Friday Financial Freedom Finder newsletter

How to 5x your hourly rate in 6 simple steps

Are you a small business owner looking to increase your hourly rate without sacrificing quality? It can be tempting to go down the route of hiring more staff or taking on bigger projects, but if you’re looking for a simpler solution, then look no further. This newsletter will outline six simple steps that you can take to not only boost your profits but also gain real traction with customers while establishing yourself as an expert in your field. 

Through this process, it is possible to 5x your hourly rate as a small business owner - so let’s get started!

1.  Define your niche

One of the best ways to 5x your hourly rate is to focus on a specific niche. When you narrow your focus, you become an expert in that area and can command a higher rate. For example, if you’re a web designer, you could specialise in designing websites for small businesses or e-commerce sites. If you’re a business coach, you could specialise in a specific industry or sector.

What are you the best at? What can you offer that others can't? 

2.  Know your worth and make sure you deliver value in alignment with that.

The second step is to know your worth. By this I don't mean your worth as a human, I mean how much what you deliver is worth to your clients.

What are you worth to your clients?

How much are they willing to pay for your services?

When you know your worth, you can start to charge what you're really worth.

Your clients won't be willing to pay more if they don't feel like they're getting more. You need to make sure that you're delivering more value than they're paying for.

3.  Get referrals

Another great way to 5x your hourly rate is to get referrals from past clients. When you have happy clients who are willing to vouch for your work, you can charge a higher rate because you have proven yourself to be reliable and competent. Referrals also save you time and energy as you don’t have to spend as much time marketing yourself.

4.  Offer additional services

You can also 5x your hourly rate by offering additional services that complement your core offering. For example, if you’re a web designer, you could offer search engine optimisation (SEO) services or social media marketing services. This allows you to tap into new markets and increase your earnings potential.

5.  Raise your rates

One of the simplest ways to 5x your hourly rate is simply to raise your rates. If you’re currently charging £50 per hour, raise your rates to £100 per hour. Of course, this isn’t always possible or realistic, but it’s worth considering if you feel like you’re undercharging for your services.

I have a client who is a designer, he was apprehensive about raising his rates...but after months of me nagging (!) he decided to shut me up and give it a go! Low and behold, he is not charging nearly twice as much as he did 2 years ago, getting all clients paying his higher rates, receiving great feedback still and taking home much more money.

You can too! 

6.  Get results

The final step is to get results. Your clients won't be willing to pay more if they don't see results. You need to make sure that you're getting results for your clients so that they see the value in what you're doing. Make sure you are delivering what you say you will and what (or more than) they expect from you. In doing this you also feed into point 3!

By following the 6 simple steps, you can 5x your hourly rate as a small business owner. Whether that means taking on more new projects or rethinking price points, the tips provided here will give you the confidence to increase what you charge.

To take your success to the next level and stay ahead of the trends in your field, be sure to subscribe to our newsletter, if you have not already, for regular advice about setting yourself up for success in business. We’re excited to help entrepreneurs reach their goals, so let’s get started! Subscribe below.

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