Just wanted to think out loud here for a bit and ask you guys a question while I’m at it. Some people send their rate card to their clients and some people post their rates on their website. Some people work with their prospective client’s budgets and some vary their rates depending on where the work is coming from (what region or country).
I once had a client from China email me and ask me to cut my fees to 20% of what I asked because they were from a poor region of the world. hehe Well I live in the Middle East in what some would consider a third world country. I just declined the job … and that is a different subject for a different time… but for now the question is:
When is it a good time to rework your rate card?
It took me a while to put together a rate card I was happy with, but it’s been two years now since I formulated that rate card. I’m still happy with it I don’t feel like I need to raise the prices. I mean there are certain aspects that I have to keep in mind like how soon does a client pay after the job and what is the work load from that specific client but overall I’m ok with my prices.
When, though, do I account for inflation? Egypt just went through a revolution and right now consumer goods are not priced properly. The prices for certain products sometimes skyrocket then suddenly return to their usual amount. The oil crisis in caused by the Libyan revolution is driving gasoline prices through the roof.
So I ask you dear readers. When is the right time to revise your fees? How would you go about it… or have you been forced to go the other way and decrease your fees just to make rent and pay your bills?
I’m curious to know!