Advanced search

to increase my hourly rate

(8 Posts)
seminakedinsomebodyelsesroom Tue 27-Sep-16 15:09:24

I'm a freelancer. I've been freelancing for about 8 years. I put my day rate up once in this time, about a year after I started when I had established and proved myself. So it's been the same rate for about 6 and half/7 years. I know I am 'cheap' compared to many peers in the same field, but I know this tends to keep me in work most of the time.

I have recently changed my working hours as both DCs are now in full time school. It seems like a good time to also review my rate - and move to an hourly rate as I will now be working 2 school days and 2 full days, making a day-rate less relevant 50% of my working week.

I know the market rate for someone with my experience is about 20% more than what I currently charge.

Is it career/business suicide and AIBU to increase my rate by this much? Bearing in mind current economic climate as well. On the one hand I don't want to sell myself short, but on the other I don't want to appear to be taking the piss.

lemony7 Tue 27-Sep-16 16:53:43

What field are you in? Do you have a lot of regular clients? Would this rate be for new clients or existing ones too? Could you afford to lose existing clients if you charge any more?

I'm a freelancer too (when my health is good) and should really charge more for what I do, but like you, I get more work because I'm cheaper.

You want to be competitive but neither sell yourself short or charge too much! It's so tricky. Also, a lot of people get a pay rise annually, and if you've not had one in 6+ years you're due one.

SquawkFish Tue 27-Sep-16 17:07:05

Also a freelancer.

My rates will be going up in the New Year, they are cheap at the moment as I've just started out. I think that the New Year is a good time to do these things as it is a time of fresh starts for a lot of people.

Are you able to manage until then?

SandyY2K Tue 27-Sep-16 17:11:10

I guess it depends on demand for your field and the going rate, but 6 years is a long time to stay at the same rate.

ihatethecold Tue 27-Sep-16 17:12:15

The person who looks after my dogs when i go on holiday has recently put her prices up but im happy to pay it because she provides an excellent service and i trust her with my beloved dogs.
she is worth the extra money, if you feel you are then you should show that in your fees.

TheNaze73 Tue 27-Sep-16 17:18:43

It's all about supply & demand and where you pitch yourself brand wise. Go for it

CurlsLDN Tue 27-Sep-16 17:24:10

Go for it, don't undersell yourself, all businesses understand inflation. However 20% could be a painful leap for your clients, so you may want to consider increasing eg 7% a year for the next 3 years.

I don't agree that new year is a great time to increase prices, as that's the start of the last quarter of the financial year, when budgets are already assigned and it's hard to find extra cash. I would suggest either doing it now or at the start of the financial year (perhaps warning of the increase a month before the close of the financial year, so that your clients can plan the extra cost into their new budgets)

seminakedinsomebodyelsesroom Tue 27-Sep-16 20:46:01

Thanks for the replies. I agree 20% for existing clients would be a big jump. My plan would be to do a middle ground rate increase for them. For new and my more intermittent/occasional clients perhaps a bit more.

Thank you.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now