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You’re ready for a raise, but you work for yourself. Stand strong—it’s time to raise your rates.
How do you justify the increase?
First, remember that inexpensive can be seen as "cheap." Raising your rates sends a signal that you know the value of your experience and skill, and that you’re ready for more responsibility.
“Clients know that ‘You get what you pay for,’” says Holly Neitzel, an accountant who specializes in small businesses. Don’t assume that charging more will be seen as a negative.
What if you lose clients?
I've found that many small business owners experience the reverse—they gain clients (I did!).
If you do lose clients, that could give you the time and energy to create more leveraged streams of income, like workshops, digital products, or masterminds. Raising your rates may just give you the breathing room you need to take your whole business to the next level.
How do you handle existing clients?
Use this as an opportunity to evaluate which clients you'd hate to lose and which you'd hate to keep. You could offer a discount to favorite customers (and ask for a testimonial). If you can't afford to fire your tough customers, maybe offer them a grace period—or let them go.
Raising your rates is about taking care of yourself and your clients. Make sure you do it in a way that feels honest and full of integrity.
Ask for more. What's holding you back from raising your rates?
Tara Gentile empowers passion-driven entrepreneurs to find the profit in producing the work of their true spirit.