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Settin up consultancy firm. Need to know about pricing

  • 12-01-2010 8:58pm
    #1
    Ray007
    Registered Users, Registered Users 2 Posts: 36 ✭


    Hi

    I have been doing more and more consulting to SME about IT/telecoms. I started as a call from a friend and It has developed into a pretty busy second job. At the moment I work full time for another multinational, and I have not been invoicing customers, but rather getting presents(hamper here and there).

    The word has spread of(I'll try to be modest) that my work is quite satisfactory and i keep getting more and more requests. A lot of people are surprised that I am not charging as I don't know what is the right amount.

    I am seriously thinking into setting up my own venture and give it a try.

    Could anyone direct me into the right direction of charges for IT/telecoms consultancy? Any webs, or how to value my own work.

    It will be greatly appreciated.

    kind regards

    R


Comments

  • #2
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    Who else does what you do and what do they charge?


  • #3
    kenbrady
    Closed Accounts Posts: 404 ✭✭kenbrady


    Ray007 wrote: »
    I am seriously thinking into setting up my own venture and give it a try.
    You are not charging. So of course there will be demand. Do nothing until you get a few paid jobs. See how much demand there is then.
    There are massive amount of factors to determine pricing.
    Market position.
    Competitors.
    Market demand.
    Your costs and requirements
    etc..
    You have to do some research to find this out for yourself


  • #4
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    Start from your current monthly salary + benefits. Add 50% on top to cover extras like travel, equipment, accountants, insurance etc. Now add another 100% on top again as you will probably be only doing billable work 1/2 the time if you are lucky. Divide by 20. That's your minimum daily rate to replace your job assuming you don't get sick or take any holidays. Anything less is just a hobby.


  • #5
    Ray007
    Registered Users, Registered Users 2 Posts: 36 ✭Ray007


    Thanks for all your ideas.


  • #6
    woodlands480
    Closed Accounts Posts: 1 ✭woodlands480


    Rule number 1 - don't do work for nothing! When you do, that is the value you put on your service and it gets very difficult to shift from that. Not a bad place to start is to understand what you need to earn to make it worth your while. Then check in the marketplace to find out what others are charging. If you are already in the business, that should not be difficult. Then decide where you want to position yourself vis a vis the market.
    You will always be busy if you work for nothing!


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