The global economy is tough, and it might sound absurd that you could increase the cost of your services in this economic climate. Most freelancers fear raising their rates because they believe that increasing the cost of their services will scare away their existing clientele. However, it does not have to be this way. Here are some tips on how you can increase your earnings without losing your clients.
a. Develop a pricing strategy
The first thing that you need to do is develop a comprehensive pricing strategy that covers all the services you are willing to offer to clients. This strategy will be utilized on your prospective clients. the strategy will help you come up with reasonable rates for your new clients. you need to write down the minimum hourly, daily, weekly, and project rates for the services that you offer.
Now that you have developed the pricing strategy, it is time to take a look at the rates that you are charging your current clients. Keep this record in a file, and it will be used for future reference.
At this point, you have established a new hourly/daily/project rate, as well as the lowest you are willing to charge a future client. You have also written down how much you are charging your current clients.
b. Let your clients know about your new pricing structure
It is important to inform new and existing clients about the pricing structure that you have developed. You do not have to tell them all of the details involved, but merely present the new fees structure in a simple format that relates to the service that you are offering to them.
You need to ensure that your clients know that the rates are not fixed, and they may change based on the pricing strategy in play. You should then explain how your strategy works, such as a bi-annual increase in the months of June and January.
If you inform your clients early on then they will not be able to contest the increases you make in the future as stipulated by your pricing structure.
c. Be cautious
If you feel unsure about informing all of your clients about the new pricing structures, then you can take precaution by informing just one client to test the waters. This way, you will be able to find out the reaction of one client, and see whether the new pricing structure is applicable for all of your clients. if the client reacts well, then you should let the others know about the new pricing structure. If the client does not react as expected, then you should go back to the drawing board.
Finding jobs as a freelancer, that pay well is a tough endeavor, but there is hope. Writing Jobz is one of the best freelancing companies on the Internet because it goes out of its way to ensure that its esteemed freelancers are happy and that their working conditions are excellent. The company is committed to ensuring stable pay for its freelancers, as well as competitive rates to ensure that the freelancers are able to earn a good income from their efforts.