From the course: Running a Design Business: Pricing and Estimating
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Raising your rates and fees
From the course: Running a Design Business: Pricing and Estimating
Raising your rates and fees
Increasing your prices can be a challenge. Fear of losing existing clients or putting off potential new ones stops a lot of designers. There are two ways you can a, accomplish an increase. Raise your rates, which means the amount of time you charge for a unit of time used to calculate projects goes up. This would then effect all project pricing. Or raise your fees in your estimates, which makes the total cost of a particular project higher. This may only affect a certain client or maybe you go ahead and apply the increase across the board to all your projects. It's time to raise your rates and fees when you haven't changed them for a long time. Yet your experience, capabilities and value to your clients has increased. There's been a change in the business climate and you, the demand for your services has grown substantially. You want to thin the herd and drop some clients from your roster, especially the difficult and demanding ones that are unprofitable. You don't want to do a…
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