When Should You Give Your Freelancer's Rate a Little Boost?

Your rate is more than just a number—it's a testament to your growth, evolution, and that cheeky confidence we love. Sign up with Moxie today for help!
When Should You Give Your Freelancer's Rate a Little Boost?

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Hey there, go-getter freelancers of Moxie's tribe! Have you ever stared at your rates, tapping your pen, and thought, "Hmm... Should I give my freelancing rate the kind of hike it would get after drinking five cups of espresso?" We're diving into that caffeine-infused conundrum today. Let's sashay down this financial runway.

When you’re ready to get some help, Moxie will be there. Simple tools for the everyday freelancer, Moxie has your back. Sign up today!

1. When Your Skills Level Up

Know your worth, then add tax.

Remember when you were just starting and used “Hello, World!” as your developer catchphrase? Well, now you’re building complex software architectures like they’re LEGO sets. When your skills soar, your rates should flutter right up with them.

If you've transitioned from creating basic websites to constructing intricate e-commerce platforms or mobile apps, then, honey, it's like going from making instant noodles to whipping up a five-course gourmet meal. Of course you should raise your rates!

2. Inflation’s Sneaky Ways

Keep up with the economy's ebbs and flows.

Think of inflation as that sneaky squirrel that silently steals your sandwich when you're not looking. Year after year, the cost of living tiptoes up. Your rates? They should too.

Imagine buying your favorite cup of Joe. It might smell richer, taste bolder but... it costs a tad more than it did two years ago. Shouldn't your skills be valued like that rich aroma and flavor?

Moxie can help with that too! Simply track all your expenses (including those coffees with clients) and get a clear picture of what you are spending month to month. That way, you can see just how much inflation has been filching from your bank behind your back.

As your expenses go up, your prices should too.

3. When the Scope Creeps

Scope creep isn't your fun, innovative cousin. Guard your boundaries.

Ah, scope creep. It's like inviting someone for a cup of tea and they end up moving in. If a client starts asking for more than you originally agreed to, you’re well within your rights to charge extra for the extra stuff. 

Does this sound familiar? You were hired to design a logo but one little “favor” (“business cards, pretty please?”) has ballooned into a full visual identity package, complete with fireworks and a parade (okay, maybe not the parade). Explain the disparity to the client, get their commitment to the extra fee in writing (meaning, in an email), and knock the project out of the park.

Asking for more money can be scary at first, but it's not about being stingy with your time and talent. It’s about getting what you are owed. So track your time and the deliverables in the original scope, recognize extra work for what it is, no matter what the client calls it, and send that extra invoice.

Maybe sign up for one of our workshops and get that confidence you need.

4. The Market’s Talking

Listen to the industry whispers and adjust your tune.

Being in the freelance game is a bit like being on a teeter-totter. Balancing client demands on one end, and industry standards on the other. One side soars, the other... well, dips.

If you’re oblivious to industry chatter, you could end up like that kid stuck in the air, wondering how to get down. Every year, industry rates undergo subtle changes. Perhaps due to technological advancements or a shift in demand for certain services. 

So, while sipping your morning brew, peruse some forums, join a webinar or two, or strike up conversations with fellow freelancers. There were 60 million Americans freelancing in 2022 alone, so I’m sure you’ll find at least a couple.

It's like being at a party. If everyone's talking about how rates have shifted in the industry, perk up those ears. If others are charging more for the same services you're offering, perhaps it's time for you to join the ritzy rate club. 

5. Your Goals Have Grown

Aim for the stars, even if it means charging for the rocket fuel.

Every freelancer’s journey starts with a dream. Maybe it was a vision of ditching the 9-5 grind, traveling the world, or simply mastering a craft. But dreams, like houseplants, grow. They simply need bigger pots and fresh soil.

If yesterday’s dream was about freedom and flexibility, today’s might be about building an empire, or at the very least, about a cool home office with a high-end ergonomic chair.

Initially, your earnings might have covered cozy co-working spaces or caffeine-filled trips to local cafes. Now, perhaps you're eyeing conferences overseas, advanced courses, or even hiring a virtual assistant. These new ambitions come with their own price tags.

So, every time you sketch out a new dream on your vision board, ask, "Is my current rate fueling this journey, or am I running on fumes?" Maybe it’s just an issue of planning? If so, Moxie offers some finance courses, especially tailored to go-getters like yourself.

Recap: When to Give Your Rate That Caffeine Boost

With these insights, dear freelancers, remember that your journey is uniquely yours. It's a blend of ambition, market savvy, and that undeniable Moxie. Never be afraid to recalibrate, reevaluate, and rise. After all, in the words of a wise freelancer (okay, it’s just me), “Your rate is your business's heartbeat. Keep it strong and steady."

As a reminder, get ready to hike those rates whenever:

  • Your skills have a new sparkle.
  • Inflation’s playing hide and seek with your earnings.
  • Scope creep is acting like that uninvited guest.
  • The market's signaling rate hikes.
  • Your goals have put on some stilettos.

And here's a little whisper for your inner thoughts, dear reader: "Am I valuing my outcomes highly enough? Or am I stuck in my past laurels, sipping yesterday's lukewarm coffee?" Give it a thought, go-getter freelancers. 

In the freelancing world, your rate is more than just a number—it's a testament to your growth, evolution, and that cheeky confidence we love. Remember, it's not just about asking for more, but knowing deep down in your Moxie bones that you truly deserve it.

To all our go-getters, may your skills stay sharp, your humor cheeky, and your rates ever-ascending. Want some help? Sign up with Moxie right now! Until next time, keep it Moxie! 🚀🌟

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Michelle Lee
Michelle Lee worked in marketing and promotions for radio and event coordination for non-profits. Today, she uses those skills to sell the day’s schedule to three tiny humans. Michelle gets most excited about helping people reach their fullest potential and finding a G-2 .38 pen.
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