Why you should increase your pay rate

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As your contracting career advances, there may come a time when you need to evaluate how much you charge for your services. If you want to increase your rate, you’ll need to build a valid case as to why clients should pay more.

To help, we have chosen four reasons why you might increase your contractor rate:

You have attained more valuable skills and knowledge

As a contractor, you will have continued to develop and add new skills to your repertoire, making you a more appealing option to clients. This additional knowledge and expertise should obviously be rewarded, but it’s important to tell businesses exactly what they’d get for their money.

Make sure you inform clients about how your knowledge and skill has grown and how you can help them. If they believe they will receive the highest quality service, they should be more willing to pay a higher price.

Experience

As a seasoned contractor you’ll be highly regarded and accomplished, an ideal pick for a company that is searching for a skilled professional.  The experience you possess is not something that can be obtained from just anybody, meaning your unique skill and insight should be worth a higher price.

Market conditions

Closely monitoring contractor news and emerging trends will keep you up-to-date with in demand skills that you can quickly add to your repertoire. If you offer skills which are currently viewed as a rare and valuable asset to a business, raising your rate is a natural progression to accurately reflect your specialist services.

Competitor rates

As well as tracking sector news and trends, it would also be wise to see how your rates compare to your competitors. This is a good scale to work from when proposing your rate increase. Ideally, you want to be earning a fair wage, however, you still need to be able to compete with your rivals and avoid being passed over because of sky high rates.

Have your say

Are you a contractor? Have your increased your pay rate? What were your reasons? Join in the discussion on Twitter, or leave a comment below.

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