Here in the UK inflation is still rising and the recent 2.5% increase in Value Added Tax will add to the upwards pressure on prices. Not to mention the mutterings about interest rate rises further down the line.
If you’re self-employed and want to maintain your spending power your options are:
- Work smarter — make greater/better use of productivity tools to increase output without increasing your working hours
- Work harder — put in more hours to churn out more “product”
- Raise your prices
Having kept my rates steady for several (too many) years I’ve opted for a mix of 1 and 3.
I’ve raised my rates, and so far have stuck to my guns. And so far, I haven’t lost any business as a result (touching wood (UK) and ferro (Italy)).
As for option 1 — I’m working on it, but not very smartly so far. If you’ve got any recommendations of great productivity tools for small businesses, translation and otherwise, please share them in the comments!
But back to fees. Have you raised yours? Do you plan to? Take our poll and let us know.
By Marian Dougan