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Subject Expert
Get ready to get new clients.
You also have not told anyone how much your old rate was.
Subject Expert
Yeah, gonna need the context of what you're currently charging them vs what you raised your rate to. If you just went up from like $75/hr to $125/hr, yeah, don't do that. At least not with your existing clients. It's okay to realize you're charging way less than you could be and adjust it for new/prospective clients, but you're kinda stuck close to where you have been with existing clients until you can get some new ones at your increased rate. Anything more than a 10% price hike is likely to make most clients balk.
You need to keep a good relationship with existing clients. Definitely talk to them and listen - offer something you can all handle and feel respected. Don’t lose them. You could work out new time period for the increase or offer to shorten hours, work remote etc. alternatively, perhaps you want them to guarantee a certain number of hours to give you a steady reliable income. Raising rates on existing clients needs to be handled delicately if at all.
Something to note here. Few get the high fees you’re seeing in this bowl. Use what you read as inspiration and to set standard for yourself but you need to do what is right for you and keep work flowing in.
Existing clients are tougher to raise your rates with. Negotiate a middle ground with your existing and moving forward use your new rate
I guess I need a little context here. What was your rate before and how did you communicate the increase to existing clients?
I am raising my rates for 2023 too but for existing clients, I won't go up to my full rate. . . I intend to let my existing clients know that my rates are increasing beginning Jan 1 by X percentage due to inflation and the increase in cost of living. I usually use the cost of living adjustment percentage set by social security. I'm not sure it's been released yet for 2023 but it's predicted to be around 8.7%.
I always raise my rates by 5 to 10% every year. But this year I am raising them by 20% to account for the ridiculous inflation and the fact I didn't raise them at all during the pandemic...so 2020 was the last time I increased them. I don't expect my existing clients to be thrilled with that much of an increase so for them, I will split the difference and only raise them by 12% for existing. If they go, they go. I'll replace the business. C'est la vie.
I was charging $50 for graphic design and $70 for production with 15 years of experience. This was based on my fee for full-time work with benefits, that I kept when I went freelance full-time.
I let my clients know by writing an email saying that going freelance full-time has increased my cost of doing business (insurance, CPA, hardware/software etc.), and that I would be raising my rates from the above, to $100/hour for existing clients, and $125/hour for new clients, for both graphic design and production. I also said that I'd be willing to work with them to find a mutually beneficial option.
I know it's a big jump, but based on my research, experience, and my expenses, I should be making somewhere around this.
Thanks for all your input!
I think your rates are great and kudos to you for knowing your worth but like SAD1 said, a lot of your existing clients will probably say thanks, no thanks, so start prospecting for new ones.
Be prepared to have some hard conversations too. You may have to drop your $100 down to $80 to retain some clients (but only if you want to). You could bluff and say "It's been great working with you, I'm sorry my new rates aren't going to work for you. Let me know if you'd like a referral to another designer" and see if they counter. Up to you.
Good for you in your new rates. I have 15 years graphic design, photography, and web experience and have been a freelancer since 2019. I’m trying to get over feeling bad for charging $50/hour. I guess I just need a good in with some new clients.
Subject Expert
🤯 omg! please raise your rates by doubling and firing your old clients