Hi Everyone, I am wondering if anyone can share how they went about raising their rates with an existing client. I have a client I have been working with for over a year and a half and have started feeling that I need to raise my rates. When I first worked with her I was brand new to the platform and came in at a little lower rate than maybe I should have but it is starting to feel like I really need to be paid more for the amount and depth of work she gives me. I suppose a part of me has been wondering (and waiting) if she would maybe suggest a raise as their business is going really well and she has expressed on numerous occassions what a big role i have played in their success. I know there's no magic answer and it probably just comes down to getting the nerve to speak up, but maybe hearing other peoples' experiences will help me do that. thanks (in advance) so much!
I haven't had this situation here but did have it elsewhere. I knew it was a gamble although like you, my client was always telling me he owed his success largely to me. Still, I figured he might choose to use someone cheaper once I asked for a raise, but it was time.
So I told him I wanted to let him know in advance that as of Date X my rate would be Y. I gave him I think two months notice. I was friendly about it but couched it as my rate (for any work, for anybody) going up. I didn't go into a my sort of lengthy explanation. I mean there is inflation, anyone knows that. I was just plain and simple about it.
He gladly accepted my new rate and I continued to work for him for several years after that.
Take Mellisa's advice. Be nice, but seek a middle ground. Tell her your new rate, but also mention that since she help you get established you will charge her X raher than Y.
In real life people do that. We have the same lawn moving company for more than 30 years - we were one of their first ones. We pay below their current market rate.