How To Double Your Freelancing Rate

I want to double my freelancing rate. I don’t want anyone to know about it, either. How can I do this?

If this is the case, I’m assuming you’re interested in making a living wage doing what you love.

My first few years as a freelancer were tough. I was simply logging in, writing an article or two per day (paid at $10 per article), and getting paid via PayPal. Work was slow, but I was making enough money to keep me going. Then I got into double my rates territory (after a lot of hard work!) and doubling my freelancing rates became a reality for me.

I’ve now been at double the average freelancer’s wage for a year or so and I haven’t looked back. I’m still a long way from the highest earner in my field, but to double my rates was an important milestone for me to hit.

There are many ways to double your freelance rate without being obvious about it! This article will give you some practical steps for doubling or even tripling your rates while staying under the radar!

Why raising your rates will help to attract the right clients

There are many challenges that freelancers face when it comes to pricing themselves appropriately. The first thing is being clear on how much you’re willing to charge for a particular job, and what the reasons for this are. Know the value of your work.  The need to charge bargain prices is a misconception. These tips are bound to help you attract the right clients and you’ll be doubling your income in no time:

  • Always make sure you’re marketing yourself in a way that attracts the clients you want.
  • Rather than trying to be the right fit for everyone, choose to focus on engaging the right clients.
  • By narrowing your niche and identifying who your target client is, you will also be setting rates to match.
  • Aside from the obvious benefits of raising your rates, you’ll find by doing so will help you weed out people looking for “budget” content.
  • By meeting the demand for a lower rate, you essentially tell clients that you agree to charge too much or that your work is not worth the price.

From mindset to pricing, each experience has a massive impact on your freelance career. It’s not always easy but you’ll become much more equipped to handle the low points or pivot if necessary. It’s better to double your freelancing rate by saying no more often than yes to jobs that don’t pay enough.

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How To Double Your Freelancing Rate

How to know when not to raise your rates

Freelancing can be a double-edged sword. On one hand, it allows you to set your own rates and work from home on your own terms. And yet, while the freedom is nice, freelancers are often faced with low pay rates. Often that leaves them struggling to make ends meet. So when should you not raise your rates?

  • Do not raise your rates when you are just starting out – the most important thing is to establish a steady client base that will keep coming back for more. It takes time and effort before you see any significant amount of money coming in, especially if you’re doing mostly small, one-time projects.
  • If you’re a beginner – you’ll have none or very little experience working as a freelancer. Do not raise your rates if you have little experience and no portfolio.
  • Know when to say no – Be straightforward with your client if the project isn’t a good fit for you. If it’s something that you’re not comfortable with or unable to do, then let them know. You’ll both be happier in the long run!
  • Without having any clients – you’ll have nothing left to work on and no money to pay the bills. The double-edged sword of freelancing strikes again!

Tips to double your freelance rate

Sometimes you might find yourself wondering whether to double your rates or not. When is the right time?

There are a few things to consider in deciding when you should double your rates. First and foremost, make sure that you double-check what other freelancers are charging for their services. Some industries have more competition than others, so it can be difficult for some freelancers to charge higher rates.

You double your rates for higher-paying work and better clients. The idea behind raising your rates is to attract better-paying work. It may seem counterintuitive, but double your rates only when it makes sense, and when you deserve to charge more.

For example, double your rates if you’re capable of completing projects faster than your competitors. Or double them if your clients are happy with how they’ve been served in the past.

Freelancing tips

Here are a few more tips to double your freelancing rate:

  • Your services have become more in-demand, which has strengthened your supply side of the market – if you’re becoming overbooked and having to turn clients away because the demand for your service exceeds the supply, then you might want to raise your rates.
  • Do NOT undersell yourself – It’s important to remember that some clients will pay more for quality work, so don’t be afraid to charge what you’re worth!
  • Never price yourself below market value – if someone is offering to pay you $20/hr to work on a project, yet you know someone else who charges double your rate and does the same job, then don’t be afraid to go for double the price.
  • Exchange your higher-paying clients for your lower-paying clients – If you want to make more money, try adding new clients. You can find the right clients who may be willing to pay higher fees. It is okay to fire your lowest-paying client so you have time freed up to find more valuable ones.
  • If you have more than one freelancing skill that is marketable – double your rate for whichever skills are more in-demand and double it again if you are willing to sacrifice the skills that you’re less skilled at.
  • Double the amount of time you spend on marketing – then you’ll double your customers.
  • You’ve improved your service and/or skills – if you’ve recently taken a course to upskill or double-checked the market value of your skillset, then it’s definitely time to double your freelance rate.
  • Work smarter, not harder – One of the easiest ways to give yourself a pay rise is by changing your fee model to a per-project rate, rather than charging by the hour.

Tips on How to Get More Freelance Work

The biggest problem that most freelancers face is finding work. This may sound like a simple thing.  After all, there are millions of people looking for freelance jobs every day.  But the reality is that it’s more difficult than you might think. Here are some tips on how to double your freelancing rate and find more work:

  1. Over-deliver – A big part of how you can double your freelance rate is by providing more than what was initially expected. If a client really likes the work that you do, they’ll be more likely to keep using your services and recommend you to others.
  2. Collect testimonials – if you do excellent work, ask for a testimonial!  It doesn’t matter if it’s for a freelance gig or not, testimonials give you credibility and make you look like a more trustworthy freelancer.
  3. Build relationships – Work with clients that you enjoy working with. If they like your work, they’re more likely to refer others to you as well.
  4. Consider joining freelancing networks to expand your network and work experience – freelancing networks help freelancers build their portfolios while providing an opportunity to double your rate and find new customers.
  5. Invest in yourself – Only invest in things that will double your freelance rate. In other words, if you’re not sure whether it’ll be worth the investment, then don’t do it!
  6. Know the market – Don’t waste your time undercutting other freelancers. Know what market rates are for the type of work that you do and double it!
  7. Reconnect with inactive clients – a client may go dormant for a number of reasons. There’s a very good chance that you can reconnect with a client, even after a year or more of inactivity. If you’re open to doing more business, then reach out and reconnect!
  8. Have confidence in yourself – If you’re shy or you don’t believe that your services are worth the rate, then it will show through.  Clients pick up on these vibes and may be hesitant to hire you.
  9. Be willing to negotiate – There may be a reason for your client to pay double the market rate. Such as if they need work completed quickly or if you’ve exceeded their expectations of quality. If that’s the case, then it may be worth negotiating on how much you’ll charge (as long as it’s double what they were originally paying you).
  10. Promote yourself – Don’t just rely on word of mouth. It’s good for generating leads and it’s free but don’t forget to do some advertising too. Good places to spend money and promote yourself are Facebook, Twitter, and LinkedIn.
  11. Leverage technology – if there are software programs that can speed up your working process, buy them. You’ll find that they pay for themselves in no time at all.
  12. Create an amazing portfolio – It’s a great idea for you to create a stellar online portfolio or brochure. This will give potential clients an opportunity to see your work and be impressed by it before they hire you.

Start charging what you’re worth today

The reality is that you are worth more than what you’re currently charging. If your current rates don’t reflect this, it’s time to get real with yourself and start increasing the amount of money you charge for your services.

Conclusion

Freelancing is an excellent way to make money while having the freedom and flexibility of your own schedule. However, it can be difficult for freelancers to double their rates if they’re unsure about how to go about pricing themselves or what strategies work best for them. This article has provided you with a few tips on how you can double your freelance rate by leveraging technology, creating an amazing portfolio, being willing to negotiate, and more!

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