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I started freelancing 3 years ago, my hourly rate was between 25 and 30$/hour.

I have accumulated a lot of experience and I have a better quality clients that pay better than my old clients. My new clients pay an hourly rate of 60 to 120$/hour and I am thinking of increasing my hourly rate for my old clients to at least 45$/hour.

What is a good way to approach my old clients and tell them about my new hourly rate? Should I wait for them to send me a project to communicate my new rate?

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Here's what I did, and you can tweak it as you need it.

I sent out a letter (using postal mail, even for my local clients), explaining that the rates have increased for new clients, and my current clients are keeping the same rate for the next 90 days. I explained that after 90 days, the rate will be increased to the same amount new clients are paying.

If you are jumping from $25-$30 per hour up to $120 per hour, you will get lots of lash-back! Increase slowly, never 4 times the price all at once! I think your $45 rate for old clients is very reasonable, and I would maybe support you keep that for another year or so. Then, repeat again: letter to clients that after 90 days, the rate is increasing to (for example) $65/hour. Take small steps with your loyal customers.

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