How do you know if it’s time to raise your rates? Spoiler alert: it’s time. Let me show you why!
Your cost has increased
If you are paying more for goods or services to do your job and you’re still eating that cost, it’s time to raise your rates. There is no reason for you to be making less because your costs are higher. Inflation is an unfortunate reality of business, but protecting your clients from that at your expense isn’t good for anyone.
Your service or product has gotten better
Have you invested in quality materials? Education? Improved client experience? Raise your rates. You’re probably offering a better service than you were a few years ago, and you should be paid for that.
Yes, more business is great, but if you’re feeling frazzled like you can’t keep up with the demand, you need to decrease your workload. Perfect time to raise your rates. What would it feel like to double your price and halve the amount of work you’re doing? If that seems like too steep of a jump, start small! Even a small increase can decrease your workload and lead to better balance.
It’s been a while since your last price increase
Over a year since you’ve bumped prices, even a little? Raise. Your. Rates. If you were going into an office job, would you be irritated if they passed you over for an annual raise? Stop passing over yourself and get the raise you have earned.
If you’ve recently been told, “Oh, wow! That’s super cheap for (insert what you do here).” Raise your rates!
I’m passionate about charging what you want to charge and raising your rates when it’s time. Take some time to read over this list again and evaluate where things are at in your business to see if it’s time for you to raise your rates.
Nervous about raising your rates? I understand! But that doesn’t mean it’s not time. I’m here for you, cheering you on. Comment below if you have any more thoughts about this! Or, head over to Instagram and join the conversation.