Dollars and sense
What am I worth?
An inner dialogue about setting my rates
One of the first things we all have to do when setting out as consultants is to assign ourselves a value. This process is about a lot more than merely crunching numbers. It's a deeply personal journey. A reflective exercise that can force another look at socialized norms, unearth longstanding insecurities and elicit the panic of rejection or (worse) the fear of sounding greedy or arrogant.
But maybe it’s a chance to slay your inner imposter.
At least for now.
It used to be easy
When I first started consulting as a grad student/post-doc, valuating my rates was easy. I took projects that came to me, charged what felt like crazy rates (for a grad student), and had a take-it-or-leave-it attitude. Back then it was purely transactional: I had skills, companies had needs, easy match. I wasn’t thinking long term. But now, things are different.
There’s a bigger picture now
When you negotiate a job, you have to consider more than just the base salary. You consider paid time off, benefits, professional development, and opportunities for advancement. It's about the big picture. So as a consultant, I’m learning to take a similar holistic approach. I need more out of projects beyond a paycheck just like I needed more out of a company job. Everyone has their own key currencies, but mine are around supporting meaningful projects, advancing diverse leaders, continuous learning, and expanding my network.
The Startup Mindset
My whole schtick with this gig is to help early stage ventures refine their value proposition so it stands to reason to do the same for myself. Clearly, this is easier said than done but some key questions can guide the thinking. What's my value proposition, and what is it worth to the client? How severe are their pain points, and how much faster can I get them to their upside?
Final Thoughts
As you can read I have no answers. Only some provoking questions. I hope that by focusing on the total value of the work to both myself and the client, I’ll be able to figure out a fair price. And with healthy respect for failure and a willingness to adapt I’ll keep getting better with time.