I'm Cat Miller, and this is Dice TV. So tell me, has this ever happened to you? Hi there, sir. Here's my invoice. I worked 30 hours, as you can see. Okay, we'll put this right through. I've got to send an invoice over to the client. They usually respond within four to six weeks. Then, once they pay us, our HR department reviews it, which is another two weeks. Then, I'll get that check right out to you. One major challenge for consultants is when and how they get paid. Today, we're going to talk about three different billing options that you can utilize to make sure that both you and your client are clear on the terms of your agreement. The first is the most traditional and most obvious: hourly. The good thing about this is that not only are you being paid for your actual work, but you can also bill your clients at top dollar. That said, you need to keep meticulous track of every hour you work, and it opens you up to having to justify some of those hours, like travel time. You might also get hassled for little things, like taking personal calls on-site, since you're technically on their time. The second method is to set a retainer rate. This may be more comfortable for you if you're used to a set income, and it can work out like gangbusters if there's a slow period because your hourly rate can blow up. The downside is that while you're feeling like a baller, your client may feel like a chump. The third strategy is to set a retainer that's paid in advance. If you don't get paid, you don't have to work, and this time, if work is slow, your hourly rate is really gonna boom. But the...
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