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Help figuring out consulting fees?
I got a call about a 7 month job contract.
But the recruiter said it's consulting and I'd need to figure out my hourly rate, and I didn't know what to tell him.
Here is what I was thinking:
Take my salary now - tack on 25% for benefits (which I will have to pay for) - divide it by 7 months and break that down to a daily rate and then an hourly rate.
It is 7 months and I'm dividing by a whole year's salary because I'm thinking what happens after the 7 months? I can be saving additional cash for when the contract ended and have buffer time to find a new job.
Does that sound reasonable? Anything I missed?
My concern is that breaks down to like $40 an hour. Heck, I know I'm worth it, but will they? Could it hurt to put it on the table and see what happens?
Re: Help figuring out consulting fees?
Not sure what consulting rates in your field are, but in my experience, "consultants" get paid WAY MORE than employees.
For example, my dad is making more than twice what he made before he retired, now "consulting" in the same industry he worked in for 35 years.
Also the case with consultants we've hired at work.
But $40 an hour pre-tax doesn't sound unreasonable to me. Good luck!
Consultants tend to make way more than employees and $40 an hour sounds very reasonable to me depending on your field and the company. At my previous job I saw consultant?s hourly charges and there wasn?t one below $100 an hour and there were many that were much higher than $100 an hour. FYI this was in the strategic planning field for a multi billion dollar company. Below are a few reasons why the higher hourly charge is acceptable for a consultant:
Also, don?t forget to see what the additional income will do to your tax status and be sure that you include in your contract that they will cover any and all expenses you incur.Lordy that's a lot to consider.
If you're a consultant, are you allowed to go on your spouse's plan?
It's not for an "expert" type position, and I would hardly claim to be an expert in anything. But it is for a pharma company in the Mainline-ish area.
I could just high ball it and see what happens? Or would you nix it?
Part of me wants to see where this goes, but I'm a stability freak and it makes me nervous.
what kind of business are we talking about here and where on the mainline? normally, you can get A LOT more money working on the mainline--and i go to school there. maybe we could meet up for celebratory drinks!!
i say highball them and see what they say!
It's Malvern so it'll be a bit of a hike, but it's pharma in an IT type role so that's good. I figured in the gas and the what not to.
DH's benefits are crummy, but we can do whatever is cheaper.
Looks like I will be high balling them and seeing what happens!
UPDATE:
The guy called me, and I told him what I needed hourly (after taking into account all of the factors mentioned above) and he didn't balk!
My heart is still thumpity thumping at the thought of not having a "normal" paycheck.
No information on definite number of hours or anything, but the recruiter seemed to be digging me. I know it's thier job to act like they like me, but the more I told him about my work experience the happier he seemed to be.
Who knows where this will go.
Kind of late in jumping in on this, but I've tried to limit my nest time since before the holidays. Anyway, congrats on getting the consulting position!
I just wanted to add that I have been doing consulting work since 2003. It started out as a three month project and it continued for five years. After the first year of being self employed, I incorportated. I met my husband (he was an employee of my client) and when they relocated his dept. to NJ. he came on board with me and is now supplying consulting services to the same company that we met at.
Good luck and I hope it last for years to come!
Dx MFI, AMA, Endo, AMH .16
Lap 10/09 Removed endometrioma, stage IV endo and adhesions
Lap 2/10 Endometrioma cysts & adhesions returned.
Ivf #1 4/10 Antagonist, ET Cancelled.
IVF #2 2/11 A/ACP+E2V C/P
IVF #3 6/11 Letrozole/Antagonist BFN
IVF #4 11/11 Low stim Antagonist BFN
Lap 3/12 Lap & Selective HSG
Many cycles of Letrozole and LP HCG w/TI and LDN
IVF #5 8/12 Low stim BFN
IUI #1 10/12 BFN br> S&PAIFW
Thanks TripleB! It's good to hear things like that. Makes me feel much better.
I still have to interview, but I'm scrappy! I'll just turn on the charm! Ha-ha!