Determining Consulting Fees When First Starting Out? entrepreneur how earn by blogging blog

Hi everybody,

I’m looking at potentially getting involved in consulting with a B2B relationship I’ve been developing over the last 5 months. Long story short… I’m starting a business in the health and fitness industry and we’ve been in discussions about how I could implement a program at his athletic club.

After our last meeting, I realized just how much I could help him with, looking at everything from his marketing and funnels (or lack thereof), his staff procedures, messaging, retention program, you name it. He told me he’s losing approximately $1 million a year from retention issues and related losses.

Now, originally I approached him about implementing a specific program in his club (not a broader consulting service), but after seeing his existing plan I know I could come in and help him overhaul his whole approach to this and I’m sure it would help. Problem is, I’ve never consulted or achieved any results in this arena before. I have established trust and credibility with him as an expert, but he also knows I’m just starting my business and lack some experience.

I want to approach him with some sort of consulting offer where I agree to help overhaul all of this – my goal being to essentially use this as a case study to refine a repeatable process to take elsewhere (hopefully). But, I don’t want to undersell myself here either. I have no way of knowing how much of a financial impact I could have on his business, but every 1% improvement is worth about $10,000 to him. So, small changes equal real dollars here. Bear in mind that due to the nature of retention, many of these metrics may not change for months, and could still be hard to track due to normal fluctuations.

So the question is, how in the hell do I approach pricing this offer? He is a very successful, savvy businessman and I’m definitely the novice going into any negotiation on this, so I’d rather go in feeling confident in some number. Any help is hugely appreciated!

submitted by /u/jfkerns
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