Not sure how much to increase your prices?
Does it feel scary?
Not sure what to say?
I get it! It can feel complicated and scary and overwhelming. The good news is there is a simple way through. If you can pluck up just a little courage, you can give yourself a great gift in the future.
☞ My quickie guidance for raising rates
1
Raise your rates once a year.
Make it a routine.
2
As a baseline, use your city-specific Cost of Living Adjustment (COLA) percentage.
At a minimum. (Otherwise, you are literally taking a pay-cut.) I recommend adding 1-5% more as a raise, to reflect your growing expertise, especially if you have invested in professional development.
3
Keep your email to clients simple.
This is standard practice in business. No need to explain, simply announce your new prices for the upcoming year.
4
Get a friend to sit next to you when sending out the emails.
Outsource your courage / will power!
5
If needed, offer special pricing to some clients.
If you have some clients who might struggle with paying your new prices, consider offering them “bridge” pricing for 3-6 months, or even for the full year. A rate in between the old and the new, or anything that feels right.
One last note about the mindset: I invite you to make this decision based on what will keep The Talent - YOU - happy in this job.
A common mistake is to base pricing off what we perceive clients can pay. To think about their needs first, before our own. While we want to serve our community, and be affordable to people…. It’s important we earn what we need to be able to stay in our job! Generally, I recommend adjusting your prices so can earn what you want/need, then make a few spots for sliding scale or special pricing as needed. Allow those special clients to be exceptions, and not the primary factor in this decision.
You got this!
Good luck!
🙌
If this helps you raise your rates, I would love to hear about it. Please send me a note and I can celebrate with you. :) Jenny
