When is the right time to raise your fees?

Raising fees is one of the potentially most challenging aspects of fee-setting. After all, not all your clients want to pay $X more for a service you were previously providing for less. Yet, if you retain clients over the long term, raising fees will become an important issue over time. It’s best to raise fees in a consistent manner, either every year or every two years. It’s also best to raise them by a fixed amount in these increments. And try to raise your fees at a consistent time each year so clients come to expect the increase. Most importantly- make sure you can personally justify the fee increase for yourself- whether it’s because you’ve gained experience, taken specialized training, or invested in your own professional development in some other way. Clients will pay for quality and value. Just make sure your new fees reflect good quality and high value. The more you charge, the more value you must provide.