Music, hey, it's Michael Persky from consultingsuccess.com. Let's break down the different consulting fee structures that are available to you as a consultant. Then, let's contrast and compare the positives and negatives of each. A very common one is hourly. Let's discuss the positives and negatives of hourly fees. The good thing about hourly fees is that they are easy to calculate. You can easily figure out how much you want to make and what you should be charging based on the number of hours you will be working. The problem with hourly fees is that they don't align well with the client's interests. Clients might hesitate to bring you new ideas or ask for additional tasks because they know they will be charged more for your time. As the consultant, you constantly have to track your time, and this might lead you to slow down the project to maximize your earnings. Additionally, there is a limit to how much you can earn with hourly fees. You can't create more time in a day, so the only way to make more money is to work more hours, which defeats the purpose of having freedom and flexibility. Another fee structure is the daily rate. Many consultants and firms use this approach. The positive aspect of a daily rate is that it is easy to calculate. You simply multiply your hourly rate by the number of hours you will work in a day. Some consultants might charge $1,000, $1,500, $2,000, or even $3,000 per day, depending on their level of expertise and the results they can deliver. However, the problem with the daily rate is similar to the hourly fee. It doesn't align well with the client's interests, and there is still a limit to how much you can earn. Overall, hourly and daily rates...
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