In IT consulting, what does a $75 an hour consulting business equate to in the long run? What happens if your rate structure extends beyond that?
Laptop Battery If you keep carrying something like a $75 or $85 level beyond the grand opening special to get your first couple of clients, your business will become more of a hobby or non profit-type organization.
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Microsoft You say, "How can that be? Why doesn't $75 an hour equate to $150,000 a year?" Wrong, $75 an hour in running your own IT consulting business doesn't come out to $150,000 a year because you can't bill 2,000 hours a year.
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Laptop Computers New consultants often fail to consider all the overhead and expenses that usually come up as an IT consulting business matures. The uninformed person just starting out usually believes that $75 an hour times 40 hours a week times 50 weeks a year is $150,000 a year in IT consulting revenue because they think they're going to bill 40 hours a week every week.
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Desktop Computer It's not going to happen unless you're working 100 hours a week, and it's probably still not going to happen every week consistently, for many reasons. Starting an IT consulting business sounds great on the surface. You're thinking, "I'm going to work from home. I'm going to keep my overhead as low as possible."
Notebooks Consider Your Utilization Rate
Lenovo You need to consider what's called your utilization rate. It's the reality of only being able to bill out, on average, about 75% of the 40 given hours in a week. It still can take you six months to a year to even get to that level consistently.
Hard Drive The Bottom Line about IT Consulting
Travelstar Finally, one of the most important things new IT consulting businesses overlook is the question of what happens as your business grows and you want to scale up? In setting your rates, you need to consider these factors.
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Software Joshua Feinberg helps computer consultant business owners get steady, high-paying clients. Learn how you can too. Sign-up now for Joshua's free audio training program that shows you how to use field-tested, proven Small Biz Tech Talk tools.
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Electronics Joshua Feinberg, co-founder of Computer Consulting 101, shows computer consulting business owners get more steady, high-paying clients. Learn how you can too. Sign-up now for your free access to field-tested, PROVEN Computer Consulting 101 secrets.
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