When Should Freelancers Raise Their Rates?

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By Doina Bejenaru. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

When should freelancers raise their rates? Some will say there is no right or wrong, as long as you feel comfortable.

Hear me out: raising your rate might not feel comfortable and you will not feel all cozy, because you are taking into consideration if the client will decide not to continue the collaboration. But show me some great things that come from a comfort zone: almost none.

In this episode, you will...

  • learn how to raise your rate as a freelancer
  • understand the four situations that are your starting point that it's time to raise your rate
  • know by how much should you raise your rate

Insights:

  • ''Remind yourself about the difference between an employee and a freelancer: an employee is ASKING for a raise while a freelancer is taking this decision by himself and communicates the new pricing to the client. You are working with your clients; you do not work for them.''
  • ''Building a perfect business takes time, tries, and errors. And the hard truth is that it will come at a cost: it can be a monetary one or just by losing time on things that do not bring revenue yet.''

Tips:

  • ''A tip I can give you is to keep your relationship with your client strictly professional. If you see him as your friend, you will NEVER be able to decide to raise your rate. At the end of the day, you are in business to make money.''
  • ''Give your client enough time to understand when the new rates are becoming effective. Do not implement it in a day. Allow 30-days of notice to your client so he can also budget properly.''

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40 episodes