There is a right way and a wrong way to ask your clients for a higher-than-standard rate. To do it successfully, you must show the client that you are worth the value and that, though they may be paying you more money per hour, the overall project costs will be lower.
Here are a few things to avoid:
Don’t try to raise your rates outside of your contract terms. If your contract ends in December, don’t try to increase your rates in September.
Don’t try to raise your rates if you know that the company is in a downturn.
Don’t try to raise your rates when the client is in their annual budget preparation.
Don’t try to raise your rates if your performance has not been up to standard or there have been issues with some of your past work.
Don’t surprise your client with higher rates by just handing them a new contract. Take the time to discuss and negotiate your rates prior to the beginning of a new contract period.
ShopTalk 800® Business Consultant
National Association for the Self-Employed