Why does nobody talk about how rates change after 10 years in the same field?

I was talking to a younger freelancer at a meetup in Portland last month and she asked what I charged for social media management back in 2015. I told her $30 an hour and she looked at me like I had three heads. She charges $85 now for the same type of work. It hit me that I never really adjusted my rates as I got more experienced. I just kept doing the same thing for the same people at the same price because it felt safe. She asked me why I didn't value my own history and that stuck with me. Has anyone else gone years without raising their prices because you just got comfortable with the regulars?

3 comments

3 Comments

shane17015d ago

Looked at me like I had three heads" is right because honestly I think I'm the three-headed one in this scenario for not adjusting my rates in a decade. Oh you wanted to charge the same amount for 10 years of experience? That's cute, like bringing a butter knife to a gunfight and wondering why nobody's impressed. I kept my prices flat for like four years straight because I was scared my regulars would bail, but now I realize they probably would've just paid the extra ten bucks and moved on with their lives. The comfort zone is a nice place to visit but you definitely shouldn't live there rent-free like I did.

emma_lee2215d ago

Wait, are we all just supposed to be okay with the fact that you kept your prices flat for four years? That's wild to me. I mean, I get being scared of losing regulars, but at some point you gotta ask yourself if you're running a business or a favor service. Ten bucks isn't gonna make anyone ditch you unless they were looking for an excuse anyway. Honestly, the comfort zone thing you said hit hard, it's way too easy to just coast.

patricia_hill6015d ago

Oh boy, here we go again with the whole "butter knife to a gunfight" thing. I mean, sure, I get the point about raising prices every few years, but let's not act like keeping prices flat for four years is some huge crisis. Your regulars come back because they like you and your work, not because you saved them ten bucks. I've seen plenty of folks raise prices and then lose half their client list because they overdid it on the increase. It's not always that simple.