How to Raise Your Rates

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How to Raise Your Rates

Written by: abrowell 196 views

Are you reticent when it comes to raising the rates that you charge for your work? Have you found yourself charging the same hourly rate that you were three years ago for you valuable time? Have confidence that you are entitled to increase your costs in line with the rest of the working world around you!

Steps

Raise your rates every year.
Choose a specific time and raise them at the same time each year.
Research what others in your area and field are charging. Use the internet and phone book. You don’t have to charge what they charge, but it is good to know what they are doing.
Analyze your cost of doing business including your salary. Give yourself a raise each year to keep up with the cost of living. Your business expenses will also increase each year.
Ask yourself what you want to make and what you need to make.
Raise your rates when you have a waiting list for appointments or too much work.
Raise your rates when you have gotten additional training or added new services.
Every business needs to raise their rates to stay in business and cover increasing expenses and the increase in the cost of living.
You can send a notice to current clients or post a sign in the office announcing the changes in your rates. (See the tips section for more info)
Charge what you need to charge so that you don’t feel resentful.

Tips

Never apologize for raising your rates
You don’t have to explain an increase in fees to anyone at any time.
If people truly can’t afford your services it could mean a few different things. They don’t really value you or that they don’t take care of themselves financially to get the things that they need or want. Both will bring up issues and your responses will reveal your underlying beliefs about money.

Warnings