Here are some tips to help you raise your rates without losing existing clients or turning away potential ones.
- Be Confident
It’s not “what should I charge?” but, “is this worth my time?” You are worth the amount you are charging.
- Do your Research
Review the market research you did when you started your business. What does your competition charge? What’s your unique selling proposition? Make your clients aware of the value.
- Stick with Hourly
Clients often ask for “all-inclusive”, meaning they want to know how much it will cost up front. Use your standard hourly formula and include the anticipated number of hours.
- Move Up Incrementally
Gradually increase your rates without shocking your customers with a new rate.
- Apply New Rates to New Clients
As you incrementally raise your rates for existing clients, apply your new rates to new clients right away. This is a great way to improve income without harming existing client relationships.
- Always Keep Clients Informed
Make sure there are no surprises; keep your clients in the loop. Give them advance notice, in writing, about any rate increases.
Many small business owners undervalue their products or services which can harm the longevity of your business. Be confident of the value you bring to the table, and seek the right clients for your business.