It’s a brand new yr and it’s time for a author’s pep-talk. Job one: it’s time to lift your charges.
I can hear you quaking in your boots from right here. However I would like you to think about this. The start of a yr is a naturally nice time to interrupt the information to current shoppers that charges are going up. Ideally, you wish to put the information out to them within the waning days of the earlier yr, however at worst the primary month.
Message: it’s a brand new yr, an bettering economic system, and my charges are going up.
Possibly not for each shopper. However in case you’re going to maintain elevating your common hourly fee, you must hold elevating charges.
So it’s time to try who you’re writing for, and what they’re paying you. Who pays the least, on an hourly foundation? Make a listing of your lowest payers.
Now you’ve received a choice to make. There are solely two methods to make charges go up: Both current shoppers must pay extra, or you must exit and discover better-paying shoppers, after which drop the decrease payers.
So first query: Do you suppose there’s any probability you will get these shoppers to pay extra? If you happen to write for flat-rate content material websites or bidding websites, that will be a giant no. Their pay will possible stay precisely the identical within the coming yr. In case your shoppers aren’t negotiable on charges, it’s time to have a look at your advertising plan for including better-paying shoppers.
Will you write recommendation articles on Biznik? Attend in-person networking occasions? What’s been working for you up to now? What do you wish to attempt that’s new? Work out how you’ll appeal to new shoppers this yr, and create a schedule for whenever you’ll do your advertising.
Whether it is attainable your current shoppers can pay extra, it’s time to write down them a letter. Allow them to know what you are promoting is rising and thriving, and charges are rising.
Increase your charges: an instance
I really simply did this with a shopper I had on a two-month contract at $1,600 a month. The venture suffered from large scope creep because it went alongside and have become actually $3,000 or extra a month of labor. Once they let me know they needed to increase the contract, I knowledgeable them I used to be pleased to maintain working for them, however not at that fee. I proposed a brand new fee—not $3,000 as I used to be positive that will make them bolt, however one which gave me practically a 30% elevate, to the purpose the place I felt the account can be price persevering with and wouldn’t decrease my total common hourly fee.
I documented how the venture had modified and what going charges had been for the sorts of work I used to be now doing. I confirmed them the large low cost they’d nonetheless be getting. I discussed that the economic system is popping round and many consumers are competing for my time.
And backside line, charges needed to go up. Or I’m strolling.
Feels scary, doesn’t it? However you’ll want a little bit braveness in case you’re going to extend what you earn yr to yr.
For the time being I despatched this proposal, in mid-December, January was solely about half booked up, and lots of assignments had been nonetheless hanging and unsure. But it surely needed to occur, as a result of the purpose of all of it is I have to make a residing.
Now’s the time to lock in higher charges. You by no means know when the chance will disappear to speak fee will increase. For instance, I had one hourly-rate shopper that I used to be getting $85 an hour with. I had the sense different freelancers for them had been making extra, so I instructed them my fee was going up within the subsequent yr to $95 an hour. They grumbled a little bit, however went for it. (I later realized others had been getting $120, so I used to be nonetheless a deal.)
In fact, my timing was nice. Lower than a yr later, the economic system was collapsing, and I wouldn’t have dared to broach a fee enhance.
The payoff: it turned out to be a really busy time for this shopper, and I earned greater than $5,000 of further revenue over the following two years. That’s proper, 5 massive for doing precisely what I’d have completed…simply getting paid extra for it. As a result of I merely requested for it.
So ask for a elevate—you deserve it, and it’s definitely worth the danger.
This publish initially appeared on the WM Freelance Author’s Connection.