Apr 12, 2022
In Wellness Forum
Let me tell you a little secret. Every professional freelancer had fears and insecurities about their skills and services. None of your independent heroes are immune to the pressures of human nature. Guess what though? They overcame those fears and raised their freelance rates, anyway. I know it's hard to find good practical advice on raising rates for the first time. So I waded into the trenches for advice from professional writers, designers, content marketers, and programmers. Here are some tips from the pros on how to approach increasing your rates as a beginner. After devouring the advice of experts, a bonus awaits you at the end of the article. Don't miss the opportunity to generate more income - scroll down! Contents Why it's important to raise your freelance rates Start by building a strong business foundation One thing you must do before starting with a new client How to increase your rates with your existing customers Generate more revenue per client without increasing freelance rates Don't think too much about increasing your freelancing ratesBONUS Website Review: What's Stopping You From Raising Your Freelancer Rates? Why it's important to raise your freelance rates For starters, your time is worth more than what you are currently charging. Based on reports like Payoneer's 2018 Freelancers Earnings Report , that's probably worth more than 1.5 times the employee email database current rates you're charging. However, fear can overwhelm you, which can cripple your ability to progress in your business. The result is that you continue to fight for customers and are underpaid for it. In the first few months of your freelance business, you may experience huge growth, but that may just be because you charge low rates. This is not ideal, as the opportunity cost of waiting is very high. Consider you're like the average freelancer working in 2018: you charge $19 an hour and bill 30 hours a week. In the current year, you will earn $29,640 and earn a cumulative income of $148,200 over the next five years. Now, let's project your revenue for the next five years with a 50% increase in your rates. Then increase it by 100% and 200% respectively. A simple 50% increase in your rates can net you an additional $14,820 this year and an additional $74,100 over five years. A 100% rate increase can get you $29,640 more in 2018 and $148,200 more over five years. Finally, a 200% increase in your rates can net you an additional $59,280 this year and $296,400 over the next five years!