Have you given yourself a "raise"?
I've been a VA for two years and so far have not increased my rates for any of my existing clients. Just wondering if anyone out there has increased rates after working with a client for a year or more. I appreciate your input!
Katie Bauer
Views: 1
Replies to This Discussion
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Permalink Reply by Sue L Canfield on -
Hi Katie. Yes, I have increased my rates after working with clients for more than a year. Most business persons find this the norm, especially with increased cost of living expenses. Instead of trying to keep track of each client's annual date, I just sent out a notice at the end of the year to all clients giving them 60 day's notice that my rates were increasing across the board. That gave them time to adjust and budget for the increase. It's never been a problem and I've increased my rates each year. Sue
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Permalink Reply by Katie Bauer on -
Fantastic idea! Thank you, Sue.
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Permalink Reply by Sharon Williams on
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Hi Katie.
It's a cost of doing business and something business owners (VAs) should regularly do. Not only because it is "normal", but because your expenses increase, and you need a "raise" just as other business owners would. It is a good practice to do it at the same time each year -- maybe at the beginning of your fiscal year, or at a minimum the beginning of the calendar year. You don't have to justify it with clients -- just notify them. Make sure your increase is fair but adequate for your needs.
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Permalink Reply by Katie Bauer on
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I appreciate your thoughts!
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Permalink Reply by Savvy Subcontracting, C Schultz on -
Because I subcontract part-time it truly depends on the contractor's rates if I get a raise or not.
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Permalink Reply by Sue L Canfield on
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I have to disagree Collette. I feel that even subcontractors can still at least request a raise. It's always your choice to continue working with a contractor at the rate they provide. But you also have the choice of not continuing to work with a contractor that doesn't see the necessity of appropriate rate increases.
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Permalink Reply by Diane Hess on -
Hi Katie,
Yes you should raise your rates, but be polite about it. I send my clients a formal letter 60 days prior to the increase. This is not sent via email rather snail mail.
Inside the letter, it is important to explain the reasoning behind your increase and give your clients the opportunity to express their opinion. I found a $0.50 to $1.00 an hour raise wasn't a big deal.
Diane Hess
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Permalink Reply by Katie Bauer on
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I was thinking that range might be best. Thank you for your thoughts. Everyone has had great advice!!
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