{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"#39: Raise Your Rates\u2014Without Emotion","description":"Today\u2019s episode focuses on how to raise your rates. Raising your rates is not about if you should raise them, but when and how. On episode 28 of Deliberate Freelancer, my guest Pam Capalad talked about the need to take the emotion out of raising your rates. I thought that was so smart\u2014and easier said than done. Pam recognized that a lot of issues tend to pop up when we talk about raising our rates: imposter syndrome, fear of rejection, wanting to be liked. All of that is emotion. I wish I could help you instantly channel the confidence of a successful businessman who was born into privilege and never questions how much he charges his customers. But I can\u2019t, so let\u2019s talk about how to raise rates for your freelance business. Start by eliminating your hourly rate. Start charging by the project. If you work fast, you are penalized for charging an hourly rate. And, an hourly rate doesn\u2019t recognize the value you\u2019re bringing to a project. Instead, create a secret hourly rate. Aim to earn way more than your secret hourly rate. This is where project rates shine. Don\u2019t underestimate that nagging, resentful, frustrated feeling. Don\u2019t agree to rates that you don\u2019t feel good about! Take a beat every time you come up with a rate\u2014right before you send the proposal off\u2014and gauge your feelings on it. This is where it\u2019s OK for emotion to come into play. And if the potential client comes back to your proposal with a counter-offer, take another pause and make sure you are comfortable with the lower rate they are suggesting. All clients are not created equal. One mistake a lot of freelancers make in the beginning is having one rate for everyone. Don\u2019t. You may have rates that are higher for corporations that have more money than what you charge a small nonprofit in your community. You may charge more for more technical projects or projects that are a pain in the butt or have challenging clients. There are a million reasons you might charge differently. Look at each client and each project on a case-by-case basis. Raise your rates for all new clients. Create project rates based on your new secret hourly rate for all new clients. Raise your rates for existing clients. Start by making a list of all your clients and how much you charge them. Go down the list\u2014treating each client differently\u2014and ask yourself how much you could raise the rate. Once you decide on the new rates, you need to email your clients and inform them of the new rates. Don\u2019t ASK them if the new rate is OK. TELL them what your new rate is. Track your time on specific projects. Time-tracking specific types of projects you do often will give you a sense of how much time certain types of projects will take you. You might be surprised to learn you are underestimating or overestimating how long a project takes. Be sure to include your research, all that emailing back and forth, any phone conversations. It all adds up.   Biz Bite: Stop talking. The Bookshelf: \u201cWord by Word: The Secret Life of Dictionaries\u201d by Kory Stamper   Resources: Episode #28 of Deliberate Freelancer: Take Charge of Your Finances, with Pamela Capalad Episode #22 of Deliberate Freelancer: How to Create a Better Work-Life Balance, with Laura Poole Episode #28 of Deliberate Freelancer: Spotting Red Flags and Scope Creep Toggl time-tracking app ","author_name":"Deliberate Freelancer","author_url":"http:\/\/deliberatefreelancer.com","html":"