Are you looking to increase your income by negotiate higher rates with your clients? If so, you’re in the right place! In this guide, we will discuss some tips and strategies that will help you get what you deserve. So let’s get started!
Research
One of the most important things to remember when negotiating higher rates is to do your research. Know your worth and be prepared to back it up with facts and figures. If you’re not sure what you should be charging, ask around or look at similar businesses in your industry. Once you have a good idea of what others are charging, you can start to formulate your own rates.
The factors to consider when calculating the minimum you’re willing to accept:
- How much it costs you to live and keep the lights on (your overhead)
- The time required to complete the project
- Your experience level
- The client’s budget
- and etc.
To figure out the exact minimum you should accept, put your personal and business expenses together, then divide the total by the number of hours worked. When you factor in taxes, you’ll arrive at a figure that represents your minimal acceptable rate.
Ask for a little more
Start by asking for a little more than what you want or expect to get. This gives you room to negotiate down, but also sets the tone that you are not desperate for the work. It shows that you are confident in your abilities and worth.
Change in Language
Use language that puts the focus on the value you bring to the table, rather than the price. For example, instead of saying “my rates are $X per hour” try “for projects like this, I typically charge $X per hour”. This slight change in language can make a big difference in the way your client perceives your value.
Confident
Another important tip is to be confident when negotiating. Remember, you are the expert and you deserve to be paid accordingly. Be assertive but not pushy, and don’t accept anything less than what you’re worth.
Walk Away
Be prepared to walk away from the negotiation if it isn’t going in your favor. This doesn’t mean you should be rude or unprofessional, but it does mean that you shouldn’t accept less than what you’re worth. If the client is unwilling to meet your rates, thank them for their time and move on. There are plenty of other clients out there who will be happy to pay you what you’re worth.
Conclusion
By following the simple tips we’ve outlined in this article, you can start to position yourself as a high-value provider and increase your rates. Remember, it is always better to under promise and overdeliver – so don’t be afraid to ask for more than what you think you deserve. Sign up on www.artmeet.sg today for more tips and resources on how to run a successful creative business!