Raising Freelance Writer's Fees: 5 Principles to Consider

People work to get paid and the same goes for freelancers. Now the question is how much you charge your clients. You should fix the rates for your tasks according to the current market standards. You may start thinking about raising your fees one you have made your mark and have a notable following of clients.  This is an important factor to grow your business. However, you need to consider a lot of matters before you hike the prices. Rise in price is not something that clients appreciate and hence you have to be very cautious while you take this decision.

You must examine certain significant points on raising your freelancing fees and the following discussion may help you in this.  

Reasonable Increase in Price

A freelancer is supposed to increase the price at reasonable rates. It should not be more than twenty percent of the current rate. In addition to that, the quality of the writers’ should also be considered. Hence, you need to examine these issues critically while taking a decision about the hike in price. If you are confident on the quality and quantity of your write-ups, you can take the step to raise your fees. Review your previous price structure and the pattern you raised it. Construct a plan of your current work with respect to the number of projects and current fees for each of the tasks. Thereafter, analyze the current market rates because an increase in price should be made according to market rates.

Review The List of Clients Willing to Pay

Along with the matters discussed in first point, you also need to review the list of your clients. Some of your clients must be of premium nature while some are not. Segregate them accordingly and analyze their status with respect to payments. On the other hand, you should also review the prospective customers’ status and their requirements. For example, check who is punctual in making payments, who agrees to your charges and who bargains for the same. This blueprint helps you in getting an idea of your clients’ willingness to pay the new fees.

Set a Limit to Increase Your Fees Once or Twice a Year

In the profession of freelancing, there are many competitors. It is not a monopoly business. Hence, you cannot hike your fees as and when you want to. In such a case, you tend to lose your clients. As the freelancing market is growing by leaps and bounds, you are required to plan wisely with respect to your service charges. You should restrict the increase in price to once in a year or at the most, twice a year. The next step would be taking decision at the right time to raise your fees. Here you can apply the concept of demand and supply, which is inversely related. The law of demand and supply states that if there is less supply and high demand then the price is high and vice versa. Keeping this in mind, you can escalate your fees at a reasonable rate.   

Improve The Quality and Methods of Your Service

It is very important to create your brand name before you inflate the service charges. If you are not as popular as a freelance writer, then you cannot increase your rates even by one percent. Clients are always inclined towards reliable and profound freelancers who provide exclusive production. Hence, check on the quality of your write- ups with respect to accurate information, creativity, and originality.  You have to prove your clients about your exclusive services. Your services should be different and best so that people are bound to hire you even at high prices. Methods of services like delivery of tasks within the deadline, error free solutions, and plagiarism free assignments should be included in your services as a freelance writer.

Give Notice in Advance

The most essential job is to communicate the clients regarding increase in prices. When and how would you inform your esteemed customers? The answer is very simple. You need to dispense a prior notice to disclose the new price structure to your clients. Sudden change in the price format is not acceptable by people. So you must provide them with a notice at least fifteen days in advance. It will help in maintaining the trust between you and your prestigious customers.

The primary objective of every professional is to achieve the set targets. It demands hard work, good management skill and knowledge of subject matter. Freelancing is the fastest growing profession nowadays that most of the people are pursuing this. In this sector all you need to have is the art of presenting good work at fair prices. It is essential to set fair prices to maintain customer loyalties. Further, while planning to raise your charges as a freelance writer, always be unbiased to all your clients. Set your principles and consider some basic points to deliver best writing services at reasonable prices to be a successful writer.