#332: Yes, You Should Raise Your Fees (Even in this Economy)

When we’re in a challenging economy, most of us operate from a place of fear.

And fear causes us to either keep our fees the same or to lower them. 

But I have a different recommendation for you today. I’m going to challenge you to RAISE your fees—starting today! 

Now, before you start thinking I’m crazy and out of touch, hear me out. Because there are many ways to do this wrong … and only a few ways to do it right. 

The way most writers attempt to raise their fees is by going to existing clients and telling them that their fees are about to go up across the board.  

And yes, if you do it that way, you probably won’t get very far. I’m not suggesting you completely avoid this approach. But I’m suggesting that this method has the most risk and the most limited upside. 

You may get a few clients to agree to the increase. But it’s a very stressful process to go through. And frankly, there are much better ways. 

What do I recommend instead? I’ll share my specific recommendations in today’s short episode below. 

The notes that follow are a very basic, unedited summary of the show. There’s a lot more detail in the audio version. You can listen to the show using the audio player below. Or you can subscribe on Apple Podcasts, Spotify, Stitcher, Google Podcasts, Amazon Music or wherever you listen to podcasts.

Key Topics and Bullets:

  • Alternative approaches with less risk and more upside
  • Challenge to raise fees by 10% to prospective clients
  • Consider increasing fees by 20%
  • Success rate of raising fees with prospects
  • Think of ancillary or related deliverables to offer clients
  • Offer bundled pricing instead of itemized list of deliverables
  • Increase fees by offering valuable add-ons
  • Profitability of bundled pricing
  • Offer advisory or strategy sessions to clients
  • Example: Brainstorming or project road mapping session
  • Charge for separate engagement or include in a bundle
  • Highlight the value of clarity provided to clients
  • Set a high internal hourly rate for advisory projects
  • These are three indirect approaches to raising fees in any environment.

By the way… whenever you’re ready, here are 3 ways I can help you grow your freelance business:

  1. Grab a free copy of my book.
    It’s called Earn More in Less Time: The Proven Mindset, Strategies and Actions to Prosper as a Freelance Writer. The title says it all. ? — Click Here
  2. Join my implementation program and be a case study.
    I’m putting together a new implementation group this month. If you’re earning $5k+/month (or the part-time equivalent) from your freelance business … and you’d like to grow your income quickly with better clients … just email me at [email protected]
  3. Work with me privately.
    If you’re a 6-figure writer who’s trying to earn more in less time, with less stress, I might be able to help you get there faster than you think. Just email me at [email protected] and put “Breakthrough” in the subject line, and I’ll get back to you with more details.