what is your time worth ?
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What is Your Time Worth ?. JoAnne Chalom, COMS, Ed.S. Considerations for Determining your Fee Structure. How do you determine a reasonable and customary fee for your services?. Quantity of Experience vs. Expertise. - PowerPoint PPT PresentationTRANSCRIPT
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JoAnne Chalom, COMS, Ed.S.
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How do you determine a reasonable and customary fee for your services?
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The cost of living for a geographic region impacts determining fee structure
Experience and expertise are also components of determining a fee structure
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Market Research 101 includes Geography Comparative Markets Quantity of Experience vs. Expertise
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A new orientation and mobility specialist may negotiate a lower rate
Compared to a veteran orientation and mobility specialist with over twenty-five years of experience
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States such as New York will typically have a higher fee basis than states like Georgia
A contractor in New York state charges $135 per hour
Another contractor in Alabama charges $58 per hour
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Comparative markets within a geographic region should be considered when determining a fee structure
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Determining for example, the base salary of an orientation and mobility specialist who works for a school district
Keep in mind that you are comparing apples to kiwis not apples to apples
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A private contractor would need to consider other factors such as expenses
gas vehicle maintenance office supplies other expenditures
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Professional Errors and Omissions Liability insurance
General Commercial Liability Insurance
Business coverage for your vehicle
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Determine what competitors charge e.g. other private contractors
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What state(s) have the lowest paid private contactors ?
Hint: Location, location, location
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Alabama ($58) Georgia ($75) Florida ($80) New Mexico ($85) Texas ($90) Washington ($90)
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What state(s) have the highest paid private contactors ?
Hint: Location, location, location (with a twist)
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Ohio $290 New York $135 Massachusetts $125
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Some contractors charge a separate fee for travel time
Others incorporate it into their hourly rate
Travel time rates range from .51 per mile
50% of the hourly rate for travel time
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Georgia ($25) Texas ($30) New Mexico ($40)
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What is the average beginning salary of a teacher in the great state of Michigan?
What state has the highest average beginning salary for a teacher?
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Michigan ($34,724)
New Jersey ($48,101)
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Typically a school board employee’s salary is based on a ‘school year’ that is ten months long
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School Board employees also have benefits
It can include medical, dental, retirement
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What is the typical school year a school district employee ?
Is that factored into calculating base salary?
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What state has the lowest average beginning salary for a teacher ?
What is the median range for beginning teachers salaries ?
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State with the lowest average beginning salary (Montana) ($26,000)
Median range for beginning teacher salaries ($37,000)
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Another benefit would be either the use of the company vehicle for work related travel
Reimbursement for mileage (personal vehicle)
Wear and tear on your car is not typically reimbursed
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Depending on the company private contractors may not offer benefits
They may offer a limited array of benefits such as medical coverage
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What fringe benefits are provided to employees ?
Are they as prevalent for private contractors ?
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Pension Plans Group Errors and Omissions Coverage Paid time off (sick or personal) Paid Holidays Leaves or Sabbaticals
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Group Health insurance Groups Dental coverage Group Life Insurance
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Texas ($60,034) Illinois ($55,488) Colorado ($51,568) New York ($51,268)
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California ($30,000) Nebraska ($31,603) Texas ($31,729) Kentucky ($32,042)
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Blind Rehabilitation Outpatient Specialists at the Veteran’s Administration
Credentialed in at least one area, COMS, CLVS,Etc..
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Many positions have factored into their base salary a locality adjustment based on the cost of living in specific geographic regions
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Locality Adjustments can range from 4.72 (Alaska) percent to 35.15 percent ( San Jose, California)
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San Jose-Oakland-San Francisco, California (35.15%)
Indianapolis-Anderson-Columbus, Indiana (14.68%)
Rest of the United States (14.16% ) State of Alaska (4.72%)
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Congratulations, you have decided to go out on your own and become self-employed
Give yourself a pat on the back
Now exhale (after you have figured out what you have just done)
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Take a moment to say good bye to Dependable paychecks
Fringe Benefits
Paid time off
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Paperwork…. oh what fun
Monthly deposits for federal, state and reemployment taxes (unemployment taxes)
Keeping current with all licenses required to have a business in your city, county and state
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Ensuring that invoices are paid in a timely manner
Ensuring that business expenses are paid on time
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GS-11 requires ACVREP COMS (at least one area of certification more than one is preferred)
Salary Table 2012-GS
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Rates Frozen at 2010 Levels effective January 2012
Annual Rates by Grade and Step http://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/2012/general-schedule/saltbl.pdf
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Teacher salaries by state
http://teacherportal.com/teacher-salaries-by-state
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The National Council of State Agencies for the Blind (NCSAB)
http://www.ncsab.org/director-list.aspx Emailing every state that has a vocational
rehabilitation program or a contractor facilitating that need