People come to me and ask how they can double their hourly rate. This inquiry is what I will be discussing in this blog. I don’t know if what you charge right now is right or not, but if you wish to double your freelancing rate, continue reading.
Increasing your hourly rate has nothing to do with saving money or, or getting better projects or different projects. These tips will teach you how to double the amount of money you’re currently charging your prospects.
Provide More Value
Create a list of things you can do before you charge a client that will show your value. I have a designer that sends watermark samples over before they charge the clients. I know a UX guy, a User Experience guy, who does website reviews for clients. If you’re into UX, what you do best is enhancing the flow of a user’s experience on a website, a good way to provide value to show your expertise is a website review of the current prospects’ website.
I do a great discovery call where I show them that I’m an expert marketing strategist. I call them, and I’ll talk through what their issue is, what they need, and how I can help. I do this for 30 minutes to an hour; it depends whether the prospect gets engaged with my discussion. I don’t feel like I’m selling anything, but I’m showing them that I have value.
When you show them that you have more value than what they expect, you are giving them reasons why it’s justifiable to ask for a higher rate.
Don’t Bill Hourly, Bill Per Project
Scope out the entire process of whatever this person is hiring you for. For instance, if a prospect wants to hire you to write a specific agreement, ask for per-project payment. This way, you prevent scope creep. It means that you make the client aware that he cannot throw in any task that has nothing to do with your job description. If you charge per hour, the client can give you any responsibility because you’re getting paid for doing it anyway. Charging per project is like telling your client, “you know what, regardless of how long this takes me, I can do this for x amount of money.”
This strategy can pay off because if you’re the type of person that works fast or is very good at your trade, you can get more projects done within a day. So, a client might think I spend 10 or 20 hours doing a project, when in fact I spend only two or three hours doing it. Is that ripping them off? No, because if they went anywhere else, they would end up paying more for the same, or even inferior quality of output.
Go Outside Your Comfort Zone
Try some prospecting methods that you’re not used to. Always do prospecting, no matter what. Put this on your calendar and force yourself to live and die by your schedule. Then try a new prospecting technique every week until you find something that works for you. If you’re not used to LinkedIn, then try it. Find 50 people a day that are potential prospects. Or, do the warm calling, sign up for a freelancer platform like Upwork or something.
Go outside the comfort zone of what you usually do to prospect. That way, you’ll be able to try some strategies that you haven’t done so in the past. And when you bring in new opportunities from different platforms, you’ll notice that sometimes these prospects have a particular way of doing things. For instance, if you go to LinkedIn, you are targeting people who do B2B, owners of companies, CEO’s, and other high-paying clients.
Create an Online Presence
If you think that your prospects will not Google or Bing you, you are wrong! I hire a lot of freelancers for various project, and the first thing that I do is to Google them. I look at their reviews on whatever platform I met them on. If I didn’t meet them on a platform, and then I’ll Google their name and look at their LinkedIn profile.
If your presence is nothing less than stellar, then I shouldn’t be working with you. Your prospects will probably feel the same. They’re specifically looking for bad stuff. So, make sure you have a fabulous online presence with exceptional client feedback.
Maximize Your Sales
The more you can help a client, the more they will pay you. Identify problems upfront even before the prospect knows about it. Instead of just saying, I can help you write this blog, for example, if you’re a freelance writer, you can say, “ I can help you format this blog, I can help you code it for HTML, I can have you published and distributed.” Maybe, the actual price for the writing of the blog itself might be $30 per four. But formatting and coding at HTML might be $60 an hour. That’s a skill set, where you just doubled your hourly rate by providing another service to your client.
Even though it’s good to have one core service that gets a client, cross-selling or up-selling your skill will allow you to charge more per hour.
I hope these tips will help you earn more for what you do as a freelancer. Don’t be afraid to double your hourly rate because you deserve it. For more tips, be sure to join us for freelancing school at freelancermasterclass.com.