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Questions and Answers
What factors determine the fees for consultation?
What factors determine the fees for consultation?
- Only the client's needs
- Only the consultant's income goals
- Various factors on both the client and consultant side (correct)
- The competition's fees
Why is obtaining information on fees charged by other consultants difficult?
Why is obtaining information on fees charged by other consultants difficult?
- Consultants do not want to share their fees (correct)
- There is no way to access this information
- Clients do not want to disclose what they pay
- It is illegal to share fee information
What is the benefit of starting with a high fee for consultation?
What is the benefit of starting with a high fee for consultation?
- Clients will be more likely to pay
- It is easier to increase fees later (correct)
- It is a common practice
- It is mandated by industry regulations
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Study Notes
- Consultants need to pay themselves and develop/manage their business.
- Fees for consultation are determined by various factors on both the client and consultant side.
- The supply-and-demand situation creates a wide price range for consultation.
- Competition also drives fees.
- Billable daily fee can be determined by income goals or matching fees charged by other consultants.
- Obtaining information on fees charged by other consultants may be difficult.
- Consultants often use both methods to determine fees.
- Starting with a high fee is easier than increasing fees later.
- Clients will pay the fee if they believe it meets their needs.
- The value of consultation is ultimately determined by the client.
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