️Episode 125 – The 5 Steps To Transition Out Of Hourly-Based Billing For Consultants

Today’s episode outlines an easy 5 step process to help consultants transition from a time-based pricing to fixed fee and/or value-based pricing model. 

Time-based billing can limit a client’s perception of your value and tempt you to overwork.

At the same time, it can feel intimidating to transition away from hourly or daily rates because you don’t want to lose a consulting opportunity or leave money on the table.

The five-part process I share in Episode 125 will help you execute a transition from hourly-based consulting rates and shift your mindset so you overcome hesitations and fear.

In this episode, I cover everything you need to move from hourly billing to either a fixed-fee or value-based pricing model, including:

• Five steps to transition from time-based billing
• An easy action plan to implement this process
• Resources to help guide your pricing transition

Tune in to this week’s episode to learn how to transition out of hourly billing into a more flexible and profitable pricing model for your independent consultant business.

KEY POINTS IN THIS EPISODE:

• [01:45] Melisa’s update
• [04:11] Episode agenda
• [04:45] Step 1: Get clear on your intention
  • [05:50] Identify specific reasons why
  • [06:40] Deep thinking to achieve long lasting change
  • [07:05] Examples of outcome goals
    • [07:15] Protect against temptations to work
    • [08:30] Shift client perspective on your role
• [10:15] Step 2: Start to sell yourself on this process
  • [12:30] Get specific on hesitations/mindset obstacles
  • [13:50] Examples
    • [13:55] Fear of undercutting yourself
    • [14:30] You aren’t good at selling
  • [16:00] Finding alternatives to everything that is holding you back
• [20:20] Step 3: Define alternative pricing models
  • [21:30] Figure out how to operationalize the new pricing model
    • [22:26] Ways to change your business development process
• [27:27] Step 4: Choose a proof of concept
• [30:57] Step 5: Implement a pricing model and treat it as an experiment
  • [31:56] Anticipating mistakes
• [34:07] Put this process into action
  • [34:10] The Independent Consultant’s Pricing Assessment
  • [34:32] How Independent Consultant Rates and Retainer Fees Work
  • [34:45] Choose proof of concept
  • [34:57] Implement the five step process

MENTIONED IN THIS EPISODE —

• I invite you to book a Strategy Consultation call with me. On this call, we’ll dive into your business, get clear on your goals and challenges and determine an action plan for you so that you can create the business impact, income, and flexibility that you desire. To book yours, click here.
• Accompanying resources to transition from hourly-based pricing:
  • Independent Consultant Pricing Assessment
  • How Independent Consultant Rates and Retainer Fees Work
  • Podcast: EP. 107 The 10 Questions For More Valuable Discovery Meetings
  • Podcast: EP. 086 Overcoming Value Based Pricing Fear

FOR MORE RESOURCES SPECIFIC TO THE INDEPENDENT CONSULTANT —

1. Discuss working with me as your coach – Click here to schedule your consultation
2. Watch my YouTube Podcast Channel 
3. LinkedIn 
4. Website 

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