Tip #1 - You CAN Increase Your Freelance Rates

I know from working a 9-5 job that earning the same salary year after year gets demotivating. One of the biggest reasons I personally became my own boss was to have control of what income I desired to have, and to be able to bump up my prices on my own terms.

By taking the leap into full-time freelancing, I had the common worries of:

• Where will my next project/client come from?
• How much I should be charging for my freelance services with my clients?
• How can I retain my clients for the long-term so I can have predictable monthly income?

I soon discovered that...

The only way to ensure you have control of your income is to increase your freelance rates. 

I know some of you may be thinking that if you try and raise your rates you will lose clients or turn off potential clients. But the truth is…

It is highly recommended that you raise your rates on a regular basis, just like every other business does…

• While nothing is guaranteed, raising your rates may not scare off your clients as much as you fear, because they don’t want to have to deal with trying to replace someone as good as you.

• Inflation is a silent killer that isn’t going anywhere, and neither are your expenses.

• Make the time to regularly review your expenses and compare that to the rates you are charging. Based on that you may determine that a rate increase is in order.

• The longer you work with a freelance client, the more valuable you become to that client. Once you’ve formed a relationship and built trust, you understand their processes, and, by knowing your worth you’ll know that you aren’t someone who can be easily replaced.

• When you have a new client, let them know that you do raise your rates, usually at the end of the calendar date. This helps “train” and prepare them for the possibility of a rate increase in the future.

• Business owners need trustworthy freelancers like yourself to help solve their problems. They will happily pay you that increase once you show your worth and have the confidence that you are irreplaceable. 

• Know that there is always a chance that you will lose clients when you raise rates. Some people just aren’t willing to pay more for anything, no matter how incredible your service or product is. That's fine because you should only want to work with high-ticket freelance clients like I teach all of my students.

Tip #2 - How to Overcome Imposter Syndrome and Doubt 

Imposter syndrome and doubt are known to plague even the most successful entrepreneurs in history. Some feelings associated with the imposter mindset are:

• Do I even deserve to make more money? 
• Am I good enough to charge more for my services?
• Do I have what it takes to be successful? 

If you are having any of these internal questions, here’s some good news: You can overcome these false thoughts!

Did you know that having self-doubt is what actually kills your business growth? This fear of not being good enough will hinder your ability to market your business confidently and land new clients. By getting rid of self-doubt you can focus on what’s important in your business and grow quickly!

If you talk to other freelancers about impostor syndrome, almost all of them will tell you that they’ve felt the same way. 

In fact…

“70% of people in the U.S. have felt impostor syndrome.”

(source: published in the Journal of Behavioral Science)

If you want to make it as a freelancer, you have to learn how to squash these negative thoughts when they come up. Here are some ways that you can beat impostor syndrome:

• Stop being so hard on yourself.
• Connect with other freelancers by joining groups on social media so you don’t feel alone.
• Avoid burnout, let yourself have a break when you are feeling like you’re spinning your wheels. 
• Have so much confidence in your product that others will see the value through you.
• Don’t compare yourself to others.

Nobody knows how to do something before they actually decide to do it. Some of the most successful entrepreneurs in the world started out exactly where you are right now, and they experienced the same fears and doubts that you’re feeling. Some of the biggest companies started out of an idea in someones garage.

Don’t let a degree or lack of experience hold you back. Nobody is determining based on your college transcript to see if they want to hire you for a freelance assignment. They’re just reading your portfolio and determining the value you can deliver them through your freelance services.

Remember, You become a freelancer because you have special skills to offer that nobody else can offer as a freelancer. Be proud of who you are and the talent that you have right now. Each freelancer is unique and different types of clients will resonate with different types of freelancers. You just have to have confidence in yourself.

You are strong enough to achieve anything you put your effort into. It is normal to feel afraid, but you can’t let fear control you. Keep reminding yourself that you have a lot to offer with your skills and message, that only you can bring to the world.

Most importantly, don’t give up no matter where you’re at in developing your freelance skills because there are business owners out there who could use your help. The more you practice and get feedback from your clients, the better you’ll get which will eliminate self-doubt, and replace it with confidence. (Once you do this, watch how much your business can grow!)

    Tip #3 - Having Multiple Streams Of Clients

Did you know...

           “63% of freelancers agree that having multiple clients is more secure than sticking with just one. When it comes to job security, the majority of freelancers would rather diversify their portfolio with different clients than stay with a single contractor for extended periods of time. This is probably why the average freelancer has 4.5 clients per month.”

(Source: Upwork)

Cash really does flow when you have multiple clients! In addition to more immediate income, having various diversified clients gives you a level of job security that no other position besides freelancing can.

The truth is, you should only worry if you are stuck with ONE financial flow. If you have multiple streams of clients, you won’t ever have to worry if one client departs off because you will have additional revenue streams as a financial security net.

In order to build multiple flows of income through multiple clients, you need to know how to find the best clients and how to capture their attention.

In Conclusion:

Self doubt is a silent business killer. The biggest reason why many freelancers fail to reach their full-potential is directly because of their mindset.

There’s always excitement in the early stages of any new business adventure but after a few months or years, this positive momentum can begin to decline.

The realities of running a business and all the challenges kick in and it’s at this stage where mindset makes the difference between success and failure.

A poor mindset filled with self-doubt, negativity, anger, and blame, does the most damage to any freelancer’s career. Giving too much energy to self-doubt leads to rash decisions, poor thinking, and a tendency to give up. Which ultimately means giving up on your dreams.

If you’re ready to succeed as a freelancer, it’s imperative to work hard on developing a positive mindset and taking time to continue developing your self-confidence.

“Doubt kills more dreams than failure ever will.”-Suzy Kassem

Many challenges will arise when you’re following your passion but know that you’re not alone, most successful people have faced similar situations. Don’t let fear, doubt, or even your own mind hold you back from the life you deserve for you and your loved ones.

*Illustrations attribution: Stories by Freepik