You are NOT the hours you work: Your clients are paying for your expertise as well as your time
This is a great article on free-lance design, but that can be applied easily to consultancy.
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You are NOT the hours that you work.
Take, for example, this story about Picasso:
He was sketching in a park one day when a woman recognized him and asked if he’d sketch a portrait of her. He took a few seconds to look at her before putting his pen to the paper. In a few strokes, he was done.
She was thrilled when she saw the sketch, and then she asked him how much she owed him.
“5,000 francs,” Picasso replied.
She asked, “Why so much? It only took you a second.”
And Picasso said, “No, madam. It took me my entire life.”
Just like Picasso, as you master your craft and become more experienced, work that used to take you 10 hours will only take you an hour. Remember: don’t undercharge for your experience.
Your clients are paying for your expertise as well as your time.
Be realistic when you’re figuring out your rate. You might be tempted to say you’ll work 10 hours a day, 7 days a week, but you need to take into consideration things like meetings, lunch, supply runs, and appointments.