Let's take a look back on how you raise your prices.
The first thing we need to do is understand why we need to raise our prices. It's because we have to value our own services, because what we do is valuable, what we do is important. The thing that stops us is we think the number we are using is too large - but that's not true. It's just a number and what it means varies according to who is listening.
The next thing is we need to understand our pricing model. Hourly billing is bad for both the client and for us. The cost-plus model makes sense in a product business, but not when you are selling your time and expertise. Value based pricing is hard but effective, whereas productised pricing is simple but means you may be missing out.
Finally we need to understand what we should be saying to our clients in order for them to say yes to us. That starts with understanding what they are actually looking for - what outcomes do they want? We then prove to them that we will deliver, by providing metrics, and we weigh up the cost of what we're doing against the value they will be getting out of it at the end. Then we present them with options, spanning a range of risks, so we get to meet them exactly where they are.
That's a whole load of words and I totally understand that putting it into practice is a whole load harder than it sounds. Personally, I used Brennan Dunn's "Double your Freelancing Rate", Blair Enns' "Pricing Creativity" and Jonathan Stark's "Hourly Billing is Nuts" to help me make the shift. And when I did, I went from charging an average of £3000 per project to an average of £12,000. It really worked. Of course, that shift brought its own set of challenges, but that's a different story.
If you'd like any help in making the shift and getting your business to be more profitable, give me a shout. I'm happy to help. Just book a free 15 minute consultation.