To arrive at your hourly rate for consulting services, divide the gross salary you need to make each month by the hours you're available to work. By doing a little market research, you can sniff out whether this rate is competitive for your field, region, and experience level. If it's not, you might need to lower your expenses, increase your backup income, or lower your salary expectations. Bill by the hour and charge for all project expenses so you don't get shortchanged, recommends Seattle network engineering consultant Carol Tuominen. This also shows the client exactly what they're paying for and prevents scope creep.
Experts advise saving for expenses and budgeting for the future.
By Michelle Goodman Establishing your consulting business' success takes some financial planning and a bit of MBA-think. Carol Tuominen, a Seattle-based network engineer who owns and operates, Net Works Consulting founded her business three years ago after nine years of working in the corporate world. Though she admits leaving her job to become a consultant was a leap of faith, it was a calculated leap. Harvest your nest egg. Keep in mind that it might take a couple of months before you get your first consulting check.