically depends on the services that you can offer to make that field successful.