Let’s say that costs have kept on rising, and you are still charging like it’s 2021. So let’s say you decided that enough is enough, and this is the year that you finally tackle new pricing.
Well, let’s dig in – here’s how to start:
1) Starting point: Clarity
– For every current client, add up what you earned and divide it by the hours spent delivering that value.
– Compare this number with your minimum acceptable rate.
– Now imagine receiving an email from them saying they no longer need your services. Would you feel more relief or regret?
– If a client isn’t highly profitable and you feel relieved at the thought of losing them, congratulations—you’ve found your starting point.
2) Get Ready
– Draft a polite but clear request to meet and discuss a rate adjustment
– They will not want to talk about costs. Instead, say something along the lines of When we made our deal, it was [this much value] for [that much money]. Here’s [why my work is now worth more], and I’d like to bring our rates back into alignment.
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3) Be Prepared
– If they agree, what’s your new proposal?
– If they cancel, how do you replace them?
– If they negotiate, what are the bottom-line options that still serve you better?
Then, pull the trigger – send it to the worst one on the list. I promise you will learn from the experience, your confidence will improve, and be more ready for the next one.