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Knowing When to Raise Your Rates

Posted by Artisan on Jan 13, 2014 6:00:00 PM
Artisan

When to Raise Your Rates

As you gain experience in your career, you will adjust your rates accordingly. Sometimes this is a struggle or a task you put off for fear of losing jobs, but it is important to stay current. You are, after all, in this for the money, right? Setting rates is both simple and complex. On the simple side, your rates should at least be comparable to those of your competition. On the complex side, you can make adjustments and tweaks as warranted.

Knowing When to Raise Your Rates

When a talent company seeks to hire a web designer on a freelance basis, they expect to pay higher rates for advanced expertise. Beginners generally do not expect or charge enough; they are just happy to have some work, and they often take any job available. It should become clear shortly if your rates are too low, and it is just fine to raise them. However, some freelancers have trouble asking for the raise.

Signs your rates are too low

1. Your time is booked but you cannot pay your bills. It is time to rethink your rate schedule. Your rates should be commensurate to your experience, your talent and still be competitive. What good is freelancing if you cannot pay your bills? You either need to raise your rates or find more work. Higher rates are a better choice if you value your free time at all.

2. Clients keep asking for more work at the same or a lower rate through the talent agency. While having loyal clients is ideal, consider if they are taking advantage of you versus the competition. Your rates should be comparable to others with commensurate experience.

3. You aren't charging extra for rush jobs. Your other jobs are also valuable; they are the bread and butter you will always need. Rush jobs are like frosting on a cake; they sweeten the deal but don’t last long.

Raise your rates and keep clients

1. Always give advance notice. Prior to the beginning of a new calendar or fiscal year is a good time to make rate changes. People expect new things in new years. By giving advance notice, you give talent agencies and clients a chance to discuss the matter with you. When working through a talent agency, start the discussion with an email inquiry.

2. Create and submit a new rate card. This is a common thing in the broadcast industry. Every time new ratings show a station has increased their ratings/audience, the station implements a new rate card with higher fees. Rate cards can also show your specialties, achievements, testimonials and are an opportunity for you to add in new high-end services. Web design careers offer you ample opportunity to show off your skills and charge rates accordingly.

3. Work through your talent agency to avoid common collection hassles and payment issues. They do the negotiation and get up front payments. You benefit from less collection activities and the security of knowing you have future pay coming.

Other rate options

By improving your skills, your rate increases will be validated. Let the talent agency know what new tasks you are now able to do and what your rates are for those added options. Open the conversation with your talent agency. They also want to make more money by offering new talent skills to clients.

If you have more questions, just contact us to learn more. Client looking to hire a web designer come to Artisan Talent; you should too!

Tags: Career Resources

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