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Send out an email informing them that as of (date) your rate will change from (rate) to (rate.)
Exactly as above. Though, I’ll add one story as a cautionary tale about waiting.
I had a friend start her own agency two years ago and needed some transcreation work done. She had no money and a tenuous relationship with this client. So for a year, I charged her rock-bottom rates for piecemeal projects so she had time to build her client relationship and expand her client roster.
This year, I raised my rates for her by 50% (still under what I charge other people!). There was no issue at all. It’s something I wish I did a long time ago. It placed a devalued sense on my time and her perception of the quality of my work. As soon as my prices went up, the working relationship improved.
I’m already planning to raise my rates again so they match my other clients. I’d suggest you not wait too long to inform them, especially if this is to keep your rates in-line with other professionals at you level.
I sent them email at the beginning of the year saying my rates were going up in 2022.