There are basically two approaches to setting pricing and fees if you have a home based consulting business. One is project based and the other is hours based. Which one you use will depend largely on the type of consulting work. The more irregular work would generally be project based while the more regular work (such as a once per month regular service) might be hours based.
When you quote fees based on project, you have a lot of things to consider. For one, the scope of the project might control how much you charge. Consulting-Business.com has a very good article on things to consider when quoting based on a project. Worth a read! This type of quoting has the advantage of giving you some flexibility on your fees. The client will not really know how much you are charging them per hour because your quote will be shown by task. And project based or not, your time is part of your ‘product’ and you must consider what each hour is worth to you.
Quoting a job based on hours is far simpler. You would simply have a set hourly rate and quote the time you estimate for each part of the project. This has the disadvantage of “locking you in” to a rate. The next time you might decide the client requires a lot of “maintenance” and want to charge them more, but they might be sensitive to a rate increase. You can get around this by increasing the hours estimate instead.
Which one is right for you? You should decide that before starting your home business or before going after that next client. Decide based on the type of business you are in and which will be the best fit for you.