When should you raise your freelance writing fees or rates? Great question and there’s no one right answer! There rarely is when you’re running your own freelance writing business. Frustrating if you’re used to getting specific answers.
There are, however, some guidelines about raising your freelance writing fees that may be helpful. They include:
How long has it been since you raised your freelance writing fees?
If you’ve been writing and getting paid for two years or more, it’s time to raise your fees.
Even though the inflation rate is pretty low (officially, depending on your source, something like 3 percent) your costs have gone up. Or at least mine have. Food is more expensive, transportation continues to increase, and so does housing – in many cases much more than the stated percentage.
You need to take into account those increasing prices.
How much work do you have?
The amount of writing work you’re being paid for can be a great indicator that it’s time to increase your freelance writing fees. If you’re busy or close, it’s probably time to raise your rates.
Strangely enough, the reverse usually isn’t true. Increasing your per word or hourly rate often results in more business than less. It may have something to do with how you perceive yourself and how others perceive you.
How many clients have you had for a long time?
We all love clients that stick with us. The only problem is they may be paying the rate you charged from ages ago. If so, you need to raise their rates too. Sure, you want to retain them, but not if they aren’t going to pay you adequately. Maybe you can’t bring them all the way up to your new rate – if so, by all means let them know that they’re getting a bargain – but letting them know that in 30 days, or 60 days – some fair warning – your price will go from $x to $xx is a reasonable thing to do.
Don’t be afraid to lose low-paying clients, even if their relatives! Low payers (and slow payers) are do you no favor and you’re only enabling them to expect to pay poorly.
Are you ready and willing to raise your freelance writing fees?
Write well and often,