If you’ve been following this blog for some time, you know that I’ve recently increased my rates. In fact, this is The Savvy Freelancer’s January 2010 challenge.
I’ve been increasing my rates every few months for the last year or so. And the results have always been positive, bringing a stream of new, higher-quality clients.
Despite knowing on a logical level that this move is good, the decision to increase my fees created a lot of anxiety in me. You see, I didn’t raise my fees by 10%, 20% or even 30%. I raised them by 84%!
Doing something bold and scary like this is one way to dig up one’s emotional baggages. Immediately, I was besieged by feelings of inadequacy (“I don’t deserve this), fear of poverty (“Nobody will ever hire me again”) and lack of trust in divine providence (“I’m on my own now).
On one hand, this is good. I’ve learned a lot about myself recently, and I’m seeking (and receiving) support from my different networks. On the other hand, it makes for stressful times.
I promised myself many years ago never to make decisions based on fear. So I didn’t allow all the negative feelings I’ve dug up to stop myself. In fact, I used them to challenge myself even more, if only to see if my fears are warranted.
And it’s paid off. Check this out:
- I pitched a guest post in a very successful, very busy blog. Scared the heck out of me, but guess what – my guest post is going to be published soon! I don’t want to jinx it by announcing it already, but I’ll definitely let you know when.
- In the last quotation I submitted, I would have been perfectly happy to do the task at my old rate (it’s for a favorite client), but instead I used my new rates as a basis. A bit of haggling ensued, but in the end, we still agreed on a fee that’s 20% higher than what I would have “settled” for.
- I’ve decided to embrace an even narrower niche in copywriting and online marketing (you can read all about it at my copywriting blog). Just when I did, I discovered individuals and networks of people who share my marketing/business principles and beliefs.
Am I still scared? You bet.
But I’m also excited. I’m finding that the more I value myself, the more others value me.
More good things are to come.
What are your thoughts? Do share in the comments below.
Welcome back! If you liked this post, sign up below to get new ones in your email:
Congrats! This can be a scary move but I’ve always found once you’re on the other side you think WHY didn’t I do that sooner? It’s weird but true that generally the more people pay the less difficult they are.
Laura Roeder´s last blog ..How To Retweet (The Original Way and Using The Retweet Button)
I’ve heard the same thing about how much less difficult high-paying customers are.
I totally agree with Laura. I’ve found the lower my prices the more demanding and less respectful the clients tend to be. I’m in the process with the assistance of a business coach of raising my prices. I am finding it a bit uncomfortable but I know I bring high value to my clients and I will bring in better clients this way.
Michelle´s last blog ..Do I Need an Email Newsletter Service on my Blog or Website?
That’s so right, Michelle! Actually, I forgot to mention something in the post: when you increase your rates, you outgrow most of your old clients and find new ones (or they find you). This transition can be very uncomfortable.
However, as you’ve said, we tend to find better clients. That’s what’s happened to me in the last couple of days. This is turning out to be a very exhilarating ride. Let us know how your journey goes, Michelle.
Alexis´s last blog ..Protected: Video: Should You Register Your Business?
Fantastic Alexis, good to hear that it’s working for you.
I can definitely relate to the feelings of inadequacy when first raising rates, especially by such an amount! I’m sure you’ll find as time goes on, that you won’t be able to believe how little you used to charge!