But when is this supposed to increase your hourly rate ? How do I know if you ask a fair price for the service you provide ? When not increase your hourly rate
If you increase your hourly rate , there should be solid business reasons to do so. In the absence of these reasons, it makes no sense to increase your rate .
Because I feel it is not a solid business reason .
Just as the desire to earn more money. This is a great intention, but this is not a reason to ask your customers more for the same service .
When increasing your hourly rate
Here are some cases in which increase your rate may be a wise choice :
1 . You improved your service and / or your skills. rusty solomon mandrien consulting group If you are able to give more value to your customers in less time , then raise your rates to reflect this increase in quality and efficiency is reasonable.
2 . The supply curve and the demand for your services has changed. If you miss opportunities , become too busy, or should refuse customers because the demand for your service exceeds what you can offer, then it makes sense to raise your prices to bring supply and demand a better balance .
3 . You want to work fewer hours . If you want to reduce the number of hours that you work with your clients, you can increase your rates to reflect the greater scarcity of your offer.
4 . You test for information . Testing a higher price is a perfectly valid business reason . However, before testing higher prices , plan a backup plan in case the new prices meet much resistance .
5. You want to reposition . Positioning or brand are also valid business reasons to increase your prices. However, you ‘ve got to have the skills and experience necessary to ensure your new position . If you want to be a well-paid consultant , make sure that you can consistently deliver high quality results . Otherwise if you ask for premium prices for services of lower ranges , you are primarily trying to scam people .
These are some of the most common price to increase your professional reasons, but there are others , most of them being related to a particular area.
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