When you’ve decided to increase your freelancer prices, you have to figure out just how to do that. You don’t want to be too greedy or too timid. You also don’t want to be too stressed. So, how do you know how much to increase? There’s more than one way, as it turns out! Take a look!
How to change your freelancer prices
You can look at changing your rates using 3 different methods. One or more of these might prove to be better for you, depending on what approach you want to take. But consider all of these to see which works best for your needs!
- Make an annual 5% increase in your rate: At the beginning of the year, increase your rate by 5%. This doesn’t sound like much, especially if you compare the actual dollar amount. Even so, it’s easy for most customers to swallow when they find out about your increases. You can do this every year if you wish, and you’ll find it’ll help you meet your bottom line a bit easier! You can also go with a lower percentage if you think that’ll be easier for clients to handle!
- Change your rate immediately but offer discounts: If you don’t want to wait until the start of a new calendar year to change your rate, or you want to double or triple your rate, then you certainly can do that. However, you’ll want to consider offering slight discounts if some clients are having a hard time with a rate that is now double or triple. You can offer a 5% discount, or throw in other freebies, etc. You can also soften the blow by offering previous rate discounts for a specific time to those upset by the change!
- Adjust your rate based on demand: While you certainly don’t need a reason to increase your rates, you should consider just how much of an increase you actually need. When choosing the new rate, you’ll want to consider often forgotten details such as research time, editing time, negotiations, revisions, etc. Don’t deliberately overcharge your clients for these things, but make sure you are choosing a rate that factors them in!
A professional rate shows your dedication
It might sound strange, but charging a fair but decent freelancer rate will impress many new and existing clients. It shows that you take your skills and job seriously and know your worth. Those looking exclusively for a bargain will be turned off by an increase in your professional rate. Other professionals looking for dependable and professional freelancers such as yourself will be impressed!
Increasing your rate will help you get a professional fee that you can rely on and feel you are getting paid for your hard work and dedication. But, is there a difference in how you price new clients with that new rate and your existing rate? Yes! We’ll cover that next week.
What do you think? Is there a better way to change your freelancer rate? If so, please comment below! The more methods we have, the better we can give the people (and ourselves) what we want!
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Kelterss is an experienced freelance business writer and holds a Bachelor of Arts in English with a concentration in Creating Writing. Having served over 3 ,200 customers while maintaining a 4.9/5 star rating, Kelterss is looking to focus her professional services in writing product descriptions and blog posts.