As we are nearing the end of the year, you may be considering raising your rates as a freelancer. There may be nerves surrounding this topic. Perhaps fear of losing some clients, or maybe even imposter syndrome? Well, this blog post shares seven reasons why you should be raising your rates as a freelancer, especially if you’ve been freelancing for a while.
1. Pricing Is Part Of Your Branding
The price you set is part of your branding. If you put low prices on your services, your potential client is more likely to view your services as of lower quality and could treat you as such. We all know the saying ‘you get what you pay for’, right? Well, this is something you should consider when pricing your services. Raising your rates according to the quality service you are offering is part of your branding.
2. Your Experience Should Be Reflected In Your Price
The longer amount of time you have been freelancing, the more experience you have and therefore, this is a key reason you should raise your rates. As your experience increases, so should your rates.
3. You Are Valuing Your Work And Clients Are More Likely To Do The Same
Through raising your rates, you are valuing the work you do and in turn, this can have an effect on how your clients value you too. This is especially noteworthy of your already existing clients who see you through to that transition.
4. You Forgot To Include Other Things In Your Current Pricing Plan
As a freelancer, you are juggling so many things in the service you provide, including consultation. Your price rates should go beyond simply executing the work. It should include your expertise and resources you use that your client does not have to outright pay for. For example, laptop, software etc. are all things freelancers often pay for off their own backs- consider this too in your price rates.
5. You Find Yourself Taking On Work That Doesn’t Fit Into What You’re Aiming For
The beauty of freelancing is that you can choose what projects you want to work on. If you find yourself taking on one too many projects that you don’t enjoy for the sake of financial gain, it may be worth raising your rates so that the projects you do enjoy working on are enough to keep you going financially.
6. You Are Lacking Time And Not Being Compensated Enough For The Time You Spend Working
If you find that you’re taking on too many projects that are taking up a lot of your time, but you are not being compensated enough for this work, it’s time to raise your rates.
7. Clients Do Not Appreciate Your Time Enough
If you feel like your clients are taking advantage of your low rates or your time generally, increasing your rates may help them take the hint! At the end of the day, time is precious and you should value your time. It’s something you cannot get back. I once had a client who would often call me at unreasonable times like 11 pm expecting to have a full work meeting, with no strict cut-off time. When I mentioned, I’d be charging extra for meetings past a certain time, suddenly she knew how to keep meetings brief and to the point! The saying ‘money talks’ really is true.
I hope this blog post gives you the courage to raise your rates as a freelancer, especially if you’ve been freelancing for a while.
If you are just starting your freelance creative journey and would like some detailed strategy and guidance, you can download my Beginner Freelancer E-course.
