Should You Raise Your Rates in 2009?

As you evaluate your progress in 2008 and plan your goals for 2009, your freelance writing rates is one of the things you should think about. Is it time to increase your rates?

Here are some questions you should answer as you consider raising your rates:

• Has the demand for your services increased?
• What will allow you to command a higher rate?
• Can your current market pay you a higher rate?
• Can another market pay you a higher rate?
• Are you having a hard time living on your current rates?
• Are you providing exceptional value at your current rate?
• Will you continue doing an exceptional value at your new rate?
• Do you meticulously keep deadlines and make sure your clients are happy?

Increasing rates isn’t for everyone. Freelance Folder has 3 reasons you shouldn’t raise your rates. In a nutshell, if you’re not being the best freelance writing possible, you should probably keep your rates the same until you’ve improved your services.

If you decide to raise your rates, then you need to decide if the rate increase is going to apply to both old and new clients. You might keep some of your old, loyal clients at the same rate and apply the new rate only to new clients. Or, you might allow your old clients to enjoy the old rate for a few months before applying the new rate to their orders. In either case, it’s a good idea give old clients at least a couple months notice before applying the new rate.

Increasing your rates isn’t mandatory. There’s nothing wrong with continuing to charge the same rate throughout 2009 or increasing them on some other timeline. The important thing is that you evaluate your rates and take action where necessary.