Transitioning from a corporate role to consulting in business services. Ready to negotiate your new salary?

2 Market Research

Conduct thorough market research to understand what consultants in your field and region are charging. This step is about benchmarking your desired salary against the current market rates to ensure your expectations are realistic and competitive. Look at job postings, industry reports, and perhaps even reach out to peers who have made a similar transition. Having this information at your fingertips will empower you during salary discussions and help you to make a strong case for your desired compensation.

3 Set Your Baseline

Determining your baseline rate is essential before entering any salary negotiation. This is the minimum you're willing to accept for your services and should cover your living expenses, taxes, and business costs, while also providing a profit margin. When calculating this rate, factor in the lack of corporate benefits like health insurance and retirement contributions, which you'll now need to fund independently. Your baseline is not just a safety net—it's a reflection of your non-negotiable worth.

4 Articulate Value

When negotiating your salary as a consultant, it's imperative that you can articulate the value you will deliver. This means going beyond your qualifications and experience to demonstrate how your work will directly benefit the client's bottom line. Prepare case studies or examples from your corporate role that showcase how you've improved processes, saved money, or increased revenue. By translating your past successes into potential client benefits, you can justify your salary demands with concrete evidence.

5 Negotiation Tactics

Negotiation is an art, and as a consultant, you need to master it. Approach each negotiation with confidence, clarity, and a willingness to compromise. Start by asking for a higher rate than your baseline to give yourself room to negotiate down if necessary. Listen actively to the client's concerns and be prepared to adjust your offer by providing different levels of service or payment structures. Always keep the conversation professional and avoid getting emotional; remember, it's business, not personal.

6 Ongoing Evaluation

Lastly, remember that salary negotiation as a consultant is an ongoing process. Regularly reassess your rates in line with the evolution of your expertise, changes in market demand, and the cost of living. Be open to discussing rate adjustments with long-term clients, especially if the scope of work has expanded or if you've delivered exceptional value. A successful consultant keeps a pulse on their worth and isn't afraid to advocate for fair compensation throughout their career.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?