We are approaching a new year and being able to charge more, is every freelancer’s dream.
But how much you are worth, what to charge, and how to drive up your rates are some of the most difficult contemplations that a freelancer continually goes through when running their own businesses.
When it comes to setting and increasing your rates, you need to start somewhere. Whether you’re just getting started as a freelancer and want to make sure you’re charging what you’re worth, or it’s finally time to start upping your current rates, this is for you.
Here are guaranteed ways to charge more as a freelancer.
Know your worth
Knowing your worth as a freelancer always comes down to understanding the basics of supply and demand. What you can supply, using your skills and resources, that the market demands? On top of that necessary foundation of supply and demand, how do your skills and resources compare to that of your competitors?
Are you somewhere in the middle of your field? Toward the top? Bottom? Knowing where you honestly fit within your industry in terms of expertise, will help you stay realistic as far as what you’re charging as a freelancer.
Choose the right clients
Wanting to get as many clients as possible may be tempting, especially if you are still in the beginning phase of growing your business.
But you have to learn to say no and allocate your time and resources to the projects that are most valuable to you. This includes choosing the right clients, those that result in the greatest long-term profits and help you build your personal brand in the direction you want to move in. Even as a newcomer in your industry, you have to set some standards for what types of clients you want to work with.
Understand your clients
Understanding your client is crucial if you want to be able to charge above industry-standard prices, or if you want to up your rates with them. The more you know about your clients, their problems and their needs, the more you can do to create high-value solutions that transcend the importance of the money conversation.
As a freelancer, you need to think at least one step beyond what your client actually wants, and what they actually need (in terms of how you can help them get meaningful positive results in their business.
For example, if you are a web content writer, you are not just hired to produce text, you are really being hired to make your client attract more visitors to their website, achieve greater click-through and conversion rates. This is the value you deliver to your client. Through driving up this value, and leveling up the quality of your work, you can justify charging more.
Build your personal brand
Having a strong personal brand and a great reputation greatly determines the price you can charge, because it signals experience, credibility, professionalism, and quality. Building your personal brand and reputation can start as simply as guest posting, doing interviews, or collaborating with other more established freelancers in your space – or with recognizable blogs and publications.
This includes keeping your website and social media channels up-to-date and reflective of your collaborations. Have an active online presence, showcase your work in a portfolio and make use of references whenever possible, to signal credibility and experience to your target audience.
Have outstanding customer service
As a freelancer, customer service is an area in which you can truly stand out from the crowd and beat your competition. Customer service begins at the stage of attaining prospect clients.
Great customer service from the start, increases your possibilities of charging a higher rate and through maintaining that high standard all the way to delivery you leave your clients feeling satisfied and wanting more, paving the way for doing business together again.
Learn new skills
Learning new, relevant skills is a great way to drive up your freelance rates. New skills could be troubleshooting, communication or business management skills.
You do not need to get a business degree, but you should acquire knowledge about business fundamentals or the workings of your clients’ business and their industries. This will make you better equipped to identify and solve your clients’ problems and create more valuable solutions.
Exude confidence
Whether you like it or not, confidence is an indicator of your skills and qualities as a freelancer. If you don’t have confidence in yourself and your ability to deliver outstanding results for your client, how can you expect anyone else to believe in you?
Fear and insecurity will leave you vulnerable in negotiations, making it easier for clients to take advantage of you, getting you to agree to prices that aren’t beneficial to you, that you don’t like or are not comfortable with. When you start exuding confidence and calmly but assertively negotiate for the conditions you want, you will be able to charge significantly higher rates.
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