Understanding how to Charge Consulting Fees for independent consultants in medical sales, research, development, clinical and more can be important when establishing a new consulting firm.
In the medical sales and marketing arena there is an ever changing landscape of consultants from “the New Idea” to Concept and distribution. A good consultant should be extremely knowledgeable about the specialty niche area he or she is consulting in. Too often people tend to diversify their direction and very often they simply need to identify their real specialty, their niche. This may be the hardest part to initially starting your consulting business. Once you’ve identified the niche direction you now need to decide on what your consulting fees will be.
What are examples of consulting fees that you are aware of and how do you position yourself as a consultant?
- Legal Advisors: A lawyer might charge a fixed fee or an hourly fee for the first meeting when you both deicide whether the lawyer can help you with your case. Before making an appointment you should always presume there will be a fee for his/her time. If you expect the initial meeting to be free you might want to check to see if you will be charged for this initial meeting.
- Specialty Physicians: A physician might charge a fixed fee or an hourly fee for the first meeting when you both deicide whether the doctor can help you with your needs. Before making an appointment you should always presume there will be a fee for his/her time. If you expect the initial meeting to be free you might want to check to see if you will be charged for this initial meeting.
- Samples of Consulting Contracts and fee schedules
- Specialty Consultants: See Sample Fee Schedule #1
- Specialty Consultants: See Sample Fee Schedule #2
- Specialty Consultants: See Sample Fee Schedule #3
Consulting fee models
There are several strategies that can be utilized for setting consulting fees. Below are a few strategies to be considered:
- Hourly: Consider your hourly wage in your employed position – double or triple – The Rule of Thirds
- Daily rate for consulting
- Project Specific Rates: Setting consultant fees by the project
- Performance Based Fees: Setting consulting fees based on performance. This may be considered as:
- A portion of your consulting agreement.
- As a means to reduce the upfront fees or
- Simply added as part of the terms of your agreement
See also Things to Consider before becoming a Consultant.