It's time to raise your rates!
We're more than half way through the year, and you still haven't found the time to look at your rates from the beginning of the year up until now. "Maybe next month.", right? Or... maybe not.
You feel that you deserve a rate increase, but you never quite get around to doing something about it.
I've had this feeling so many times I lost count.
If you haven't had any objections to your pricing, then as I shared in episode 60, I’m going to tell you the very same thing my mentor told me to do on the very next prospect, and that’s to double it.
The reason you are not closing deals
If you have had some pushback on your pricing, it means that they don't understand the value of their investment. There is a disconnect between your "thing" and your price that you have yet to make it a clear no-brainer for them to sign up with you.
How you close that gap is based on
- Showing a track record, better known as testimonials or case studies, of proven success
- Having problem you are solving for them to be painful
- A short timeline to the proven results
When I started out freelancing, I always thought that signing $20,000+ contracts was the path to success.
I soon realized that those big projects took way too long to prove results. Sometimes 4-5 months!
Resulting in my profits 💸 flying right out the window and not necessarily unhappy clients, but testimonials became tough because they hadn't had the promised success yet.
I developed a process to
- get results quicker
- to dig deep on the problem to make sure I was solving a big pain point
- to get testimonials and case studies from my clients.
The start of this was to look at the solution I was providing and carve a slice of that out that I could deliver quickly and effectively, then sell that.
The price that I would sell this for would be anchored to the pain point of my clients.
By understanding their pain point and knowing what’s most important to them as a successful result our engagement, I can position my service in a way that makes the return on their investment 2x, 3x, even 10 times.
How to raise your freelance rates
- Write down the last 5 projects that were successful for you
- What quick wins, the results that happened in a short period of time, did you get for your clients? (Think increase in revenue or savings in time)
- Could it be replicated and sold as a standalone service?
What is the very next step to find your next client?
As you do this, you'll find that "all the things" become so much easier and the chasing of projects stops just due to the nature of it.
Set aside 1 hour this week and do Step 1. Then let me know how you did. If you've already figure it out, I want to know too.
Growing your freelance business
More episodes in this topic:
What are emerging platforms for freelancers?
Is automation necessary to grow a business?
How do you get away from a client that is most of your work?
How do you handle two target markets for different services?
Do certifications work for growing a freelance business?
Why do things that don't scale?
Are you comfortable?
How do you find other freelancers you can work and partner up with?
How can I share a tool for freelancers?
How viable is it to a find a job as a front-end web developer as a freelancer in the current market?
How do I improve my communication skills and confidence in public?
How did you scale your freelance business?
How to raise your rates at any time?
How to handle a bad referral?
Do you have any tip to increase productivity and motivation?
What is your biggest failure as a freelancer?
How do I grow my audience and awareness?
What is the first step in productizing your service?
How long does it take?
What is the benefit of a business coach?
Why don’t you grow your business?
Are you reviewing your sales process?
How do you make a productized service?
How to make business habits stick?
How to sell your productized service?
How to add a productized service to my business?
Where do you find freelance clients?
A podcast for freelancers
How to onboard a new client?
Best of Season 3 - Get out of the comfort zone
Best of Season 3 - Building Relationships
S06 E12 - Undercharging, Targeting the Wrong Audience, and What You Should Do About It with Alex McClafferty
S03 Bonus - Tom McFarlin on Blogging, Balancing Work and Family, and Building a Business that Lasts
S09 E11 - Differentiation, Reputation, and Pivoting From the Top-Down with Peep Laja
S01 E11 - Kai Davis helping freelancers get more clients with outreach