Ask HN: How do I raise my rates as a contractor with an existing client?

[throwaway66667]

I make $80/hr as a contractor. Initially I asked for $100, but I was offered $80 and I accepted. We signed a 6-month contract in August which ends next week. I want to tell them that if they want to renew the contract, I want $90/hr. Is this a 'dick move'? If it is, what is an acceptable way to raise my rates with an existing client?

I should also note that we're not in the middle of any big projects at the moment, so I'm not holding any previous work I've done hostage. All big projects have been completed & delivered.

[logicalmonster]

Is the client an established business or just one guy financing a dream?

If the client is an established business, don't fret: vendors changing rates is a normal part of business. Just inform them that as of X date, your new rate for consulting work is XXX per hour and ask them to confirm receipt of that email in writing. I'd say that 2 weeks advance notice of the rate change would be more than sufficiently courteous.

If the client is just one guy or something, I'd say that raising rates would be fine too: but maybe give them a bit more lead-time on the change: maybe closer to a month advance notice or something and make a point of mentioning that you're giving him extra time to prepare. And as always, get confirmation of the rate change in writing.

[throwaway66667]

Thank you! It's an established business.

[imtavi]

Absolutely not a dick move, regardless of the status of projects. Raising rates is part of contracting. Once they know your value, you're in a great position to ask for a significant rate increase. I have no context so take this with a grain of salt, but I'd ask for the $100 that you wanted initially; the fact that they didn't accept that rate 6 months ago does not mean they wouldn't accept that (or more) now that they know you.

As gostsamo wrote, ask if they're interested in continuing. If they are, here's an example of what you could say next: "I've really enjoyed working with you and I'd love to continue. I'd be most comfortable with $100/hr. Would you consider that at this point?"

[throwaway66667]

Thank you! I really appreciate the example as well.

[gostsamo]

Asking for money is not a dick move. First, it would be good to know if they are interested in continuing the contract. If so, state your price.

[throwaway66667]

Thank you!

[rdtwo]

Just mention inflation