The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: aceyou on May 13, 2019, 09:42:04 AM
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Hello MMMers,
My wife is a consultant for an Intermediate School District in the field of education. She works for a salary and is expected to work a certain number of days.
She is allowed to independently contract herself out as a consultant on her own time. She is a now 3 years into the job and is starting to get requests for her time.
Yesterday, a school asked her to do a virtual meeting with her. It will require no planning or follow up. So, the time spent at the virtual meeting will be her only time invested into this job.
What is an appropriate hourly rate or fee structure for a consultant to charge in a circumstance like this?
Thanks everyone!
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https://www.consulting.com/consulting-fees-rates
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Could you be more specific about what the consulting is about? Also what are her credentials?
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Could you be more specific about what the consulting is about? Also what are her credentials?
Credentials:
Education credentials-
One year away from a PhD
She has an Ed Specialist degree.
She has a Masters in "Teaching English as a Second Language"
Work credentials -
Currently an English Learner Consulant for local ISD (3 years)
Before that taught for 9 years in elementary and middle schools...teaching english learners.
Specifics of the consulting- It's the same job she usually does...helping schools with the laws and best practices concerning english language learners. But, my wife's job is to support 3 counties. Many schools in other counties are preferring her services over the support they are getting locally, so they are contacting her to consult.
She's gets offered jobs by other school districts and ISD's on about a monthly basis now. She has found her niche, and is starting to get recognized beyond the region she serves.
I'm very proud of her.
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When I've looked at this I run what my actual hourly rate is and go from there. What I mean is to take all your annual earnings, plus any employer paid taxes, matching and healthcare. Sometimes you get a statement with all of this or you could guesstimate. This number will be probably 30-50% more than base salary.
Then look at how many hours are worked annually, I work 12 months so take 2080-vacation-sick-holiday, etc. Divide $$/hours and see what that pops up. That is her actual hourly rate working at her "day job" and her consulting rate should be no less than that.
Another rule of thumb is to just take regular hourly rate X2-3 (or more). Good luck!