What crosses your mind whenever you think about doubling your independent consultant hourly rate? For many consultants, doubling rates is equivalent to sending clients away. Raising the rates is crucial for building a healthy bank account. Higher rates give you more money with which to meet your financial obligations without any problem. Irrespective of experience, no independent consultant wants to ask clients to pay more for the same service. It’s important to overcome any mental block that hinders you from doubling your hourly rates.
Below are the five ways all beginners can apply to double their hourly rates.
Before sending an email to your clients to inform them about the new rates, prepare a document that shows them the value they will get. There are several measures you can put in place to prove you deserve what you’re asking for. One way of showcasing your value is by revamping your portfolio. Do not hesitate to ask your best clients for exceptional testimonials. There are several ways of getting such testimonials from your freelancing clients. Some of the best ways of obtaining wonderful testimonials from your freelancing clients include:
a) featuring a survey at the end of the project you’re currently doing
b) providing rewards for glowing testimonials and reviews
c) asking for testimonies on Twitter or other social media platforms
Anybody who has worked as an independent consultant knows that some customers are 100% better than others. Therefore, target such customers when contemplating increasing your independent consultant hourly rate. However, you will need to improve the quality of your services to convince clients that the doubled rates are worth it. Also, do not forget to check the projects from each client based on the per-hour rates you charge. The information you gain here will help you to know which customers are worth retaining or dropping.
Businesses raise their rates all the time. There’s nothing strange about a business doubling or tripling its rates. However, raise rates only if you promise to improve the quality of services rendered substantially. Let your clients know that you plan to double the rates every three months. Let them know you have a schedule. Inform them in advance. Taking this step helps you to get rid of the emotions you may struggle with while increasing the rates. Doubling the rates should never be an out-of-the-blues event. Plan for it and inform your clients accordingly.
It’s possible to give clients the freedom to choose new rates. Give the clients a few options. Allow them to select the price tier they are most comfortable with. Be creative with the price tiers. Price tiers often change the clients’ mindset. Normally, clients tend to ask if they should pay you at all whenever they learn that it’s time to pay new rates. But, they will not entertain such thoughts when you inform them about the price tiers. Instead, they will be wondering about the most appropriate price tier to choose.
Examples of price tiers you can introduce include:
a) $349 for a basic package
b) $499 for a premium package
c) $799 for an elite package
Charging in chunks
Charging in chunks is better than charging per hour. Clients consider this a softer way of increasing rates. It takes plenty of time to search and find the right client willing to pay your doubled hourly rates. Instead, look for bigger clients. Then, do their projects in bits. Charging in chunks gives you more time to carry out the search for new clients and still have plenty of time remaining to spend with your loved ones and friends. Feel free to choose and use any strategy from the ones listed above to help you double your independent consultant hourly rates.