Get Paid More as a Freelancer
As someone who’s gone from being a flatlining freelancer to running a thriving marketing agency, I know all the things we do as services business owners and freelancers to prevent ourselves from making more money.
With 99.9% of us starting a business to make money, why do we sabotage ourselves?
I’m willing to bet that you actually DO want to make more money in your business and stop flatlining. I know I sure did about five years ago.
When I was a freelancer, I didn’t raise my prices for eight years. Yes, you’re reading that right…EIGHT YEARS. While I was successful, my revenue wasn’t growing, and I was coasting along.
This is a common trap that freelancers fall into, mostly because we’re too scared to ask for more money. In many cases, we just charge too little for our services. We get comfortable and complacent and we end up leaving a whole lot of money on the table that we could be making as services business owners.
What I didn’t know during those eight years was that there was so much potential to make more money, so now it’s something I’m really passionate about sharing with other business owners.
Here are some specific ways to help you get paid more as a freelancer, coach, consultant or any other services business owner.
Raise Your Prices, Starting Today
There are a few core actions you can take as a service based boss to make more money. The number one thing I want everyone to take away and put into action TODAY is that you can raise your prices.
Now, I’m sure some of you immediately had a physical reaction to this idea. Maybe you even feel a bit sick to your stomach. But it’s not going to be that bad, I promise.
I’ve raised my prices, and helped other people do this, and what I’ve learned is all those things we fear rarely come to pass.
You need to let go of all of your excuses about why you can’t raise your prices and, instead, focus on actually making it happen.
To start, it comes down to making a small increase in your prices. That small increase can bring incredible gains over the course of a year. Something as small as a five or ten dollar increase, month over month, can actually generate way more revenue than you realize.
We’re talking the kind of revenue that, over time, can add up to an extra 10 or 20 thousand dollars in a year, and who doesn’t want that?
How To Roll Out the Change
The idea of raising your prices and your clients balking at the increased cost can be nerve-wracking. I know, you’re worried they might break up with you, or your business might go downhill due to the increased prices.
The fact is, you’re never going to know until you actually try, and making more money as a freelancer isn’t going to happen until you get over this fear.
The best way to go about this is communication, communication, and more communication. Clients like transparency, so they should be given advance notice that this change is coming and a timeline for when it will happen.
More importantly, though, you need to be clearly articulating the value of the services you deliver. You want your clients to know that this isn’t just some willy-nilly increase and it’s more than reasonable.
Next, as new clients come in, quote them on your new prices. For example, if you’ve been charging $50 an hour, go for $60 an hour. The goal here is to get more people in at the higher rate over time.
Position Yourself As an Expert
After raising your prices, there’s another thing you can do to help position yourself to make more money. You need to be seen as an expert in what you do.
The simple fact is, people hire experts. They want professionals, and many of us that work as service-based bosses like to stay out of the limelight. We hide out behind our laptops, so the idea of positioning ourselves front and center can be scary.
For you to command premium pricing and to make more money in your business, you need to be seen as an expert.
In terms of how you make that happen, depending on what you do, it may be a matter of getting a specific certification or designation. It could be how you deliver your services and the methods you use. You may need to start speaking at events or creating content, like blogs or videos.
The “how” you go about doing it isn’t what matters; it’s actually doing it that matters. Take the time and effort to show people you know your stuff and step into the spotlight.
People want to feel confident about the value you deliver, and by showing them you’re an expert, the value you bring to the table is clear. They are less likely to question your price and will be willing to pay for the services you offer when you’re a total pro.
Bosses, are you ready to get paid more?
I want you to start by looking at your rates and figuring out how to raise your prices. If you charge by the hour, look at a small hourly increase and a strategy to communicate that to your clients.
If you charge by the project, it’s time to push your project rate up with each new client you bring in.
The key here is for you NOT to be a flatlined freelancer who doesn’t raise their prices for nearly a decade (like me!) and to step up, and be a boss who doesn’t leave money on the table.
Take advantage of what you have, and be confident that your skills and abilities are worth you commanding more money, so you can make more money in the long run.