How to GIVE YOURSELF A RAISE as a Freelancer (During a Recession)

You want to make more money are your Bills getting more expensive well I have A really great solution for all you Freelancers out there and in this video I'm going to show you exactly how to Make this solution work for you a little Spoiler this video is about giving Yourself a raise and exactly how you can Go about doing that so why should you be Quote unquote giving yourself a raise Well I'll be totally honest with you the Whole inspiration for this video has Been born out of the current situation We're all facing with inflation Inflation's high right now for the month Of December it was reported that in the U.S inflation was at six and a half Percent that's really high and if you Don't know what inflation is it's Basically a rise in prices making it More difficult for us to pay our bills With our hard-earned cash when inflation Goes up we spend more money to buy the Same stuff it sucks historically at Least I remember companies would give Employees annual raises inflationary Raises to cover the cost of inflation I Remember them being anywhere from like Two to three percent raises every year But that just doesn't cut it anymore Right and to make matters worse for us Freelancers as Freelancers we don't have Anyone sitting there giving us a raise Every year we're on our own so if we as

Freelancers want to keep making money And stay ahead of inflation we need to Be diligent and proactive about giving Ourselves raises but how do you do that I know if you're watching this you're Probably like that sounds a little Intimidating right existing clients Might push back on you if you try to Raise their existing prices if you raise Your prices for new clients it might put Them out of budget putting you into a Different price category so how do you Go about giving yourself a raise Successfully as a freelancer without Totally killing your business that's What I'm going to talk about in this Video so grab a pen write this down or Reference back to this video I'm gonna Lay it all out for you so the first Scenario I'm going to talk about is Probably the most intimidating how you Can go about raising prices with your Existing clients well before you go and Send a bunch of emails out to your Clients and Shake everything up you First need to sit down with yourself and Figure out just how much you need to Increase your prices by once you've Decided on that and you've set your new Rates it's probably a good best practice To let everybody know well in advance What I usually do is I'll say okay I'm Going to raise my prices to X but I'm Going to make these prices effective in

Like a month that way when I reach out To all of my existing clients I can let Them know that my prices are going up But I've included a little buffer window To give them an opportunity to take Advantage of my old lower prices before That price increase happens I found that This usually gets a really great Response and a lot of the times it Actually drums up some business for me For clients that have been meaning to Place another order or meaning to hire Me for a new project but just haven't Gotten around to it it's a real really Great motivator if they're going to Spend the money anyways it kind of Motivates them to do it now before that Price increase and here's a sample Message I wrote that you can use to help You find the words to communicate this To your own clients I find that Messaging like this works really really Well hi writing to let you know that on March 1st 2023 my price is for my Services will be increasing I appreciate You as a client but due to the changing Global economic landscape affecting my Business a price increase has become Necessary luckily if you have any Pending projects that need completing I've left a buffer period to allow any Of my past clients to book in orders Before the increase thank you please Feel free to contact me if you have any

Questions and then you sign with your Name So if you do this and you have clients Pushing back saying they refuse to work With you at your new rates you have a Decision to make and unfortunately there Will always or more than likely always Be someone who falls into this category They don't like they don't like or want A price increase so this is a situation Where you really need to sit down and Reflect if this client isn't willing to Accept this first price increase if you Plan on raising your prices in the Future as your business grows and your And your skills increase is this the Type of client you even want to bother Working with is it going to be worth Your time long run if you do see this Happening again where you do plan on Scaling your business and increasing Your prices and adding more services you Might need to make the hard decision of Just you know ripping off the Band-Aid And dropping them as a client right now But you might also have some you know Legacy long-term clients who don't want A price increase but you also don't want To lose them as a client so if you find Yourself in this situation here's Something you could consider you could Agree to honor their old pricing but you Should ask for something in return Something like maybe having them

Introduce you to somebody they know that Could be a new potential client for you That's a great way use them to get a Referral or you could have them agree to Be a reference for you if you have a Future client that's asking to talk to One of your past clients you could get Them to agree to do that like it kind of You scratch their back with the lower Pricing they scratch yours by providing Great reference that's another great Thing to ask for or if you do want to Honor you know a great client's old Pricing you could ask for more favorable Payment terms for yourself so for Example if you have an arrangement where People pay net 30 30 days after Completion you could say hey if I'm Going to honor Legacy pricing I need Cash up front or half up front whatever You want whatever makes sense for you You should ask for something like this So that it's a win-win and you're Getting something in return and they Feel like they're getting some great Value out of you because you are raising Your prices and you're allowing them to Stay at their existing price so scenario Number two is how to raise your prices In general for all new clients you know Any new client come into your business You're raising your prices how do you do That so regardless of whether or not You're freelancing on a platform like

Fiverr or upwork or you have your own Website before I do anything like Globally with my prices like what's Outward facing what everyone will see I Do a quick scan of the market and my Competition to see what everyone's Charging nowadays because odds are the Time between my last price increase was Probably a couple years so I want to see What's current in the market regardless Of whether or not that's going to affect My price increase it's just good to have In your back pocket it's good Information to know so once I do that And then figure out you know what I need To increase my prices to I tend to Spread those increases out incrementally Over a long period of time what this Allows me to do is it gives me a chance To sell my services at each price Increase level and it lets me measure How much volume I'm getting how many Clients the quality of the clients so That I can decide which price level Makes the most sense for my business Because highest price not might not Always be best it might mean that you're Getting a lower volume of orders and Your total earnings going down there Might be a sweet spot that you need to Identify so I tend to increase my prices Incrementally to help me figure out what That level is so scenario number three When it comes to giving yourself a raise

With your freelance business is an Interesting one it's one where maybe a Price increase just isn't feasible for Your business could be because you're Already priced at the you know top level Of the market that you sell into but it Could also will be that your current Value or your skill set isn't at the Point where it can really justify a Price increase just yet so in this Situation you can't really give yourself A raise just by raising your prices so What you got to do instead is you need To get strategic and figure out a way to Increase the volume of clients you're Taking on and there's a couple ways you Can do this and the number one way that You can go about increasing your volume Is by pounding the pavement finding Clients that could be a good potential Fit for your services and cold calling Them cold emailing them doing whatever You need to do to get in front of a Decision maker and Pitch them your Services that's the reality of sales if You want to increase how much you're Earning and you can't just increase your Prices you got to pound the pavement and Do some proactive prospecting to add More leads to your sales funnel and not To worry I already have a couple videos On how to use email to prospect for new Clients I'm not going to revisit that Topic in this video but I'll put a link

In the description you can check that Video out it's pretty thorough and I Give an actual example of an email you Can use when prospecting for business But yeah basically what you'd be doing Is making a list of companies that you Think you might want to work with Finding contact information on their Website or some other site that has Email addresses and phone numbers and Then you reach out to them do a little Sales call make a pitch try to drive Them to your services It's pretty simple it's not easy but That's the way you do it alright so That's how you can give yourself a raise With your freelance business whether It's with new clients or existing Clients and just remember there's Nothing scary about raising your prices This is a normal part of running a Business almost every business does it Just because we're Freelancers doesn't Mean we shouldn't do it too just do it Strategically do it in a way that fits Your business and you know do what's Best for you because you know raising Your prices might not might not be for Every client like I mentioned earlier But try to get something out of this Type of the situation to make your Business run better and easier to scale Anyways that's it hope this video helped Until next time cheers

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