You have years of experience, accolades to back up your claims of success and you’re quality of work is in high demand by potential clients. They are spreading the word throughout the independent consulting industry that you’re the consultant to work with in order for them to succeed to the highest level.
With the increase in popularity you have to think about yourself and the adjustments you need to make. Other than your daily schedule and considering hiring help in order to balance it all, have you thought about raising your rates? Now is the perfect opportunity to raise them because you have the reasons to back it up. If they want the best professional in the independent consulting industry, they’ll pay for what it takes as long as they know it’s worth it.
Knowing when to adjust your rates takes research and time. There are numerous factors in the independent consulting world that you have to consider, but don’t shy away from executing the idea if you truly feel that your performance warrants it. Have confidence in your work and know that the effort you put in permits the rate you charge.
If you notice that your competitors who have been in the game as long as you have and have as many accolades as you are charging more, than it’s time. If they are still able to secure projects after projects at those rates then there is no reason you wouldn’t be able to do so as well. Clients aren’t always scared of the numbers, they’re more nervous about whether or not you’ll be a good investment, and you can prove to them that there’s nothing to worry about.
Spend time researching, dive deep into the consulting industry by asking fellow solopreneurs about the topic; what they charge, when they chose to raise their prices and how they decided to break the news to their clients. Also find out who the experts are in the industry that work with the largest companies; see who makes appearances at large conferences and events, ask how much they charge and ask them for advice. This can be the most useful information you can gain throughout the entire process.
In order to make your clients feel comfortable with the rate change, you need to decide how you will differentiate what you do from your independent consulting competitors in order to keep your clients with you and confident in what you offer. An advantage you may have is the fact that you are the only independent consultant in your local area so raising your rates shouldn’t affect your business.
If you don’t feel comfortable with changing your rates because the way you’ve been charging clients has kept them around and helped build a mutual relationship with them, then consider approaching it in another manner. Offer extra services that you usually don’t provide, charge extra for them and you’ll be able to make the extra money you desire.
As a solopreneur in the independent consulting industry you’re aware of the fact that the success of your business relies solely on you. Always keep an eye on your best competition, see what they’re charging and make sure that potential clients don’t assume that you are charging less than them because your quality of work doesn’t match.
News and notes for the independent workforce and their clients. This is the October 24, 2016 edition.
Learn how to calculate a cost-based bill rate with our new, easy-to-follow video tutorial.