Inflation is a fact of life. At some point, you might need to raise your rates as a freelancer in order to meet your goals.
Over time, as you gain more experience, it makes sense to consider raising your rates. Few clients expect you to keep your rates the same forever. As inflation sends prices higher, those effects also impact services. If you want to improve your income prospects, at some point you will need to raise your rates as a freelancer.
Raise Rates on New Clients and Projects
Setting freelance rates is a tricky business. It's even trickier to raise rates. That's why it can help to raise them on new clients and projects first. Starting out with new clients and projects can give you a pretty solid idea of what others are willing to pay for your services, and it can help you tweak your offerings to find out what value-added items clients are willing to pay for.
Can You Raise Rates on Existing Clients?
It's a little harder to raise your freelancer rates when dealing with existing clients. Doubling your rate on a new client is much easier. That client has never paid your lower rate. It's harder to double your rates on existing clients.
When you raise rates on existing clients, it's better to do it in small increases. A 10% to 15% increase is probably more doable with existing clients. I tend to be on the loyal side, and if I have a good client that I like working with, I am reluctant to raise rates. However, one of the great things about most of my awesome clients is that many of them have been willing to suggest “raises” for me. There's a lot to be said for working with great clients who show their appreciation.
It's never easy to raise your rates as a freelancer. However, at some point you need to get to that point. If you want some helpful tips on how to earn a little more money, Ramit Sethi is the go-to guy. Here are some great tips from him about how you can raise rates. I might need to use his script as well 🙂