When considering whether to raise your fees for freelancing work with an agency, there are several factors to consider. Start by evaluating the value you bring to the agency: Have your skills, experience, or portfolio significantly improved since you first set your rates? If so, an increase can be justified. Also, research the current market rate for similar work within your industry to ensure your fees remain competitive. Additionally, assess the demand for your services. If demand is high and your schedule is consistently full, it may indicate that your rates are below market value.
Review your relationship with the agency as well. Are they consistently providing you with work and paying on time, or is the collaboration sporadic and challenging? Strong, reliable relationships can support a rate increase. Consider offering them a phased increase or additional terms that could make the hike more agreeable, such as enhanced deliverables or longer project timelines.
Communicate clearly and professionally with the agency when proposing a rate change. Provide a rationale based on your findings and explain how the increased rate reflects the added value you bring. Be prepared for negotiation, and understand that if the agency cannot meet your new fee, you may have to decide whether to accept their terms or seek other opportunities.
Ultimately, increasing your fees should reflect your evolving expertise, market conditions, and your business goals. A well-considered approach will support your rate hike and potentially strengthen professional relationships.