I create a 25-40 page report of recommendations based on the website, keyword space, competitors, and the tactics being used in those areas. Takes about 15 hours or more to do all the analysis. I charge $1000 for the report as needed by the clients which is about once or twice a year for most. It is densely packed with examples and URLs and explanations. I label relative risk levels with tactics and estimated degree of difficulty for the implementation. I don't do implementation. I am an excellent programmer, but there are cheaper coders that are just as good. I focus solely on the analysis of what it is going to take to be competitive. I let the client decide which tactics are within their comfort levels. I emphasize understanding them all so you know what you are up against and that you'll need to overcompensate in other areas to make up for shortcomings because of areas where you can't compete.
I like short engagements that have finite scope and high ROI for the customer. I try not to take customers that aren't in a position to act on the information. In those cases I recommend other sources of help and tell them at which milestones they should come back and consider my service and why.
I tend to work with larger businesses. I'm way too expensive for people that are just working on pocket money. (Which is not bad by any means... An extra few hundred dollars a month is a great thing.) If I am going to take a finite amount of time away from my family to make a little extra money on the side then I need to deliver real value in full with slices of that time. To a large extent time constraints vs. customer wants and needs has shaped my model this way.
The customers I have are happy with my product and most are life long contacts now. I am easy to work with. I don't overbook. I manage expectations well. I'm very easy to plan into a budget. I can easily schedule these projects into my regular life without having to sacrifice everything. Win-Win... its the only business relationship that lasts over time.