As creatives, we need to keep an eye on how much money is coming in. What’s more, we may even be price dumping ourselves without even knowing it. Once you’ve figured out where you’d like to position your prices, it’s time to raise your rates without cringing.
Inflation happens and you need to go with the flow. I can’t IMAGINE charging what I did 20 years ago today. I wouldn’t even be able to afford rent! So as the times change, so do your rates.
Quick tip: if you are under contract with a client before you raise your rates you must stick to the rates you agreed upon when taking the job. Once the job is completed then you can use this pre-written script on that client to inform them of your new rates.
Also note that whenever speaking about money, make it impersonal. Instead of saying “my rates” say “the rates”. Detaching yourself and your client emotionally from the rates is a subtle psychological trick that makes it easier for your client to accept the change.