Daily fees for a  consultant -- I was at my entrepreneurs' group meeting recently, when another consultant mentioned that they typically bill $1500 to $2000 per day. Someone else piped up and said they'd just hired a consultant for much more than that. Several people turned to me and asked if those were typical daily fees for a consultant.

Well, it depends. A freelance poetry editor probably doesn't make as much as a financial services industry wealth management consultant. Rates vary from industry to industry and by market to market. And some people need to bill for preparation they do in advance of being hired by the day, whereas others start the meter much earlier. Still, I go over some strategies for setting your rates in my Consulting Fees Guide, if you're looking for specific ways to set daily fees for a consultant.

A second job may beat investing in the stock market. Yup, you heard me right. Let's say you pick up a side job at $8 an hour and you work eight hours a week. By the end of a year, you'll have earned $3328 from your second job. Now compare that to the stock market.

ROI from a second job

If you invested $66,000 and got a consistent rate of return of five percent, you'd match the returns from that second job. You might be in a better tax situation, but let's not consider that for a moment. If you don't have a magic way to put $66,000 in your pocket right this moment, a second job may be the best option you have for increasing your cash flow.

Second jobs add up

And what if you find a second job that pays more? For example, when I started consulting more than 10 years ago, I was able to get jobs for $35 an hour. Most entry-level folks I know are making around $50 now. But let's just use $35 for our calculations. Let's say you pick up eight hours of consulting work at $35 an hour every two weeks. That's $7280 a year and you may be able to write most of it off, depending on your home office expenses.

I'm not saying you should give up on the markets. Heck, I've got money in the markets. But a second job, especially a high paying one like a consulting business, may deliver great financial returns, depending on your unique situation.

Related to second jobs

• Ideas and tips for second jobs
• Christmas jobs
• Discover Your Inner Consultant
• Discover Your Inner Entrepreneur (for moms)
• Getting out of debt

Pricing your consulting fees by the project can help you connect with potential customers. Many customers like to know that there's a cap on what they'll be spending. Do you like taking your car to a mechanic and not having a clue whether it's going to be $100 or $1000 until you go to pick up the car? Of course not!

By pricing your fees by the project, you can help reassure potential customers. And this can help them get ready to buy, because you've reversed some of the risk. Of course, figuring out how to price by the project takes some strategy. (I go into this in my Consulting Fees Guide.)

New Yorkers depend on second jobs to help them pay the bills, according to research from Siena College. About 34% of NYC residents rely on second jobs and overtime.

New Yorkers aren't alone. Here in Vancouver -- one of the most expensive cities in the world -- most of the people I know have held second jobs at some time or another. Most of my friends with regular day jobs also do consulting on the side.

What's it like where you live?

Related to second jobs

• Seconds jobs and recession proofing your life
• Side jobs - 10 ways to get ahead
• Ideas and tips for second jobs

Via TGDaily, here's a list of Barack Obama's top five technology promises. Throughout the campaign, I was intrigued by how the Obama team used the ideals of Facebook technology to rally the troops. Or, rather, Obama's team delegated the power to the troops, enabling the troops to build the cause. Many people have talked about Obama's Facebook presence, but I was more intrigued by his friendship with Chris Hughes, one of Facebook's founders. Hughes left the social media company to join the Obama campaign team and helped foster social marketing strategies in both offline and online ways.

Incidentally, if you're on Facebook, consider joining the Consultant Journal page.

How to set fees for independent contract work -- I've had a flurry of requests for information on this topic. With the way the economy is right now, many people are interested in figuring out how to price their contract work. If you're one of them, take a look at my post on setting consulting fee rates or, for something more in depth, check out my Consulting Fees Guide. Month after month, those are the most popular pages on this site, so I know many of you are keen to figure out your rates.

Do you have any general questions about setting rates?

Just a quick nod to our US readers, who are in the midst of their presidential election. No matter what your politics, get out there and make use of democracy. Without people, democracy is just a word. Exercise your right to vote. Many people in this world don't have the right to vote.

Holiday cards can help market your business. But they involve a lot of paper and postage. Many small businesses have turned to digital options to help cut costs and waste. Still, an email may not have the same impact as a paper card. Here's how some businesses mitigate the effects of boring email greetings:

1. Hire a graphic designer. If you're planning to send a lot of cards, you might want to invest in the services of a graphic designer. A designer can create an HTML or PDF-based greeting card -- or even a webpage.
2. Send text emails, but direct people to a web-based page with graphics or even music.
3. Record a video greeting and make the link available via email.
4. Put together your own graphical email greeting -- or hire a student to help.
5. Email your clients individually and note that you'll be donating your usual holiday card costs to a charity. (Then make the donation!)

Related

• Cheap Christmas cards

Happy Hallowe'en! Enjoy! But, tomorrow is November 1st. So start getting ready with those holiday cards. if you want personalized holiday cards or discount Christmas cards, you need to get moving. Holiday cards are a great way to remind clients you're still alive -- and to thank the clients who keep you going. So, party tonight, but get those cards tomorrow!

Related to holiday cards and greeting cards

Business holiday cards - mail 'em now

Several great things happened to me yesterday. I'll share a few of those things with you now.

My graphic designer delivered new covers for Discover Your Inner Consultant and Consulting Fees: A Guide for Independent Consultants. I think these new graphics do a much better job of conveying the content you'll receive. I'm working on imbedding the graphics into the actual PDFs now.

I also received a parcel yesterday. My sample print copy of Consulting Fees came in the mail. I'm really impressed with the print copy. Now that I have the new covers, I'm going to work on establishing print versions of my materials.

Finally, I'm getting ready to launch a new course called Become a Consultant: How to Make the Leap. Many of you have asked me for help in getting your consulting businesses off the ground. I hope to soon have a full course available, just to help you with this process. In the meantime, take a look around the blog -- I've got 1,100 posts now.

Thanks for your oingoing support. I'm thrilled to be able to help so many other people with their consulting dreams.

Well, it's just about Hallowe'en...a time for spooky things, tricks, ghost, goblins and all that jazz. What spooky things could happen in the world of independent consulting?

For me, the scariest thing would be having no network. Consulting is very much a people business and it really helps to have a strong network of friends, colleagues and prospects. In fact, most of my work comes through referrals.

What would scare you?

Related

• Building a business network for introverts

New to consulting or not, many people have a hard time thinking of themselves as experts. "Expert" sounds so serious. But, really, to be an expert, you just need to know more than someone else.

Think about it. Many of us have family or friends we call on when our computers are on the fritz -- and some of us are those family or friends! For the most part, these people aren't world class computer tech support experts. They're simply people who can help us out of a jam. They're people who know more than we do. (Except when it's my family calling me, in which case I'm the expert., apparently.)

To be a consultant, you need to position yourself as an expert. If you haven't already, sign up for my Become a Consultant newsletter and get a free list of ways to jumpstart your expert status. See the top right of this page.

Working with a mentor can help you move ahead in your business and personal lives. Via Enrichr, here are five tips for choosing a mentor.

I thought it was gutsy to say that sometimes you need to pay for access to a mentor:

Pay for your mentors. If you have the resources there are many more accomplished people willing to mentor you for the right price. Choosing your mentor doesn’t mean the mentor has to benefit you altruistically. The best fit is a relationship where both find the relationship advantageous.

It's true -- sometimes you do need to pay for access to a mentor. Although I'm one of the most frugal people around, I have been known to pay for access to coaches and other professionals. And, really, when you take a course, you're doing the same thing.

What tips would you give for choosing a mentor?

Related to mentors:

• The value of mentors

Do you have a mentor? Greats like Richard Branson, David Beckham, Mozart and Oliver Stone have drawn from the influence of mentors. By working with a mentor, you can tap into the proven experience, network and knowledge of someone established in your field.

If you don't have a mentor, try approaching someone whose work you admire. In most cases, the potential mentor will be flattered. Even if they're too busy to take you on, they may be able to point you in the direction of another potential mentor.

Over the course of my career, I've worked with several mentors. Along the way, I've also mentored several people. I get a lot of satisfaction out of helping other people along -- and in helping give back to the community that helped me get going.

Do you have a mentor?

Christmas jobs -- whether you're self-employed or working for someone else, it's not unusual to pick up a seasonal job over the holidays. But, if a "Christmas job" is on your holiday wishlist, start looking now. The best jobs go fast and, with the current economy, employers may be a bit choosier than we've seen in recent years.

Why get a Christmas job?

Many people opt for seasonal jobs, since they get discounts. Still others want to soften the blow of holiday bills or pay down existing debts. I know many consultants who pick up second jobs as a way of managing fluctuations in earnings, since there tends to be a bit less consulting work in the last couple of weeks of December, at least here in my part of the world.

Succeeding as a consultant becomes easier when you know a lot of people. Those people can become clients, provide testimonials and references, and give referrals. But how do you build up a strong network? Here's an easy, sure-fire way to meet 400 people a year.

Go to one event per week. Spend two hours at the event. Every 15 minutes, have a real conversation with someone new. By the end of the year, you'll have met 400 people.

Of course, to include those people in your sphere of influence, you need to connect in a meaningful way. That means you have to do more than just "work the room". You need to learn a little about the people you meet -- and you need to follow up. And following up means more than just sending a boilerplate email. You should work at sending an email that addresses some of the topics you discussed -- or that includes information that can help them. Above all else, avoid making a sales pitch, unless you were invited to do so.

Related:

• Building a business network for introverts