Why You Need To Charge More
I was sitting across from a repeat client and I was anxious. I just submitted the largest proposal I ever wrote.
I wasn’t scared at the size of the proposal. I was scared becauseI had raised my rates nearly thirty percent since last month. I didn’t know what the client would think and then something crazy happened.
Where I Started
When I started freelancing I undercharged. I undercharged because I was afraid I wouldn’t get work. My rate was $35/hr for copywriting and something didn’t make sense.
What didn’t make sense was I wasn’t making any money. I had clients and I did work but at the end of the month I would look at my pay check and shake my head. I thought,
Look at this. I did all that work and only have this to show? What am I doing?
I worked online to create near passive sources of revenue. I wanted to supplement my income with extra cash to do the things I loved. My check at the end of the month gave me made me realize something.
I Was Worth MORE
Before then I had never considered what my time was worth and why should I? We are taught when we are very little to not see time as a commodity.
Time is a commodity.
When I realized this everything changed.
I had to charge more. If I didn’t charge more I would never be able to break through my income barrier and pursue the freedom I was looking for.
Wasn’t I afraid of what would happen? Didn’t I worry about losing clients?
I raised my rates anyway and something incredible happened that changed everything I thought about pricing.
What I Learned Charging More
When I raised my rates I was afraid I would lose work. I convinced myself clients looked for value. If I raised my rates I was no longer supplying the client value. I was wrong about everything.
What was I wrong about?
I was wrong about how clients thought about rates. I thought cheap service was what client’s valued. I was wrong.
Client’s valued working with a pro who knew enough to charge what they are worth. Sound unbelievable? If what I said sounds unbelievable you don’t understand what clients value.
What Clients Value: Time
Your clients prefer paying higher rates. Don’t believe me? Consider this.
Clients hire freelancers because they want to save themselves time. Time is more valuable than money. When your service saves them time you can charge higher rates
The Time Difference In Cost
The higher the rate the more time a client will be saved. Consider this.
How many emails, calls and revisions do you think you will go through working with a $10/hr editor over a $45/hr editor?
The $45/hr editor is going to handle everything for you and send you a finalized product without eating up a ton of your time with useless questions and emails.
I’m busy so I am willing to pay for this.
Let’s cover the three easiest ways to raise your rates so your clients are eager to pay you more.
3 Ways To Raise Your Rates
1)Bring More Value:Most freelancers fail to increase their value. The more services you bring to a client the more you can charge.
Example:I took an online training to increase capture/conversion rates for landing pages. What I learned enabled me to increase my rates because I could increase capture and conversion.
Don’t have money to join courses? Don’t worry! Information is everywhere.
You can find information for your field that will put yourself light years ahead of the competition.
2)Study Past Projects:Most freelancers don’t learn from previous projects.
When a project is done I review it with a notebook in hand. I take notes on what I liked, where I had trouble and what I need to improve upon.
I reviewed Jane Mcgonigal’s book Super Better (read my review here. Then read the book!). It covers how brain training through review and mindset can make you better.
If you want exact actionable strategies for reviewing projects check out her book.
Taking notes lets you identify your strengths and weaknesses. Knowing what you are good at lets you promote to the right clients. Knowing what you are bad at helps you to learn where you need to improve.
3)Enlist Help From a Coach/Mentor:My online career is taking off. I’m blessed to have good work to do.
Even though I have raised my rates, got better clients and am doing the work I love I still turn to mentors to help me to continue to grow.
You can pay for access to mentors (easiest way) or you can build relationships through forums and blogs (time cost over money cost). You can also pay for consultations and tear downs.
I offer tear-downs on people’s writing, proposals, landing pages and email sequences (interested? Contact me through my mailing list here).
My work with freelancer’s has increased their conversion, shined a light on their weaknesses and helped them multiply their strengths.
Want More Work?
Pro-Tip:Hire a successful copywriter to tear down your proposal process. I hired Danny Marguiles to go over my proposals five months ago. After the tear down I used Danny’s advice and increased conversion for clients 60%!
My clients ended up surprising me. They told me they not only wanted to go forward with the project but they were excited to see what new skills I was bringing to their work.
They wanted to pay me more because they knew they would get more!
Clients will pay for the value you bring to the table. The more value you bring the higher rate you can charge. Increase your value and increase your rate.
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