A Little More Than Pocket Change
As a fledgling business consultant/photographer/ex-restaurant manager, one of my most perplexing decisions to make is: How much do I charge? Just how much is my time worth on a hourly or per-job basis?
I knew at the outset that this self-employment venture would require that I work more hours for less money, at least for a while. Later on of course, I will be able to charge exhorbitant fees for my efforts. But to start...can you say "Free Sample"?
In trying to put it all in perspective, I must remain flexible in my rate setting. Afterall, I am still a "fledgling" business consultant/photographer/...whatever I would like to call myself that day. Research has shown me that business consultants make anywhere from $50 an hour to $760 an hour. Excuse me...$760 an hour? Yup...you are correct!
In a story in business news today, it was recently announced that Krispy Kreme's newly-announced CEO, Stephen Cooper, will be paid the standard hourly rate of $760. The standard hourly rate being what his financial consulting group charges. Cooper is chariman of Kroll Cooper LLC, the company that was most recently involved with the "dismantling" of Enron. So, I suppose this Cooper guy knows something about business, hence the big payday. But wait a minute, is it such a big pay for a big shot CEO? Not really. It only comes out to $6080 per day, $30,400 per week, $127,760 per month, or $1,533,120 per year. This is assuming he works an 8 hour day, 40 hour week, etc. Shoot...I have read that big time CEOs make way more way more than that just for allowing their names to be on the financial statement...not to mention the stock options, meetings in Barbados, and other attached benefits or perks. Those "Golden Parachutes" are the best part!
So, I must start somewhere in my quest to decide what to charge for my time. Obviously, 'somewhere' is between $50 and $760 an hour. I somehow think that, at least at this point, even the $50 will raise eyebrows in the relatively small town I live.
How about I do the work for you in trade for a dozen doughnuts? Not only will I provide you with a marketing plan for your business, I will tell everyone I know that these are the best doughnuts in town. We can renegotiate our "contract"....let's say...next week...OK?
Ya' gotta start somehwere!
PS The Krispy Kreme story linked above also tells a little about how this company has not done the best job of managing itself the past year or two. Hmmm...there's that poor management card again. Imagine that!
I knew at the outset that this self-employment venture would require that I work more hours for less money, at least for a while. Later on of course, I will be able to charge exhorbitant fees for my efforts. But to start...can you say "Free Sample"?
In trying to put it all in perspective, I must remain flexible in my rate setting. Afterall, I am still a "fledgling" business consultant/photographer/...whatever I would like to call myself that day. Research has shown me that business consultants make anywhere from $50 an hour to $760 an hour. Excuse me...$760 an hour? Yup...you are correct!
In a story in business news today, it was recently announced that Krispy Kreme's newly-announced CEO, Stephen Cooper, will be paid the standard hourly rate of $760. The standard hourly rate being what his financial consulting group charges. Cooper is chariman of Kroll Cooper LLC, the company that was most recently involved with the "dismantling" of Enron. So, I suppose this Cooper guy knows something about business, hence the big payday. But wait a minute, is it such a big pay for a big shot CEO? Not really. It only comes out to $6080 per day, $30,400 per week, $127,760 per month, or $1,533,120 per year. This is assuming he works an 8 hour day, 40 hour week, etc. Shoot...I have read that big time CEOs make way more way more than that just for allowing their names to be on the financial statement...not to mention the stock options, meetings in Barbados, and other attached benefits or perks. Those "Golden Parachutes" are the best part!
So, I must start somewhere in my quest to decide what to charge for my time. Obviously, 'somewhere' is between $50 and $760 an hour. I somehow think that, at least at this point, even the $50 will raise eyebrows in the relatively small town I live.
How about I do the work for you in trade for a dozen doughnuts? Not only will I provide you with a marketing plan for your business, I will tell everyone I know that these are the best doughnuts in town. We can renegotiate our "contract"....let's say...next week...OK?
Ya' gotta start somehwere!
PS The Krispy Kreme story linked above also tells a little about how this company has not done the best job of managing itself the past year or two. Hmmm...there's that poor management card again. Imagine that!
posted by James | 5:54 AM
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