Are you worthy of a rate increase? As we wind up the year, it is the perfect time to do some goal setting and to think about where you’ve been financially this year, what that means for where you’re going, and what things you can put in place to more closely align those two things.
Many freelancers overthink their rates. They spend way too much time thinking about it, then try to crowdsource the decision.
Today, I’m going to walk you through how to think about raising your rates, some of the pros and cons of doing it, as well as the actual process of letting your clients know that your rates are going to increase and how you might roll that out to them.
You’ll learn things to consider when increasing your rates, the secret thing that you need in your toolbox, and the value that you bring to the table.
Here are some things we covered in this episode:
- Why many freelancers overthink their rates and what to avoid
- The best timing to increase your rates
- Why confidence is important
- The secret thing that you need in your toolbox
- Charging hourly vs. project rates
- The most important thing about charging for your time
- The reasons that you should increase your rates
- How often you should raise your rates
- How to approach clients and deal with pushback
- Are you worthy of a rate increase?
- How to communicate rate increase dates and expectations
- Why you should increase rates as your scope of work increases
- Beware of pushing your rates up for no reason
- How much you should increase your rates
- Considerations for clients who cannot afford to pay you more
- Value adds that you are bringing to the table
- Why your rates should account for your experience
After listening to this episode, share your action steps and take-aways with our group:
Connect With Laura:
Laura Briggs is empowering the freelance generation. Through her public speaking, coaching, and writing, she helps freelancers build the business of their dreams without sacrificing all their time, family, or sanity. Laura burned out as an inner-city middle school teacher before becoming an accidental freelancer with a Google search for “how to become a freelance writer.” Since then, she’s become a contributor to Entrepreneur, Business Insider, and Writer’s Weekly. She worked for more than 300 clients around the world including Microsoft, Truecar, and the Mobile Marketing Association. She’s delivered two TEDx talks on the power of the freelance economy for enabling freedom and flexibility and how it’s being used to address the technical skills gap in the U.S. Laura is the host of the Advanced Freelancing podcast, a sought-after public speaker on the gig and digital freelance economy, and a freelance coach focused on aspiring six-figure freelancers. Laura’s books, courses, and coaching have reached over 10,000 people.
As a military spouse, Laura is passionate about serving her community and founded Operation Freelance, a nonprofit organization that teaches veterans and military spouses how to become freelancers and start their own business.https://oembed.libsyn.com/embed?item_id=19656152