“Raise your rates.”
Sounds easy enough in theory…
But in practice, it’s a little trickier than it looks.
You might be wondering:
- When’s the best time to raise my rates?
- How much should I raise your rates?
- Do I raise rates for everyone – or just new clients?
- How do I justify it (aside from just wanting to get paid more)?
These are only a few of the questions freelancers are forced to figure out if they want to successfully raise their rates.
So, here’s my advice…
(+) Raise your rates as demand for your services increases (or once your client roster is full)
(+) Aim to increase prices by 10-20%
(+) Start by raising your rates just for new clients – but make sure to let existing clients know they’re being grandfathered in at their current rate
(+) If raising rates on existing clients, explain that your new rate structure will allow you to spend more time and energy on their account – but also be prepared for them to leave
As a freelancer, you’re more likely to undercharge than overcharge…
But that doesn’t mean you should arbitrarily increase your rates by 5X either.
Focus on the value and ROI you’re delivering for your clients.
Use that as a barometer to gauge what you should be charging.
PS. I got this tip from The Gig, a free daily newsletter for digital freelancers.
