The New Year is the time to make changes to your personal and professional life. If you’re self-employed, it can also be a good time to raise your rates. Charging a higher fee is easy to do with new clients; you simply quote the new price during negotiations. Raising rates with existing clients, however, can be tricky.
“The underlying concern here is having the confidence to raise prices without losing customers,” says Ramit Sethi, author of I Will Teach You to Be Rich. “And if you do, are you prepared to lose those that aren’t willing to pay your new rates? This is a classic dilemma that many freelancers, consultants, and entrepreneurs face.”
If you know you provide a lot of value and you’re not happy with your current compensation, it’s time for an increase, says Sethi.