Ink-Dipped Advice: Time to Freshen Your Contract & Update Your Rates

 I hope everyone who celebrates American Thanksgiving had a good one, and those who don’t celebrate had a good week.

We are getting into our holiday madness, now. Not only is it important to remember to stop and take a breath, use “no” when necessary to keep your boundaries/sanity, it’s time to look at your freelance contract and update your rates.

A typical cost-of-living increase is between 2-3%. I don’t know about prices where you live, but my expenses for 2020 have already gone up a lot more than that. My rent went up 9.5%. The cost of food has gone up 35% over the course of the year. I have no idea how much my insurance and utilities will go up. I know that there are more expensive car repairs in my future.

My current rates are not sustainable.

Now, I’m not going to raise everything 45%. That, too, is unsustainable.

But I figured how much I need to make next year at minimum in order to get done the big transitions that need to happen, and  what I’d LIKE to make (which is higher) to give me a cushion. Break that down by 52 weeks, and I know how much I need to make every week. Break that down into a day rate (always good to have a day rate for certain gigs), and I have my numbers.

Now, I match that against the time/work ratio of individual projects, and I know how I need to adjust for that.

I don’t post most rates on the website, because there are so many variables for a project that it hurts both the client and me to have fixed rates for MOST projects. There are always exceptions, and those will be addressed/updated.

I’m also going to post my initial first consultation rate. This is controversial, because so many people offer a free first consult.  I’ve done that in the past; not doing it any more. Too often, the potential client wants information in order to go and do it in-house. Great.  But one of the things I am is a marketing CONSULTANT, which means I am paid for that consulting time that gives the client the ideas/itinerary that is then put into use in-house. 

My mantra for 2020 is “No more free labor as part of the hiring process.” That includes ideas and the constant question “How would you handle x?” which pretends to be a question to test skill level, but is, in actuality, a way to gather free advice from a variety of sources without paying anybody.

I am aiming my LOIs at a slightly different market, too. My focus is still hunting down companies whose work excites me and convincing them they can’t live without me. Some of them need a multi-year courting process. It’s worth it.

I’m moving away from LOIs to companies just because they’re local. I’m a big believer in supporting local businesses, but I, too, am a local business, and when the attitude is that my skills aren’t worth paying for because writing “isn’t real work.” then I’m pitching to the wrong market.

I plan to expand my corporate workshops, where I come in and train the staff in unusual marketing/writing techniques they can apply to business. One of the things I’m doing this month is crunching the numbers to set a good price. I’d started expanding this before I moved from NY to the Cape, and abandoned it when I was here. I enjoy it, I’m good at it,  the people in the workshops have a great time, and the company who hires me benefits in the long run.

I’m freshening my contract, and I’m clarifying a few points that need adjustment, mostly to keep up with changing technology. I am also adding the caveat that I do not go on camera. None of my client work is about ME. I’m happy to write scripts and set up productions/social media systems for on-camera representatives, but I am not that individual. Not an actor, don’t want to be a spokesperson, I am strictly behind-the scenes.

These are some of the changes I’m making to my freelance work for 2020. What changes are you looking at ? How do you plan to implement them?

If you need some general goal-setting questions, hop on over to my Goals, Dreams, and Resolutions site where I have specific questions to help you achieve what you seek.