Freelancers, while working with clients on a regular basis, sometimes feel out of the way about the rates you are charged and what you can reasonably charge.
But, when do you know about charging and changing the rate equation for your freelance business? Let’s look at it.
When challenge becomes normal
This is the ” I could do this in my sleep” moment. When the projects once seemed challenging now becomes effortless to you. If so, then it’s time to acknowledge that the experience and the expertise you have grown needs to be pampered with higher rates.
You’re priced below with the competition
Not every freelancer charge the same rate for similar work. If you know what other freelancers in your industry charge then, it can help you to negotiate higher rates. Freelance writers should check out the Editorial Freelancers Association’s rate chart, and also, need to participate in forums and chat with other freelancers to get to know the actual market rates.
Once you started gaining more skills or upgrade your existing ones, you become more valuable to your freelance clients. Even if you don’t charge by the hour, extra skillset like advanced SEO tactics, project management, can also help you to justify higher project rates.
When you receive more work than you can handle
If you feel like there aren’t enough hours in the day to finish your projects or meet your financial goals, then, you aren’t earning enough. Raising rates for your own work will also naturally allow you to earn more in less time so you don’t feel your financials are tightened.
When high paying clients come to you
High-paying clients often value your expertise more and believe in your work timeframe, but since your low rates don’t instill confidence, there’s a chance they may shop elsewhere. If you’re attracting lots of clients with huge expectations, it’s time to think about raising your freelance rates.
In a way, raising freelance rates is a necessity and necessary part of the job profile. Freelancers are fortunate not to be limited by a salary quotient, but they also have to hustle to negotiate payments per client basis more often than regular employees. Unless freelancers ask for what they’re worth, they won’t get it.