Hey there Ms./Mr. Contractor/Consultant, 2019 is approaching and you’re likely planning your year. As a part of that you are thinking about projects, how many billable hours you are targeting, rates, taxes, expenses, etc.
Here is one way to make an extra $10K next year…
RAISE YUR RATE
Step back for a moment and ask yourself this question, “When was the last time I raised my rate?”
If it has been more than 24 months (I’m guessing for many of you it is more than that) let me ask you this question, “Are you the same contractor now, as then?”
If the answer is yes then, well… keep your rate.
If you are smarter, better, more efficient and have 2-3 more tools in your toolbelt since the last time you raised your rates… then do it.
At least try.
It’s that part that seems to be the barrier… you don’t ask. If you don’t ask, how do you know if it is possible?
Do the following right now and make it look as sharp as possible:
Update your web site
Update your resume
Update your LinkedIn profile
For many of you looking the role of a great contractor/consultant, the perception, is enough to raise your rate.
Now, let’s do some math:
2080 hours in 52 weeks
2080 hours - 200 hours (vacation, sick time, holidays)
1880 hours - 200 hours (non billable time for conferences, sleeping in, staring at clouds)
1680 hours… That seems really low but let’s go with that.
$6 an hour.
Raising your rate a simple $6 an hour gets you $10,000. For the same work you will already be doing.
Does that seem like a big ask? Go for $3 an hour.
NOTE: in some cases raising your rate $6 an hour may price you out of a company or project. I get that and am sensitive to it.
You likely will not (should not) raise the rate on your current project.
And you will want to test this a bit. If you are losing out on projects or feeling some push back, maybe this is not the time.
But… consider trying it.
You owe it to yourself.
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