Most freelancers would like to increase rates, but they might be wondered about how much to increase and when to increase. This is the most important decision that freelancers take in their career.
If you are thinking to raise your freelance rates, this article is meant for you. Here we guide you how much and what is the right time to increase your freelance rates. Following are a few tips that help you understand the best time to increase freelance rates and how you can convince your existing clients.
How to give yourself a Rise?
No matter what you are working on, there is always a right way and a wrong way to increase your freelance rates. If you are investing your expertise and feeling you are not satisfied with the pay you are getting, then it’s the right time to increase your pay. With days pass on, you are getting better and offering more value to your clients. You are worth more and your price cannot stay the same forever.
Maintaining Relationships with New Clients
It’s easy to increase rates with new clients when compared with existing customers. Increasing your rates might sound good sometimes. In case of new clients, you can simply pick a desired number and give it to new clients. Nonetheless, it is better to prefer hourly billing rather than going for the value you’ll bring to the client.
How about Managing Existing Clients?
Making your existing clients change the payment rates can be a tough job. In these cases, the following are a few things you can do:
If the work has reached beyond your initial contract, then you can approach your client with a new renegotiate request. You can just say I will provide all contracted deliverables at the original rate but all the additional tasks and projects will be billed at my new hourly rate.
If you agreed to a long-term contract with a client who has been paying the same rate for months or years, you’ll notify the client prior 1 month that you will be increasing your rate. Simply put, you can say “I appreciate for continued business but as cost of living increases I increase my rates accordingly”. You can mention your new hourly rate right here.
Whatever you say be confident and straightforward. Whichever strategy you decide to move on, be professional and firm. If you are not confident in what you are doing as a freelancer, you would not do this type of work. No matter whether you adopt a value-based service or hourly rate, the ultimate thing is your client should believe in your potential!
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