Raising Rates

The step-by-step checklist

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Admit you have a pricing problem. Need inspiration? Try our Top 10 Signs list.

Investigate the actual value you provide to your clients (coming up on Day 10!)

Compare how much you help them earn, with how much you cost them.

Increase your rate until it's close to, but still under, the value you provide.

Write a (private) statement about why your new rate is a great value, based on the above.

Keep at it til you believe it. (Because it's true!)

Practice saying it. Pitch it in the mirror. You don't want to hesitate or have your old rate slip out.

Update all your written materials — your proposal templates, your contracts, your web page (if necessary).

Write a list of your best customers (ones you like working with.) And a list of the ones you'd never miss.

Write your best customers a quick, personal note to let them know that you love them! And that you want them to be the first to know that you'll be raising your rates in the New Year.

Be sure to explain that your rate increase means you'll be able to be more exclusive — and give them even more of your time and attention.

After a week or so, use our email templates (an upcoming Freelancember gift!) to announce your new rate to all  of your customers. (For your best customers, add another personal touch!)

The Bottom Line

Nobody likes to be surprised by a sudden price increase. In fact, startup price change fiascos have been all over the news lately. That is so not  where you wanna be.

But people respond very well to the personal approach, the little touches that say, "This isn't just about money." (And, pssst: clients are people, you know!) Advance warning always helps, too, because it reduces the element of surprise. You split the surprise into two parts: 1. There's a price raise coming. 2. Here's the new price. That way your clients can prepare themselves.

And of course, a client who values you will be delighted to hear that part of your plan involves spending even more of your limited time & energy on them.

Yep, price changes can be rough. But that's a problem you can work with. When you increase your price, it's a great time to double down on that kind of personal service. Give the customers you love more. Higher rates mean you can be more exclusive, relax more, and do better work.

That's what we call a happy ending!