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The Secret of Raising Freelance Writing Rates Without Losing Financial Security

February 18, 2009 1 comments

Many writers avoid raising their freelance writing rates because they're afraid they'll lose their current clients and have to find new ones to hold on to the financial security they're accustomed to. Yes, you may lose clients because they can't pay you the higher rate and still profit from their business, publication, website or blog. Then if that happens, you will have to search for another client who is willing to pay you your new freelance writing rates. Of course we all know finding clients can take time, but finding clients willing to pay what we're truly worth may take more time than seeking out clients who pay mediocre rates.

Don't let any of that discourage you, though. Why? Because there is a secret that will help you give yourself a raise without losing your financial security and starting at the bottom.

The Secret to Raising Freelance Writing Rates Without Losing Financial Security


Dedicate a few hours each day to searching for clients who will pay what you plan to charge... or more. Once you find those clients, apply for the writing gigs and wait for a response. As you're doing this, continue to work for your current clients at the usual rate. Then when you gain new clients who are willing to pay you at your new freelance writing rates, work for them a while to ensure things are going to work out. Finally, after you've gained new clients and built a solid relationship with them, send notice to your older clients, the ones who are paying you less than your new rates. If the older clients agree to the raise, great! If they don't agree and you have to let them go, rest assured that loosing that client won't take away your financial security.

How to Drop a Client Without Hurting Your Good Reputation and Writer-Client Relationship

If you have to let a client go because he or she can't pay you the new freelance writing rates you asked for, apologize and let them know you have to let them go. But before you let them go, tell them you'll continue working at the usual rate for one month; this should give your client enough time to find a replacement. Furthermore, they'll appreciate you not leaving them in a bind without a writer, and your good relationship with that client should remain intact.

If you found this post helpful, please share the link to the post with your fellow writers, so they too can discover the secret of raising freelance writing rates without losing financial security. If you share the link with your blog, newsletter, magazine or e-zine readers, feel free to discuss my post and add a few tips of your own before sending your readers here.

P.S.: Yes, there was a change in plans for today's post. I was going to share giveaway ideas related to public speaking topics, but I decided to go with this topic instead. But don't worry, I'm still going to share the giveaway ideas in an upcoming post, so subscribe to my RSS feed or sign up to receive my blog updates via e-mail.

Photo credit: Borman818

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1 comments: to “ The Secret of Raising Freelance Writing Rates Without Losing Financial Security so far...

  • Lillie Ammann 1:46 AM CST
     

    Good advice, Misti. I learned years ago when I was in the interior landscape business that clients are usually more willing to pay higher rates than we expect.

    I hired a consultant to make my struggling business more profitable. He said we needed to raise our prices. I was sure we would lose customers, but we had to do something so I gave it a try.

    In that business, we had annual contracts with clients, so when a contract was up for renewal, I gave notice the price was increasing. The only accounts we lost were ones we were glad to get rid of-customers who cost us more than we made and who were difficult to deal with. In some cases, our contacts at large companies told us they were allowed to approve only a certain percentage of increase or they had to put the contract out for bid. In those few cases, I increased the price the maximum allowable each year so we didn't have to compete on price.

    In my freelance business, my clients have always agreed to price increases whenever I ask. I do still have a few long-time customers at a lower rate than new clients-both because of the volume of work they give me and because of the length of time they have been a customer.