As a budding freelancer, you decide to keep your rates fixed as increasing them would also attract raised eyebrows from your clients. Guess what? Although this is a good call when you are starting out as a fresher, your revenue directly influences your growth.
So how exactly do you increase your returns without aggravating your buyers?
By following this actionable guide of course! We’ve put together the top strategies in the industry to ensure you keep your clients happy while also making your potential’s worth.
#1. Specialize your Skillset
In the job market, specialist freelancers are the ones that get hired for dedicated projects. You could run a ‘jack of all trades’ gig to impress prospective clients but know this, without a concentrated skill set, your paycheck would end up taking a hit.
Stop being an all-rounder and show your customers that you are serious about taking their job. Develop your freelance artistry in a single specialization and watch your rates take off every time you complete a project.
#2. Offer a Free Service
To increase revenue, you may need to provide your expertise as a trial. The trial shows your customer that money is of lesser importance to you than the quality of work that you provide. Moving forward into your career, this also builds up your own confidence in your talent.
Once the clients enjoy your service, you can raise your fee as necessary. With quality service, you should face little to no resistance from clients agreeing to your requested amount.
#3. Reduce your working hours
The rule of the thumb in economics – As supply drops, demand rises! The same rule applies to your services, if you feel confident of your high-quality services, offer to work during specific times. Let all your clients know of your intention to work less, doing this creates a decrease in the supply of the service you are providing.
This allows you with an opportunity of increasing your rates, if your clients are interested in hiring your services, they will need to match your rates. A bonus to this strategy is working less and receiving more pay while having your quality of work significantly boosted.
#4. Avoid Bad Clients
Sometimes no matter the quality of work, you end up taking the wrong end of the stick with difficult and bad clients. Problem clients will act as a barrier to your overall revenue generation as well as fail to appreciate your efforts. Difficult clients offer less pay while doubling your work time.
Highlighting and preferring your good clients from your bad should be your main priority if you are looking to increase your overall earnings per hour.
#5. Sell Your Proficiency
Plenty of clients would love to teach their employees or at least have a basic understanding of your freelancing skills. To give them an in-depth tour of your expertise, sell e-books and video guides, showcasing tutorial videos in the most basic way possible.
This is a profitable revenue generation method as your freelancing skills will still be in demand but now you get a chance to earn while you sleep.
#6. Time of the Year
In business ethics, there is a time for everything, just like there is a time for increasing your fee at the same time every year. It could be mid-September, end of May, or whichever date you prefer. This behavior allows your clients to be at ease all through the year without constantly having to be pulled into negotiation talks.
This strategy is perfect for creating a healthy and trustworthy relationship with your client.
There may come a time in every freelancer’s life where they receive more work than they can handle. There are two ways to handle it – 1. Turn them down or 2. Outsource
Outsourcing lets you hand out additional work projects to other freelancers that charge a lesser fee than you, this way you don’t turn down clients and keep the money flowing in. It’s important to only do this to newer clients as your exclusive clients may need your personal attention on their projects.
#8. Bundle Services
Only proceed to do this strategy after specializing in a single skill set first. Once you have mastered an expertise, there is no reason to not synergize your current specialty with another skillset. Especially if that skillset provides convenience to your client by not having to deal with two different professionals.
Suppose you are a professional content writer, having knowledge in web developing could allow your client to hire you to create a site as well as have it filled up with information. That’s twice the money to you as well as twice the reputation.
Negotiation is part of a freelancer’s arsenal, use it wisely and sparingly. Never price your services above your worth.