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Should You Charge a Consultation Fee?
Manage episode 376342539 series 3505164
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Should you be charging a consultation fee? In today's episode, the question of whether to charge a consultation fee is explored by host May Yeo Silvers. This topic can be quite divisive in the business world, with some advocating for fees and others against it. May firmly stands on the side of not charging for discovery calls, BUT charge for consultations, which most people often confuse the two. Discovery calls are for you to find out more details about what your potential clients need help with and determine if you have the capability and bandwidth to help them. Consultation calls are for you to CONSULT AND SHARE PROFESSIONAL ADVICE, hence, you should charge a consultation fee.
The best way to grow a business is to build a safe and trustworthy relationship with your potential clients. Because when people can trust you, they are more likely to invest into your services. For example, May draws inspiration from successful business models like Costco, which uses the concept of free samples to attract and engage customers. And for event planners, the easiest way to input this strategy into your own business is by providing free content through newsletters, videos, and social media posts.
Ultimately, the decision to charge a consultation fee depends on your business model, expertise, and client base. But May’s approach aims to create a strong foundation for attracting and converting clients without tripping over a thousand dollars to pick up a dollar by charging a “consultation fee”.
Quotes
• "To make people part with their hard earned money and want to work with you, you have to create an environment that it is safe for them to invest in you." (2:08 | May)
• "Giving away something for free is a good way to close the gap of trying to get this person to pay me to fulfill a service. It can make it easier for me to convert a lead into a paying client." (4:06 | May)
• "I like being able to learn from within my own industry and also learn from people from other industries to see what they have done and see how I can customize it and implement it in my own events business." (6:13 | May)
• "When people pay a consultation fee, they expect you to show that you are legit." (33:45 | May)
• "If you have nothing to show in the digital world or your local market, you should not consider charging a consultation fee. Build a presence, share free content, and create goodwill before asking for payment." (34:27 | May)
Links
Connect with me at: may@events4anyone.com
Website: www.mayyeosilvers.com
LinkedIn: www.linkedin.com/in/mayyeosilvers
Facebook: www.facebook.com/mayyeosilvers
IG: www.instagram.com/mayyeosilvers
TikTok: @mayyeosilversofficial
FB private group: https://www.facebook.com/groups/events4anyone
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