Raise your rates in the new year
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
Book$ about Money / A short list ♡ and some guiding ideas
If you wish to see the list only, scroll down. :)
First, I wished to share some thoughts about books on money….
I love when people ask me about good books on money! And then immediately get confounded … for 2 reasons.
1 - Because most of the books I read are a bit older, and I can’t fully remember if they feel modern enough now. (I stopped reading books on this topic, once I got enough knowledge, and found my own good relationship with money.) I’m sure there are great ones out that that I just don’t know about!
2 - Most importantly, because it really depends on what you’re looking for! There are so many aspects to working with money! I can answer this best when we have a little conversation first. (In fact, feel free to hit me up for a free 20 min Zoom chat.)
The best books on money, are the ones where: you like the tone, it gives you the knowledge you’re seeking, and motivates you to make some changes! Avoid books that feel too daunting, make you feel behind, or that you’re doing something wrong. Or define a protocol that feels too strict.
Below is a list of money topics.
I list them out, to offer you as menu, in case you’re still figuring out what you want to learn.
Also, I wish to point out that … there are many ways to “be good” with money. Though in our society, women have been steered to only one corner of this skill set: budgeting, saving money, being thrifty, paying off debt. Here are more ways to be good with money, that might get you a bigger bang for the buck!: earning more, feeling worthy and empowered, building wealth, being literate with our money systems.
These are the most common topics people are asking about:
How to control or direct your spending (budgeting)
Ways to save more
How to get out of debt
Investing, growing wealth
Retirement
Adulting money skills, building some basic money literacy and know-how
Basic bookkeeping and accounting for business
I would love to get these topics on people’s radar too:
Get fired up to earn more ~ how to feel worthy
Learn what your thriving life costs, and put a price on it
How to earn more
If you work for yourself, design your rates to earn enough+, If you have an employee job, find a way to ask for more
How our money system is a bit whack, and you’re great!, but it’s still good to know how to play the game
How your taxes work, so you can factor them into plans
Feeling better about money, building a more peaceful relationship, being empowered
How to work with people in the Finance world (financial advisor, accountant, etc.)
List of Money Books
I wish I had more modern books to offer you! If you find any that you love, please let me know.
Feminism and building wealth
I haven’t read these, but this is where I’d start today
Rebel Millionaire: Get rich on your own terms
Peg Cheng
Perhaps heck out Suze Orman books
All-around Money Skills ~ Getting out of debt and building wealth
#7-Figure Net Worth: Modern Wealth Blueprint for Black Americans
by Brielle Mabrey
Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence
by Joe Dominguez and Monique Tilford
This is an oldie, but goodie. Though the program is kinda strict.
Adulting Money Skills with a Narrative
I Survived Capitalism and All I Got Was This Lousy T-Shirt: Everything I Wish I Never Had to Learn About Money
by Madeline Pendleton
Charging enough if you’re self-employed
Sections of these books cover how to charge more.
If you follow this guidance, it’ll pay for the book in no time!
Unstuck: Method + Magic for Stepping Into your Worth
by Roxie Jane Hunt
How to Become Self-Employed in Seattle: A Guidebook, Companion, and Reference
by Jenny MacLeod (yours truly!)
Working with money if you’re self-employed
Accounting Made Simple: Accounting Explained in 100 Pages or Less
by Mike Piper
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
by Mike Michalowicz
This book is overpromises (it could have been an article)…however, it’s got some great strategies around using bank accounts.
Feeling better about working with money
The Soul of Money: Transforming your Relationship with Money and Life
by Lynne Twist
Thank you for reading! I’d love to hear which books you found helpful, whether from this list, or beyond. Good luck in your journey! And way to go for building up your money skills! I think it’s one of the most beautiful, simple, radical acts as a Feminist!
♡ Jenny
