Freelance Challenge: Double your rate when you speak to your next client
Many freelancers are not getting paid enough even though they are regularly pulling in new work. You might find yourself simultaneously working on 3 to 4 projects and still not make enough money to sustain a living. If this is the case, I’d like to challenge you to change the situation in one easy step.
When you’re already able to find clients and new freelance projects, you’re in a great position to increase your income. You’ve done the hard part! Your current work gives you a bit of a safety net – now is the time to take some risks and improve your business.
Common tips to improve your freelance income
Many people will advise you to start an agency and subcontract some of your work. Others will suggest that you find higher paying customers or switch from hourly to project-based billing.
All these ideas are great advice for the future. They do have one thing in common: They will take time, research and experience. More importantly, they don’t build on top of your current situation. It’s good to explore new directions but do you really want to start afresh?
My challenge for your next client meeting
Instead of a new direction for your freelance career, I present you my easy, actionable challenge:
When you speak to your next client, DOUBLE your freelancing rate!
Yes, that’s right. Double it. Straight off the bat. No need for fancy techniques, just take whatever you would have quoted normally and double it.
I love it for its simplicity. All you need is a bit of courage – but you don’t need to plan, research or develop a new strategy.
This sounds scary, right? Surely they won’t pay that much? Well, have you ever asked them? Or is your own value judgment holding you back? No, I don’t know the answer either – but unless you try it, you will never find out! And wouldn’t it be a real kick in the teeth if you’re doing all this hard work and could be getting paid DOUBLE for it – but you never asked?
There is no risk – it’s a win-win situation
Look at it this way:
- If you don’t take the risk, and charge your normal rate, then you stand to win a new client that doesn’t provide you with a sustainable living.
- You already have enough work to keep you busy. This gives you enough of a safety-net. When you have enough work coming in, it’s time to take a risk and try out new ways to grow your business.
What do you have to lose? Another badly paying customer – and more work to keep you busy while getting you nowhere.
And what do you have to win? If this works out, you can finally break into well-paying freelance work that can provide you with the income you require.
I’ll leave you with this quote:
Only those who will risk going too far can possibly find out how far one can go. – T. S. Eliot
Try it out at your next client meeting. You might be surprised by the results!