So how do you raise your rates?
The act of raising your rates is deceptively easy: Simply tell your artists what your new rate is. If you want to smooth the transition or demonstrate loyalty to existing artists, only charge your new rate for new artists.
The real struggle is internal. You might not believe people will pay the new rate. Most freelancers have had the fear of increasing their rates and losing all their clients.
My advice: Try it. It won’t happen. Or you might lose some clients, and they’ll be your worst ones anyway. Most of everyone else will simply accept the new rate without a fuss. Some artists might be already at their limit of what they can afford, in which case you’ll have to be creative.
Here’s what I do when I sense that an artist is particularly cost-sensitive. I’ll have an open and honest discussion where I offer options and alternatives.
Common options include:
—Having the artist record some of their parts at home, coming to the studio to record lead vocals and mix+master.
—Starting with a smaller piece — e.g. recording one or two songs instead of tackling a whole EP or album up front.
—Reducing the scope — e.g. recording voice and guitar with a few overdubs instead of a whole band.
Notice none of those options include doing more work for less pay? They all work on the basis that the rate is fixed and non-negotiable. But there’s a lot in a project that is negotiable. Don’t fall into the trap of thinking that price is your only negotiable item. And don’t let your artists fall into that trap either.
For larger projects, I sometimes offer a slightly lower rate for artists that are prepared to book a lot of sessions in advance — but it’s highly conditional. It’s only if I think they’ve got what it takes to commit to a project that size.
It’s only if I believe in the project and will personally enjoy working on it (fortunately, this is most projects). It’s only if a reduced rate will be necessary to get the project done properly.
And sometimes I’ll adjust my payment terms to reduce the risk of the artist going AWOL (and leaving me with a bunch of unpaid unused booked sessions).
Be flexible. Be creative. Be open and honest.
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