What do you do if your freelance income isn't matching your worth?

1 Assess Value

When you notice a discrepancy between your income and your worth, take a step back to assess your value objectively. Consider the quality of your work, the results you deliver to clients, and the unique skills you offer. Are you undercharging for your services? Sometimes, freelancers set their rates based on what they think clients will accept, rather than on the value they provide. Research what others in your field are charging and evaluate if your rates reflect your experience and expertise. Remember, it's not just about what you do, but the unique way you do it that adds value.

2 Market Rates

Understanding current market rates is crucial for adjusting your freelance income. Look into what other freelancers with similar skills and experience are charging. This information can serve as a benchmark for setting your rates. If your rates are significantly lower, it might be time to increase them. However, be mindful of the balance between competitive pricing and undervaluing your services. Adjusting your rates to match the market can also signal to clients that you're a professional who keeps up with industry standards.

4 Portfolio Power

A strong portfolio showcases your best work and can justify higher rates. Make sure it's up-to-date and reflects the full range of your abilities and achievements. Your portfolio should tell a compelling story of your expertise and how it translates into success for your clients. If clients can see the tangible benefits of your work, they're more likely to agree to your rates. A powerful portfolio can often speak louder than words when it comes to negotiating payment.

5 Client Education

Sometimes, clients may not understand the value you bring to the table. It's your job to educate them about the complexity and importance of your work. Break down the process and time investment needed to deliver high-quality results. By helping clients appreciate the intricacies of what you do, you're more likely to receive compensation that reflects your worth. Client education is an ongoing process that can lead to better working relationships and higher pay.

6 Strategic Pricing

Finally, consider adopting strategic pricing models that align more closely with your value. Instead of charging by the hour, think about value-based pricing where you charge based on the results you deliver. This approach can often lead to higher income because it focuses on the value of the work, not just the time spent. Additionally, look into offering packages or retainers that provide clients with ongoing services at a set rate, which can stabilize your income and reflect a long-term commitment to quality.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?