The so-called gig economy has grown significantly in recent years. Work has become far more mobile and flexible with technological advances allowing people to work remotely and reliably on project work. The downside is more and more people are now competing for work and this will inevitably drive hourly rates down. So what steps should you take to achieve a better rate as a freelancer?
Don’t be afraid to renegotiate rates
If you work as a freelancer and have long standing client relationships then it is natural to feel some anxiety about increasing your hourly rate. On the one hand you don’t want to lose a good client who have helped your business grow but there will come a time where new rates need to be negotiated so that you don’t end up working for less and less money in real terms.
Just because you have built a successful career freelancing this doesn’t mean you can rest on your laurels. There will be thousands of people just like you busy upskilling themselves to become better and more efficient at what they do. Avoid becoming the dinosaur in your field by keeping on top of the latest developments.
If you can start hiring people to do work that doesn’t pay so well, do it quickly and still make a profit, then growing a business so you can focus on making more money could be the answer. Few freelancers are going to want to spend the rest of their working life taking on the same sort of work and it’s healthy to challenge yourself from time to time to move forward in business.