Whether your business sells services, products or both, you know that a normal day includes speaking with many different clients solely to offer them bits and pieces of your knowledge and advice. This accessibility is great because your clients see added value in your constant availability.
The problem with that accessibility, however, is that you’re probably not getting paid for it.
While a simple solution to this issue might be to charge your client for every second you’re servicing his or her account, it may not make the most business sense. You have every right to be compensated for your industry expertise, but nickel-and-diming your clients is an easy way to send them running to your competitors.
So what can you do?
Generally speaking, freelancers, consultants and small business owners have three options to ensure they get paid for their intangibles: increasing hourly rates, charging a retainer fee or getting paid per project . Let’s examine each of these options, as well as their associated pros and cons, and see what works best for you.