How I Increased My Freelance Income With One Email
Is it time to increase your rates? 🤑
This week’s newsletter topic draws inspiration from an email I sent to one of my editors recently. It took less than five minutes to write, and resulted in an immediate income boost.
Here’s the story.
It was about 1/3 of the way through the month, and I had just finished writing an assignment for an editor for a digital publication. I realized it was the first assignment I had done for this client since the start of the new year.
I wondered whether now was an appropriate time to ask about a rate increase. I had been writing for this client for a little under a year and had completed over 40 assignments.
After thinking it through, I sent a quick email to my editor asking whether he’d be open to discussing my rate.
Good news: The email conversation went well. I’m now earning more. 🥳
Here’s the thing. I almost didn’t send that email! I was hesitant because:
I was still a couple of months shy of my one-year anniversary as a contributing writer
Based on prior experience, I understood that some publications’ contributor rates aren’t negotiable
But how could I know the outcome without asking?
It was worth taking a few moments to do something slightly uncomfortable.
Sending that email paid off in two ways:
I’m now earning more money
It gave me a confidence boost, which will help me advocate for myself again in the future
I’m glad I didn’t avoid or delay the discussion. My workload for this client fluctuates somewhat. But I estimate I’ll earn up to an additional $1,500 this year because of that email.
You may have noticed that I mentioned asking to discuss a rate increase.
Let me explain why I used the word ask.
This was for a digital publication. Typically, when pitching stories or receiving assignments for this type of work, I’m communicating with an editor.
I’ve learned that many publications have set rates for freelancers. And more often than not, editors don’t have the final say regarding rates.
When approaching rate increase conversations, I’ve experienced mixed results. Sometimes an editor will have the budget (and flexibility) to negotiate a higher rate. Other times, there’s no wiggle room to entertain a rate hike.
I think it’s always worth a conversation.
Another way to go about raising your rates
For non-pub clients, I approach things differently.
Instead of asking to have a conversation, I inform them that my rates are going up.
If you’re taking this approach, I suggest giving plenty of notice. It’s good practice to give 30 to 60-days’ notice and communicate the upcoming change clearly.
Here’s what I suggest doing:
Explain how much your rate(s) will change (e.g., X% or $X increase)
Clearly state your new rate(s)
Let them know the effective date of the new rate
Thank them for their continued business
Money talks matter
Life gets more expensive every year.
We’re paying more for Chipotle burrito bowls, Netflix, groceries, candy bars, car insurance, health insurance, and more. It’s exhausting thinking about it, really.
Yet some freelancers rarely (or never) adjust their rates. Freelancing is unlike a W-2 job, where you might get an annual cost-of-living increase. That means you have to advocate for yourself.
How much you get paid for your work affects your finances. Asking to have a rate discussion and/or informing your clients that your rates are going up are part of the business side of freelancing.
I hope this week’s newsletter encourages you to consider how your rates are affecting your wallet.
I’m sharing this story as a reminder to you (and me!) that it’s worth the effort to:
Advocate for yourself
Ask for what you want/need
Step outside your comfort zone
How do you handle rate increases? How have your clients responded? Let me know by replying to this email.
Recent happenings
I’m going to test out sprinkling in some “this is what I’ve been up to” content every so often. (I’m open to feedback!)
Media I’ve been consuming: I joined a second book club. It’s been fun getting to know more women who live near me.
Since I read and write on the computer all day for work, I prefer a mix of physical books and audiobooks for “fun” reading.
I’m listening to the audiobook of Gone Before Goodbye. This weekend, I’ll start reading Code Name Hélène.
My husband and I saw The Drama. No spoilers, but I plan to rewatch once it’s streaming. I also binge-watched Something Very Bad is Going to Happen. I couldn’t stop watching!
What I’ve been writing: I’m working on several credit card rewards guides for a digital finance publication. I recently wrote this piece for Motley Boom, a neurodivergent-first living publication: 5 Neurodivergent-Friendly Money Moves.
I received an ADHD diagnosis when I was 33. I have many freelance friends who are also neurodivergent. I hope to cover some finance and business topics relevant to ND brains here in the future.
P.S. I’m hitting pause on content next week. I have a feeling some may be in a mad tax prep dash. See you in two weeks!
If you have a topic you’d like me to cover or feedback to share, I’d love to hear more.