As a work at home contractor, you are always looking for opportunities that reward your services better than the current ones do. When a work at home entrepreneur gets started, they often set pay rates very low to attract the first clients and from there begin to build their profiles and attract better paying clients. It gets to a point when they current clients’ pay is too little and even though you may have worked with them for awhile, it becomes necessary to revise your rates across the board just to keep up with the rates of inflation. How do you do this?
Use the New Year approach
A major rates increase is most likely to disappoint clients, but depending on the quality of services you have been offering, most are likely to understand your need to raise your rates and may keep working with you despite the rates increase. One of the best ways to go about this is to set a New Year or anniversary goal to pitch to your clients that you need better pay. This can be a new work year such as starting 1st January or it can be your anniversary since you became a work at home contractor.
Can you really get clients for the new rate? Better find out first
You cannot raise your rates before you are certain there are clients willing to pay that much in the current market. Even while you still have clients, you can shop around for new clients and set your new pay rates as your rate. You can turn down clients offering lower rates but remember that it is better to renegotiate and come a bit lower than lose quality clients over a few cents.
Ask current clients for a raise
The next step will be to ask your clients for a raise, but be ready for no. If they turn down your request, consider renegotiating for valued clients or walking away if they are clients you can afford to lose. Craft a notice and send it to them one month before your work anniversary or sometime before the month of December begins to notify them of rates changes come the New Year. A client is less likely to double your pay rates in a month, you may therefore need to ask for a certain percentage raise – say 15 or 20%. Be sure to explain your reasons for pay rates changes and be as polite as possible.
Offer volume discounts and higher paid services
Over the years that you have been a work at home contractor, one of the greatest values you have earned is experience. If you have expanded your work portfolio over the year(s) be sure to let your clients know of the new services you are offering and offer new discounts on the higher paid services to keep them interested.
2024 is here, and if you are thinking of revising your rates, then the time to being working on it is now. Are you going to revise your rates?