Value-Based Fees: How to Charge—and Get—What You're Worth: A Guide for Consultants, Second Edition

Chapter 9. Setting Fees For Nonconsulting Opportunities: How To Make Money While You Sleep, Eat, Play, And Make Money Elsewhere

I'm constantly surprised at how stupid I was two weeks ago. Once upon a time, I would have said "two years ago." I like to think that today's shorter time frame is not so much a sign of my increasing dementia as it is one of exploding opportunities in this profession. (A speaking buddy of mine, Joe Calloway, told me he wants to call his original clients and just cry, "I'm sorry for that nutty advice I gave you years ago, but it was the best I had at the time! I want to return your money!" I'm with him until that last sentence.)

There is nothing wrong with the position that holds that one is a consultant and not interested in the peripheral and tangential activities that may distract one from the work at hand. Fair enough. But if you're at all like me and you believe that consulting is simply an input to a much greater end—our lives, loved ones, and legacy—then why not explore the myriad opportunities that a successful consulting practice can generate?

Remember, wealth is about discretionary time. Money is important because it is the prime determinant of discretionary time.

Basically, there are a lot of ways to make money in the profession, but like the nature of our consulting fees, there are also a lot of ways to charge incorrectly and shortchange ourselves in terms of receiving fair compensation for our value. It's not unusual for a consultant in my ...