People come to me and ask how they can double their hourly rate. This inquiry is what I will be discussing in this blog. I don’t know if what you charge right now is right or not, but if you wish to double your freelancing rate, continue reading.
Increasing your hourly rate has nothing to do with saving money or, or getting better projects or different projects. These tips will teach you how to double the amount of money you’re currently charging your prospects.
1. Provide More Value
Create a list of things you can do before you charge a client that will show your value. I have a designer that sends watermark samples over before they charge the clients. I know a UX guy, a User Experience guy, who does website reviews for clients. If you’re into UX, what you do best is enhancing the flow of a user’s experience on a website, a good way to provide value to show your expertise is a website review of the current prospects’ website.
I do a great discovery call where I show them that I’m an expert marketing strategist. I call them, and I’ll talk through what their issue is, what they need, and how I can help. I do this for 30 minutes to an hour; it depends whether the prospect gets engaged with my discussion. I don’t feel like I’m selling anything, but I’m showing them that I have value.
When you show them that you have more value than what they expect, you are giving them reasons why it’s justifiable to ask for a higher rate.
2. Don’t Bill Hourly, Bill Per Project
Scope out the entire process of whatever this person is hiring you for. For instance, if a prospect wants to hire you to write a specific agreement, ask for per-project payment. This way, you prevent scope creep. It means that you make the client aware that he cannot throw in any task that has nothing to do with your job description. If you charge per hour, the client can give you any responsibility because you’re getting paid for doing it anyway. Charging per project is like telling your client, “you know what, regardless of how long this takes me, I can do this for x amount of money.”
This strategy can pay off because if you’re the type of person that works fast or is very good at your trade, you can get more projects done within a day. So, a client might think I spend 10 or 20 hours doing a project, when in fact I spend only two or three hours doing it. Is that ripping them off? No, because if they went anywhere else, they would end up paying more for the same, or even inferior quality of output.
3. Go Outside Your Comfort Zone
Try some prospecting methods that you’re not used to. Always do prospecting, no matter what. Put this on your calendar and force yourself to live and die by your schedule. Then try a new prospecting technique every week until you find something that works for you. If you’re not used to LinkedIn, then try it. Find 50 people a day that are potential prospects. Or, do the warm calling, sign up for a freelancer platform like Upwork or something.
Go outside the comfort zone of what you usually do to prospect. That way, you’ll be able to try some strategies that you haven’t done so in the past. And when you bring in new opportunities from different platforms, you’ll notice that sometimes these prospects have a particular way of doing things. For instance, if you go to LinkedIn, you are targeting people who do B2B, owners of companies, CEO’s, and other high-paying clients.
4. Create an Online Presence
If you think that your prospects will not Google or Bing you, you are wrong! I hire a lot of freelancers for various project, and the first thing that I do is to Google them. I look at their reviews on whatever platform I met them on. If I didn’t meet them on a platform, and then I’ll Google their name and look at their LinkedIn profile.
If your presence is nothing less than stellar, then I shouldn’t be working with you. Your prospects will probably feel the same. They’re specifically looking for bad stuff. So, make sure you have a fabulous online presence with exceptional client feedback.
5. Maximize Your Sales
The more you can help a client, the more they will pay you. Identify problems upfront even before the prospect knows about it. Instead of just saying, I can help you write this blog, for example, if you’re a freelance writer, you can say, “ I can help you format this blog, I can help you code it for HTML, I can have you published and distributed.” Maybe, the actual price for the writing of the blog itself might be $30 per four. But formatting and coding at HTML might be $60 an hour. That’s a skill set, where you just doubled your hourly rate by providing another service to your client.
Even though it’s good to have one core service that gets a client, cross-selling or up-selling your skill will allow you to charge more per hour.
I hope these tips will help you earn more for what you do as a freelancer. Don’t be afraid to double your hourly rate because you deserve it. For more tips, be sure to join us for freelancing school at freelancermasterclass.com.
Get ready for freelancing strategies, hacks and tactics to help you skyrocket your success. Brought to you by Freelancer masterclass.com you’re listening to freelancing school with your instructor Mike Vulcan.
Welcome to another episode of Freelancer school. I am like Vulcan. And today, we’re going to be talking about how a freelancer can double what they charge. I don’t know why that this is used as a benchmark for doubling what you currently charge. It doesn’t matter what you’re currently charging. It may be right or it may be incorrect, but I do get this question a lot. How can I double my freelancing rate? Well, let’s go ahead and start with answering the question and keep in mind that the answers that I give are have nothing to do with saving money or, or getting better projects or different projects. This is about only about doubling what you’re currently charging. So in order To charge more, my first tip is that you need to provide more value. So I want you to make a list of things you can do before you charge a client that will show your value. Okay, so in other words, I have a designer that sends watermark samples over before they charge the client. I know a UX guy, a user experience guy, who does website reviews for clients. And when I say clients, I, I really mean prospects here. They’re, they’re in deep talks, but they haven’t actually paid you anything. So they’re not a client, they’ve been signing an agreement. They’re not a client, they’re considered a prospect at this point. But if you’re a UX guy, and what you do best is, you know, enhancing the flow of a user’s experience on a website. A good thing for you to provide value to show your expertise is a website review of the current prospects website. Personally, I do a great discovery call where I show them that I’m an expert marketing strategist. So I’ll get on the call. with them, I’ll provide them usually a half an hour, sometimes an hour if it’s a better client. And I’ll talk through what their issue is what they need. And I’ll show them the solution, their problem a very specific way I go about doing that. And I don’t feel like I’m selling anything, but I’m showing them that I have value, you know, when you provide more value, before they hire you, you actually have more value to them, which means you can charge more. Okay, so that’s my first tip is for viding value and figuring out what you can do to provide value to your prospects. And the second tip is don’t build hourly build per project. So what you do is you’d scope out the entire process of whatever this person’s hiring you for this prospect is hiring you for you write up an agreement that’s very specific to what you’re going to do. That would prevent scope creep. That means that the client will like, I don’t know, throw in a few tests have nothing to do with the agreement, and thus increasing how much work you have to do. But if you can scope out per project, then the client will not think about what needs to be done hourly or even know what needs to be done hourly. So you might know it might take you five hours of work. But the client may think there’s 10 or 15 hours. Now you’re not scamming them by any means. You’re just scoping out the entire project and providing value before you even collect a payment. So you’re saying, you know what, regardless of how long this takes me, I can do this for x amount of money.
And if you’re the type of person that works fast or is very good at your trade, then that might be a great solution for you. Because now you can build what would normally take you three hours, you can build six or even 10 hours. Okay? I do this a lot with content marketing strategy, content marketing strategy is very template ish. creating content and, and distributing content is a there’s a very specific process to this. And I have a content marketing plan that has about 90% the same no matter what client I use. So a client might think I spend 10 or 20 hours on it, when in fact, I think spend about two or three. Okay? Now is that ripping them off? No, because if they went anywhere else, they would have to pay to get that amount to get a fresh report done for them. And it’s unique to them. It’s not like I’m just handing them something it’s already made. But from my perspective, I’m able to give them something that I’ve already created in the past that someone’s already paid for, and just modifying it making it unique for that particular client. Another tip I want to give you is to go outside of your comfort zone. So if you have a specific way of prospecting, and this is very common for freelancers, they’ll use like one or two different ways to prospect if that most freelancers I’d say 80% don’t prospect at all, they just use client referrals, okay, but you need to try some prospecting you’re not used to. So put this on your calendar and force yourself to live and die by your calendar. Okay, so if it’s on your calendar, you’ll do it. And then try a new prospecting technique every week until you find something you you like. Sorry, and when I say prospect, I mean I mean, you know what, if you’re not used to using LinkedIn, then try LinkedIn and try to friend 50 people a day that are potential prospects. Okay? Try that for a couple weeks and then try, I don’t know warm calling, and then try signing up for a new Freelancer platform, like Upwork or something, right. So go outside the comfort zone, what you usually do to prospect, that way, you’ll be able to try some new hourly rates you haven’t done so in the past. And when you bring in new new prospects from different platforms, you’ll notice that sometimes these prospects have a very set way of doing things. For example, Fiverr, okay. It is extremely rare to get someone on Fiverr who’s willing to pay market price for anything. Fiverr is specifically designed for people who want to get things done cheap. So if you’re going to start prospecting on fiber, don’t expect long term, high paying clients okay? So when you Go to a company like LinkedIn, or a platform like LinkedIn and you’re targeting specifically people who are millionaires who are b2b. Owners of companies and CEOs, you’re going to be getting if you can form that relationship, higher paying clients. Okay. Another tip I have for you in terms of how to double what you’re charging is to have a great online presence. And if you don’t think your prospects will Google or Bing you before they hire you are sadly mistaken. I hire a lot of freelancers, probably four or five a week, okay for various projects I have. So the first thing I do after they meet my initial screening is that I google them, I look at their reviews on whatever platform I met them on if I didn’t meet them on a platform, and then I’ll Google their name. And I’ll look at their LinkedIn profile. And if your presence is not nothing less than stellar, then I shouldn’t be working with you. Okay. And the prospect will feel the same. They’re specifically looking for bad stuff. So make sure you have and maintain a great online presence. Okay? Another tip I have for you is to maximize sales, okay? So the more you can help a client, the more they will pay you. So identify problems up front even before the prospect knows about it. So instead of just saying, I can help you write this blog, for example, if you’re a freelance writer, you can say I can help you format this blog, I can help you code it for HTML, I can have you published and distributed. So maybe the actual writing of the blog itself might be say $30 an hour for the sake of round numbers. But formatting encoding at HTML might be $60 an hour. That’s a skill set, where you just doubled your hourly rate by providing another service to your client. So even though it’s good to have one core service that gets a client or gets a prospect to become a client, you can have crossings sells or upsells that will allow you to charge more per hour. Okay, so I hope these tips helped. And don’t be afraid to double your hourly rate.
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