4 signs it’s time to rethink your rates

Regardless of what services you offer, there’s one thing that all freelancers need to do in order to run a successful business: set their rates.

Money can be an uncomfortable subject for many people, and freelancers are no different. But if you’re going to succeed in this business, you’ll need to start making smart financial decisions for yourself, especially in the middle of COVID-19 — and be prepared to adjust those plans as your business grows. You can’t just set your rates once and forget about it. From cost-of-living increases to expanding business needs, there comes a time when all of us will need to reassess what we charge.

But changing rates can be scary. You don’t want to risk offending your existing customers with low rates, or start overcharging and driving away potential new clients. So how do you know when it’s really time to take the plunge and start sending those rate-change notifications?

Luckily, there are a couple of easy signs to tell when you’re ready.

1) You’re working so many hours that you don’t have time to grow your business

It’s true that, especially in the beginning, you’re going to need to hustle to build up your client list and get

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