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2 reasons to temporarily change your rates

You've done hours of research in your market and lengthy calculations to determine the perfect rate for your company's various services. You're comfortable with your rates and know that they align well with the value you bring to your customers. So, why are we telling you that they can, and maybe should, be modified? In this article, we'll discuss two situations where adjusting your rates can be a smart strategy to generate more revenue. <h2>When to adjust your rate?</h2> In some circumstances, changing rates can be part of a thoughtful strategy for self-employed individuals. Here are two examples where a temporary increase or decrease can work in your favour. <h3>For urgent requests</h3> A client writes to you in the early afternoon asking you to edit a video for the next morning. You have every right to tell them that your fees will be higher for this job. In this case, it is normal to charge a higher rate, as the request often entails additional constraints. Even if the workload is not more than usual, there are several reasons for adjusting your pricing: you have to reorganize your schedule and perhaps postpone the jobs of other clients, you may have to work outside of your regular hours to get the work done on time and thus sacrifice personal time. You may have to cancel planned activities or reduce your down time. The definition of "urgent request" varies from freelancer to freelancer. For some, this corresponds to any job that must be delivered in less than twenty-four hours. For others, this definition will only include contracts that require them to work outside of their regular schedule, regardless of whether the project is due in two days or two hours. That's why it's important for you to establish your criteria before the situation arises. You can also indicate them on your website or in your <a href="https://www.momenteo.com/blog/the-importance-of-having-a-good-contract-of-services">service contracts</a>. You will also have to choose the rate. Most self-employed individuals increase their usual prices by 25 to 50% for last-minute request, but some go as far as doubling or even tripling them. It's up to you to determine what feels right. You can also adjust your pricing based on the complexity of the job. In any case, take the time to evaluate the request before accepting it. Realistically, are you able to accomplish what your client asks of you on time, without sacrificing the quality of your work? Because, even if the contract pays well, pour quality service can damage your credibility in the long run. Also think about your well-being before saying yes. Even if you find it <a href="https://www.momenteo.com/blog/should-i-accept-this-contract">hard to say no</a>, you have every right to turn down an urgent job if it puts you under intense stress, eats up a lot of your energy, or forces you to cancel activities that are important to you. <h3>During your slow periods</h3> People who are self-employed can adjust their rates in more ways than just raising them! In fact, companies with physical product inventories do this regularly. They offer discounts on special occasions to boost sales. If this works for them, why not consider doing it yourself? It may seem counterintuitive, but lowering your prices during slow periods can help you generate more revenue. Start by asking yourself this question: Are there times when, year after year, I find myself faced with an empty schedule that I struggle to fill? For many entrepreneurs, summer is a quieter time and, while some take advantage of it to take a well-deserved vacation, others have to deal with long weeks without significant cash inflows. Temporarily lowering your rates can allow you to get contracts during this period. You can create a special, limited time offer and then target specific people who will receive this offer. For example, you can approach former clients who you have a good relationship with but have not worked with in a while. If you have regular customers who are hesitant to do business with you during this period because of their own vacations, you can also announce this reduced rate to encourage them to continue sending you contracts. The most important thing in this strategy is to clearly define your conditions and end date. The goal is not to diminish the perception of the value of your services or to work at a loss. It's to maintain a certain level of income during a typical quieter period. That's why you should show the discount on your invoice. That way, your customers know what the regular price is and understand that this discounted rate represents a great deal. Momenteo's invoicing software offers you the possibility to easily apply a discount to an invoice, whether in percentage or a fixed monetary value. With the right adjustments, your pricing structure can become a real strategic tool. By adapting your prices according to the context, whether it's an urgent job or a quieter period, you maximize your income without compromising your finances and well-being. The important thing is to communicate clearly and have guidelines defined in advance. Your rates are not set in stone: they evolve with you, your experience and the realities of a dynamic market. In short, make them flexible but thoughtful allies. Do you want to increase your income permanently? We have an article for you: <a href="https://www.momenteo.com/blog/how-to-inform-your-clients-of-a-rate-increase">How to announce a rate increase</a>. --- Roxane has always written and dreamed of making a living from her pen. Now a web editor, proofreader and author, we can say that it's mission accomplished!

Roxane