When you started as a freelancer, you were probably dreaming of high-paying contracts and a super flexible schedule (remember those Tuesday afternoon naps??)...
AKA, the good life.
But your reality is a little different.
You’re trapped in a cycle of non-stop work without the income growth you imagined?
If you're nodding your head, then keep reading for your solution…
The problem:
You’re always working, and STILL not hitting your financial goals.
You don’t have time to do anything else, whether that’s growing your business or living your life, so you feel like you’re running in freelance circles with no end in sight.
The benefit of solving it:
A more flexible schedule AND higher paying projects.
Why what you’ve tried has failed:
You think “just work more” is the answer, but you can’t work your way out of this one.
You have to work smarter here so you can work harder elsewhere in your business.
Here's how to solve it:
It’s time to raise your rates!
Some of your clients won’t be able to afford you, but that’s kind of the point.
You now have more time to work for Client #1: you.
You have more time to dedicate to developing your business and the clients who stick around subsidize the ones who can’t afford your new rates.
Raising your rates also allows you to start bringing in subcontractors to help with projects, again freeing up time for you to be a business owner, not an employee for rent.
So how do you raise your rates successfully?
It comes down to 2 core things → preparation and communication.
Just like you would prepare for a meeting with a prospective client, you want to prepare for a rate rise conversation as well.
Rehearsing what you will say is a great way to get you warmed up and ready (especially if you haven’t had many of these conversations before).
Think about what you will say to the client, how you will start the conversation, and what data supports your position.
Be prepared to reminisce about the “big wins” that you’ve helped the client accomplish so far as a strategic partner.
But more importantly, prepare yourself to resist the urge to justify the rate increase.
This is what’s best for your business, no explanation really needed beyond that.
You can prepare even more by thinking about what objections your client might have, and how you will address them.
Have a few different package options in mind that you can present as alternatives as well.
With a couple of different plans in mind, you know what to say depending on how the conversation goes.
If they can’t come to the new rate, you can have a scaled down package available in order to keep the budget where they need it (still less work for you).
All of this preparation directly benefits your ability to effectively communicate throughout the call.
Clear and effective communication is SO important…
It’s the difference between being a successful freelancer and one who is constantly struggling to make ends meet.
So when it comes time for the actual conversation, stay cool and professional.
Begin with a heartfelt thank you for their ongoing partnership and let them know that this conversation is all about ensuring the growth and sustainability of your freelancing business (which ultimately benefits them too).
Your goal is to demonstrate your commitment to a collaborative partnership.
So be an attentive listener and encourage them to share their thoughts and concerns.
When addressing their concerns/objections, use the preparation you've done to provide thoughtful responses.
Remember, this is business, it’s not personal.
I know it can be hard to separate the personal from the business, especially after working with a client for a while.
But don’t let that hold you back or settle for less than out of fear.
Whether they agree to the rate rise, or you decide to part ways, it’s a win →
If they say yes, you are that much closer to your monthly revenue goal.
If they say no, you have the time and space to look for clients who will value what you bring to the table.
And the higher pay you’re getting from the clients who do stick around subsidize the ones who walk away.
But if you’ve never done it before, the idea of a rate raise can be daunting.
The first time you do it, it will likely be scary.
It will probably feel the same way the second time you do it.
The third time you’ll have an idea of what to expect.
And by the fourth time, you’ll be excited.
So, go raise those rates!
Best,
Jamie
For freelancers that want to fill their client pipeline & earn more consistently:
→ Build a $10K+/month freelancing business with my proven 3-pillar system inside The Freelancing Program ($59/month).
→ Get the competitive edge with daily templates, frameworks, and freelance market intel from Workforce 3.0 ($4.99/month).
→ Hit your freelancing goals this year with a customized, step-by-step game plan that we’ll create during a focused 1:1 coaching session ($750) with me.
