As a freelancer, the potential to earn a lot of money and have a successful career is pretty much endless. However, charging $100+ per hour for your services can feel extremely difficult, maybe even impossible…
I can already hear that imposter syndrome voice: “how could you ever dare to charge that much?!”
Well, don’t listen to it!
Even though knowing how to value your services and set your rates can be a challenge, with the right strategies, you can make it happen.
When you want to increase your prices, it’s important to focus on the value you bring to the table. Invest in upskilling yourself and ensure you have the necessary knowledge and experience to offer services that are in high demand.
Keep up to date with the latest tools, trends, and techniques related to your field, and use this knowledge to set yourself apart from other freelancers.
Networking and building relationships are also a big part of business.
When potential clients know you have the right connections and skills to get the job done, they are more likely to pay your higher rate.
One of the biggest fears that freelancers have about charging more is the fear of losing clients.
And I get it. You’re worried that if you raise your rates, clients may be unwilling to pay the higher prices and may turn to other services.
When you decide to raise your price, this risk always exists. My advice to you is:
Another common thought that comes to mind is that you may not be able to deliver a “$100/hr worthy” service.
And I can tell you, this fear already makes you stand out from the freelancing pool. Why? Because it means you care.
And the best way to work around this is to invest in your skills. This will give you the abilities you need to charge more, but also the confidence.
What I usually say to my students is:
“You need to either be confident that you can deliver, or confident that you know someone who can in case things go south.”
This way, you ensure that the client leaves happy with the service they paid for, and your reputation stays intact.
There are two crucial things your offer needs to be to successfully charge top dollar: high-quality and in-demand services.
And what’s more in demand than tech? Not a lot!
When it comes to tech, here are some of the highest-paying jobs for freelancers:
Depending on your skill set and experience, you can charge a high rate for any of these services.
Emerging technologies such as artificial intelligence and machine learning, are also great bets if you’re looking for a challenge!
Another thing to think about is setting up a recurring revenue business model - it’s a great way to get more financial security in your business, make sure you’re making enough and at a price model that’s appealing to clients.
Focusing on developing and mastering high-value skills is key to charging more for your services. Investing in professional development and specializing in a niche can help you to stand out in the market and attract clients who are willing to pay more for your expertise.
Another important factor to consider is pricing.
When setting your rates, focus on value-based pricing and service pricing instead of hourly rates. It’s important for you to know how much you’re making an hour to make sure it’s worth your time and you are charging enough, but you don’t have to disclose this to clients.
Researching the market rate for similar services is important in order to set competitive, fair prices.
Understanding industry trends and competitor pricing can help you to ensure that your rates are in line with the industry standard.
That said, it’s important to note that when it comes to online services you’ll find that prices have a huge range. So finding out the industry standard is not an easy task, and sometimes it may even be inexistent.
Make sure you take note of a couple of things when doing this market research:
And if you find that they’re offering the same for way less than what you want to charge, don’t panic!
You can still complement your packages with other services. Just make sure these services are relevant to your ideal client, and invest in learning those skills (or it may be time to grow and outsource!).
A successful business is great at building relationships. And clients are more likely to pay higher rates if they trust that you will deliver the services they need.
Investing in professional development is a great way to earn that trust! And building trust with your clients will definitely make them more willing to pay higher rates to continue working with you.
Unfortunately, it doesn’t matter if you’re the best freelancer in your field if no one knows about it.
Advertising your services and promoting your expertise are necessary to build your client list and grow your business.
As a freelancer, having the confidence and knowledge to charge $100+ per hour can be intimidating. However, with the right strategies, it is totally achievable.
And the sooner you start, the better!
By focusing on developing these 5 steps you can increase your chances of success and make it happen.
Following these steps will make you stand out in the market and attract clients who are willing to pay for your expertise.
With the right approach, you can have a successful and lucrative career as a freelancer.
If your dream is to charge $100+/hr, but you’re not sure what tech skill to start with, check out The GeekPack Collective - where you can learn a new skill in under 20 minutes, every month!
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