Raising rates is such a hot topic in the freelance world.
In fact, what you should be charging in general is a hot topic.
Everyone wants to know what everyone else is charging and vice versa, and everyone wants to know if they’re charging as much as they should or could be.
The truth is this: rates are different for everyone.
What you charge will depend on where you live, what your lifestyle is like, what kind of work you do, your experience, your past expertise, and so many other factors.
Rates that make one freelancer very happy might have another freelancer screwing up their nose and running in the opposite direction.
Freelance rates are different, and it’s impossible for any one person to determine a blanket rate for every freelance service in the world.
I could tell you that I charge £300 per piece, and you might think “that’s waayyy too much, I could never charge that!” or you might think “wow, that’s low… she could charge so much more than that.”
But the truth is, I’m happy with my rates and my clients are happy with my rates.
They work for me.
So it’s up to you to decide if you’re happy with your rates and if they work for your business. If you’re not happy, it’s up to you to raise them.
If you’re not sure whether you should charge more as a freelancer, then I’ve got a little checklist to run you through that will help you out. Chances are, the answer is a resounding “YES”, you should charge more.
If you’d rather watch this than read it, you can do that here:
Should You Charge More as a Freelancer?
If you answer yes to one or more of these, then you should be thinking about upping your prices. And, if you don’t know how to go about doing that, I’ve got this handy post that tells you what to do next.
1. Everyone Is Saying Yes and Not Batting An Eye
Of course you want your clients to see the value in your work, but if you’ve been offering the same prices for a long time and nobody has said anything about them, you’re either:
- In high demand and they want to work with you WHATEVER it costs (this is nice, but it’s often the least likely scenario, unfortunately)
- Charging too little and they think they’re getting an absolute bargain so they keep quiet and try and get you signed up as quickly as possible
So, if you find that prospects are saying “yes” too quickly to working with you after you let them know your rates, you could probably get away with charging more.
2. You’re Fully Booked or Almost Fully Booked
If you’re a fully booked freelancer, congratulations!
Having a full roster of clients is a great feeling and the Holy Grail for many freelancers.
However, it might also mean that you’re prices are on the lower end of the scale.
You see, if you’re fully booked, it might be because everyone is saying yes without batting an eye (see point above).
It’s pretty easy to get lots of work by charging cheap prices, but the end result is you’re barely scraping by and you don’t have time to find better paying clients.
Even if you do raise your freelance rates and lose a couple of lower paying clients in the process, you might still match your previous revenue with that price increase AND you’ll find yourself with more time to market yourself to higher paying prospects. It’s win-win!
3. You’re Not Happy With Some of Your Clients
If you’re anything like me, you’ve had (or have) a client that you just can’t seem to break up with.
They probably pay very little – or, at least, much less than your other clients – but the work is so easy so you just continue to churn it out again and again.
It’s difficult to let these clients go because the work is so easy and we fool ourselves into believing that some money is better than no money.
Top Tip: you can start by testing out a raise for these clients to a price that would make your far happier to keep churning out the menial work.
And, if they say no (which is quite likely to happen if they’re a crappy, low-paying client), you’ve freed up some space you can then fill with higher-paying prospects and projects you actually enjoy.
4. You Haven’t Raised Your Rates This Year
Are you still charging the same as you were this time last year? Are you still charging the same as when you first landed the client? Are you still charging the same as when you STARTED freelancing?
For a long time, I never upped my rates because I didn’t want to risk losing any work.
But we’re freelancers – we’re running businesses here, and prices increase – it’s just a fact of life.
If you want to stick it out long term and create a sustainable and successful business, you have to consistently be raising your prices in line with inflation and industry standards.
5. You’re Just Not Happy With Your Current Rates
Do you see other freelancers charging more than you for the same services and yet you have the same experience and expertise?
Guess what? You can charge as much as them!
Do some research first so you feel more comfortable.
Start by checking out other freelancers that offer the same or similar services to you and see what they’re charging by going to their “prices” page.
If you’re feeling especially confident, you can even reach out to them and ask if they’re getting a lot of work in at their higher rates.
Remember: it’s normal to feel uncomfortable sharing prices at the best of times (I know I still do!), but if you feel unhappy because you know your rates are much lower than everyone else’s (but you just can’t seem to find work at a higher rate), it’s time to raise your rates.
I like to remind myself that like attracts like.
If you’re charging more as a freelancer, you’re going to get higher quality clients. If you’re charging pennies and are afraid to charge more, you’re going to attract cheap-o clients that don’t see the value in your work.
And, of course, you don’t have to suddenly hike up your prices to astronomical levels.
I raised my rates incrementally.
At first, I was charging $50 per post. When I raised my rates to $100 per post, I thought the clients I was bringing on at the higher rate were the Holy Grail and the highest quality I’d get.
But then I raised my rates to $200, then $250, then $300 per piece and, all of a sudden, those $100 per piece clients didn’t seem so high quality.
If you’re still on the fence about raising your rates, let’s recap.
If:
- Everyone is saying yes to working with you and no one is questioning your rates
- You’re fully booked out or very close to being booked out and have little time to market yourself
- You’re not happy with some of your clients or you’re not enjoying the work even if though it’s easy
- You haven’t raised your rates yet this year
- OR
- You’re not happy with your current rates and see other freelancers charging more
It’s time to raise those rates!
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