Is it Time to Raise Your Rates? Here’s How to Tell

by | Oct 15, 2021 | Business, Most Popular

Setting your rates can be one of the most intimidating parts of running your own business. You need to charge what you’re worth, but you also need to set a price that people are willing to pay. It’s a balancing act that’s not always easy to figure out. 

And even when you do set rates that help you succeed, there will come a time when you’ll want to start charging more for the work you do. That too can be a challenge to navigate. After all, the last thing you want to do is scare away your current clients by charging too much. 

So, is it the right time to raise your freelance rates? Here are a few ways to tell:

Fact #1: You’ve Been Successful So Far

Have you been doing great work for your clients? Do you have the results to back it up? If the answer is “yes,” then it might be time to raise your rates. 

Having proof of previous success shows potential clients how valuable your services are. And if you’ve gotten results for your current clients, they’ll see the value in your new rates.

Fact #2: No One Tries to Haggle with You

When you tell prospects how much it costs to work with you, how do they generally react? If everyone agrees to your rates right away with no negotiations, you might be undercharging for your services. 

It shows that clients see your services as valuable and can’t pass them up at the current price. 

Fact #3: It’s a New Year

Has it been over a year since you raised your rates? If so, it’s time for an increase. The cost of living increases every year. Food, housing, utilities and entertainment all cost a little more over time – there’s no reason your services should be any different. 

Most employees receive annual raises for both performance and the cost of living. Your clients shouldn’t expect you to be an exception.

Fact #4: You’re Better Than You Were Yesterday

The more time you put in as a freelancer, the more experience you gain. Your rates should reflect this experience. 

After all, if you were applying to a regular salaried position, you would expect to be paid more with several years of experience than someone applying for their first role. You’re always growing and learning; make sure your rates reflect it.

Raising your rates isn’t something to fear. While it might feel intimidating at first, it’s a normal part of running a freelance business.

So, if you have gained more experience, aren’t getting any pushback from clients about your rates and have proven results to your name, it’s probably time to raise your rates. 

Want to learn more about running a successful freelance business?


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Hey, I’m Ari!

Certified business, success, & mindset coach helping online service providers hit consistent $10k+ months without working 10,000 hours a month: allergictohourly.com

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