"When and How to Increase Your Prices as a Freelancer"

This is a sample blog Post for The Contrarian

"When and How to Increase Your Prices as a Freelancer"



The reality of being an independent professional has both positive and negative sides. When it comes to how much you make, it's no different.

On one hand, there is no boss with whom you can negotiate raises or promotions. On the other hand, it is you who decide when and how much to increase your wages.

You’re independent, but not alone. We’ve got some helpful resources to guide you through this process.



The Baseline

Raising your rates requires having a previous established system that dictates how much you currently charge for your services.

If you still don’t have a system in place, don’t fret!

You can learn how to price your freelance service in this post:



Is it time for a raise?



Straight to the point: just like you’re the one who decides how much you charge for your work (as long as there are clients willing to pay for it), you’re also the one to decide when to raise your prices. If this is your first time thinking about charging more for your services, you might find it confusing and challenging. We have all been there.

But how do you know when you’re you ready for it?

There are several different indicators that you’re ready to ramp up those prices:

• You are almost fully booked: how many hours do you work every week? If you’re booked with clients for about 80% of that time, it is a good idea to start reassessing and increasing your rates for new clients.

• You are over booked: before you book any new clients, evaluate your schedule and rates going forward.

• You have completed more complex projects: the more experience you have, the more valuable your work becomes. Make sure you update your fees to reflect your experience level.

• You have completed new certifications: as you acquire new skills into your services, the value of your contributions increase and you should charge according to that.

• You are getting too many clients: just like you compete with other professionals by offering the best services, your clients should compete for your time by paying more. So, if you notice the number of clients increasing, you should charge more.

• It’s been at least 1 year since you set your rates: time is also an indicator that you should get a raise, review your rates every year.

End of Sample