6 signs that it's time to raise your rates

[jrineakter]

Raising the rates for our services is something we all have to face. The fact is that most entrepreneurs, freelancers and self-employed people do not charge what we consider our work is worth. We are afraid of losing clients, of not billing enough...

But if you have been working for a long time without valuing yourself, the consequences can be much worse. Now, as the year comes to an end, it is the perfect time to raise your rates. But first, let's see what are the signs that indicate that it is time to raise your rates.


Let's look at 6 possible scenarios when it comes to your service rates. If one or more of these scenarios fits your reality, now is the time to adjust your pricing.

6 signs that it's time to raise your rates
You have never ever raised prices
Most entrepreneurs tend to italy number data set low prices to enter the market. But then we forget to increase our rates as we gain experience. However, the cost of living does increase continuously, so our purchasing power is reduced . If you are still charging the same as when you started, consider that it is time to raise your rates.

You are charging much less than your competitors for the same work
Not all freelancers charge the same for their services. The reality is that some of your competitors will be charging twice as much just because they have negotiated well. Even the same client you have now might accept paying a higher rate if negotiated correctly . If you are aware that the market price for your services is generally higher, take advantage of this to negotiate in your favor.

Now you have more experience and you can prove it.
As you gain more skills and experience in your job, you become more valuable to potential clients. You are now much more efficient than when you started working, and even more so than when you finished your last project. To your clients, you are a bargain. But you are not evolving financially.

You only attract “toxic clients”
There are many types of toxic clients, but the one we are referring to now is the one who constantly asks for changes, corrections, puts obstacles in the way and takes advantage of the slightest opportunity to demand compensation, sometimes without reason. Normally, the expenses generated are higher than the income . Does the typical client who sends you an average of 20 emails a day asking for small tasks, but who doesn't leave you time for anything else, sound familiar to you? He is a toxic client!

On the other hand, good clients are those who value your work, know you are a professional, and won't waste your time. But your low rates don't inspire trust in them, and they may leave. If you're attracting a lot of toxic clients, it's time to start thinking about raising your rates.

Work piles up on you, you can't handle it all.
Do you constantly feel like there aren't enough hours in the day? Is work piling up but you're still not meeting your financial goals? Then you're probably charging too little. You could outsource some of that work to another freelancer, but that will hardly increase your income. What you need is to raise your rates to improve your financial situation and if you still need to outsource without losing money.