Episode 19: When should you raise your rates and how do you do it without panicking?!

When should you raise your rates and how do you do it without panicking?!

In this episode, I’m opening up the hush-hush conversation about money in the audiobook industry. We’re talking about underpricing, scarcity, ongoing series, loyalty rates, invisible labor, and the fear that charging more will make you less castable.

Most importantly, I’m giving you a practical plan for moving from where your rates are now to where you want them to be—with real timelines and language you can use when talking to clients.

Your rate isn’t a verdict on your worth. It’s a business decision about what your career needs to remain financially, physically, and creatively sustainable.

In this episode:

• When questioning your rate becomes a reason to review it
• Why being fully booked doesn’t necessarily mean your business is sustainable
• The difference between your personal worth and your business rate
• How invisible labor affects what you actually earn
• Moving from your current rate to your target rate
• Choosing a 30-, 60-, or 90-day transition timeline
• Raising rates for new clients
• Giving existing clients clear notice
• Handling ongoing series and returning-client rates
• Charging appropriately for research, accents, pickups, and rush deadlines
• What to say when a client’s budget doesn’t match your rate
• Making intentional exceptions without letting fear make the decision
• Why one client saying no doesn’t mean your increase failed
• How to review the results after three or six months
• Navigating transparency, union minimums, and contract confidentiality

Client notification script:

“I wanted to let you know that beginning [DATE], my standard narration rate will be increasing from [CURRENT RATE] to [NEW RATE]. Projects contracted before that date will remain at our previously agreed rate. I have loved working with you and wanted to give you plenty of time to plan for upcoming projects.”

Ongoing-series script:

“Since we began this series, my standard rate has increased to [STANDARD RATE]. For the next book in our series, I can offer a returning-client rate of [TRANSITION RATE]. Beginning with the following installment, my standard rate will apply.”

When the budget doesn’t align:

“I understand. If the budget changes for this or a future project, I would love to talk again.”

Your rate-raising checklist:

1. Write down where your rate is now.
2. Decide where you want it to be.
3. Calculate the invisible labor behind the number.
4. Define what your standard rate includes.
5. Choose an effective date.
6. Begin quoting the new rate to new clients.
7. Give existing clients reasonable notice.
8. Create a transition plan for ongoing series.
9. Decide what would justify an exception.
10. Review the results after three or six months.

Your rate is not carved in stone. As your experience, expenses, workload, and goals change, your business is allowed to change with them.

The goal isn’t to become unaffordable to everyone. The goal is to build a career that is financially, mentally, physically, and creatively sustainable.

This episode shares personal experience and general business education. It is not legal, financial, or union-contract advice. Review your individual agreements and consult the appropriate union representative or qualified professional when needed. 

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For service inquiries, use the contact me form through my website. 

Transcript

SPEAKER_00 0:00

Hello! Okay, this week we are talking about when to raise your prices. And this one is one of those controversial, widely debated, weirdly hush-hush conversations. But I'm not the kind of girl who likes to live in the hush-hush. I am the transparent kind of girly who wants to share all of my hard-earned knowledge with you. So that maybe you don't have to make the same mistakes I made or go through quite as much of the anxiety and trauma. So let me take you back a couple of years. I was at a narrator gathering. It was retreaty conferencey meeting of like mindsy. There were narrators, casting directors, producers, and coaches. And people were asking questions. And one person asked, When do I raise my rates? And if I raise them, will that affect my castability? And every producer there basically said, No. If your rate fits the budget we have for that project, great. If it doesn't, then we will keep you in mind for future projects with a different budget. It makes no difference to us. One of them, quote, said, It's not my money. And that is a completely reasonable answer. A no to one budget is not necessarily a no to you. It can simply mean that those two numbers do not match today. But then a coach stood up and said, Don't raise your rates, especially if you are newer to audiobooks, especially if you have fewer than 10 books or 20 books or whatever number he used. His argument was that you are trying to build your resume so you should focus on getting the work. And he said that to a woman. It stayed with me for years. Whenever I see this coach out in the world, I still think about that conversation. I don't believe he was trying to hurt her. He probably genuinely thought he was helping her build momentum. But like I say a lot about older coaches in the industry, I believe the advice was incomplete. And I believe incomplete advice like that can keep people underpaid for a very long time. And especially for women, right? Because women are often socialized to be agreeable and grateful and undemanding. And women of color can face even greater pay inequities, we know. And we are all told, don't be difficult, don't ask for too much, and just be happy somebody chose you. But when you are your own boss, who is going to advocate for you if you don't? So when should you raise your rates? My short answer is, when you seriously start wondering whether you should raise them, it is probably time to at least review them. That does not mean you pick a random number tomorrow morning. It means the question itself is information. Something in your business has changed or needs to change. Maybe your experience has increased. Maybe your work has improved. Maybe your schedule is full. Maybe your expenses have gone up. Or maybe you have started feeling really frustrated every time you accept a project at your current rate. And that frustration matters. It becomes harder to protect the preparation and creative energy that excellent work requires, right? Your physical and mental currency may be worth more than you are being paid. Now, I did not raise my own rates early enough. For a long time, I accepted royalty share projects on books I strongly suspected would never pay out, and I was right. I came from a theater where we were told a zillion times that we are replaceable. We're nothing special. We got this opportunity because this time we happen to be a little more right for the role than the next person. And if we complain or act up or make a mistake, there are a dozen people waiting to take our place. So I entered every project thinking, oh my gosh, you want me? Little old me? And I accepted whatever terms were presented, and then, you know, convinced myself that those terms represented my value. I was letting other people dictate what my talent was worth. And woo, that is years of therapy, I am trying to save you. Do not let somebody else's budget become a verdict of your own worth. Your price is not your worth as a human being. It is a business decision about what this work must pay for your career to be sustainable. If you approach your career from scarcity, you can fill your entire calendar up with underpaying books, and it still won't be enough. Busy is not the same thing as profitable. Stop looking at the people who claim they're booked until next year. You have no idea how they're being compensated for those books. Booked is not the same thing as sustainable. Now, I can hear some of you saying, Fine, I want to raise my rate, but how do I actually do it? And this is where we move from an inspirational Instagram square to an actual plan. First, identify where you are now. Write down what you currently charge. Then calculate what you actually earn after accounting for preparation, research, recording, pickups, communication, equipment, taxes, and all the other invisible labor. Break it down into an hourly wage. Is that hourly wage above your state's minimum wage? Write down what that is. Second, decide where you want to be. Choose a target rate that better reflects your experience, expenses, workload, and the kind of career you are building. Sometimes raising your rate means raising the numbers, sometimes it means charging for labor you have quietly been giving away for free. Ask yourself, what does my standard rate include? How many rounds of pickups? What kind of research? How much pre-production communication? What happens if the manuscript changes after recording begins? Is there a rush fee? Is extra work clearly defined? You are not being fussy. You are making the invisible visible. And the earlier that you figure those terms out, the quicker they can go into the contract, and then the less ambiguity there is when those situations come up, and both parties have to deal with them. Third, choose a timeline. Someday is not a timeline. Pick an effective date. It might be 30, 60, or even 90 days from now. It might be the beginning of the year. Beginning on that date, every new inquiry receives your new standard rate. And here is the beautiful part. New clients do not need a history lesson. They have never hired you at your old rate. When they ask what you charge, you simply say, my standard rate for this type of project is X. Do not say, but I can probably go lower. Do not say, I know that sounds like a lot. Do not say, I'm sorry. State the rate and then stop talking. Let them respond before you begin negotiating against yourself. For existing clients, give reasonable notice. You might say, I wanted to let you know that beginning January 1st, my standard narration rate will be increasing from X to Y. Projects contracted before that date will remain at our previously agreed rate. I've loved working with you and wanted to give you plenty of time to plan for upcoming projects. How professional. Who is she? She is a boss, she has got her act together, she is getting compensated and communicating. If moving from your current rate to your target rate in one step feels too big, create a bridge. New clients can receive the full rate immediately while existing clients move halfway now and the rest in six months, or you might increase your rate after every five completed books once a year, or whenever your calendar remains consistently full. The exact timeline is yours. The important thing is that it has dates and numbers. Now, what about ongoing series? This is where people often feel especially stuck. Maybe you started a series two years ago at a lower rate when you were less experienced. The author trusted you with those characters, you want consistency, and you value that relationship. You still have options. You can move the next book to your current rate, you can honor the previous rate for the next installment and set a new rate after that. You can offer a temporary returning client rate, or you can offer a package if several books are contracted together. You might say, since we began this series, my standard rate has increased to X. For the next book in our series, I can offer a returning client rate of Y. Beginning with the following installment, my standard rate will apply. This is not betrayal. This is negotiation. Next, decide what happens if someone says no. Because somebody might. They may say, this isn't in our budget. That is not proof that you were wrong to ask. It means their budget and your rate do not currently align. You can respond, I understand. If the budget changes on this or a future project, I would love to talk again. Or if you genuinely want the project, you can negotiate. But you have to make sure that you are being compensated in a way that fulfills you, that makes you feel good about that project. Before saying yes to a lower rate, ask, what am I receiving for the discount? Guaranteed volume, a less demanding scope, a strategic opportunity I can actually name, like being in a new genre or working with this author who has a ton of author friends, or being able to use this for my own marketing purposes. Is it that? Or only the relief from the fear that they might choose somebody else? Fear is real, but fear does not get to run payroll. And remember, you do not need every client to say yes for a rate increase to succeed. Maybe your old rate required four projects to earn a particular amount, while your new rate requires three. That leaves room for rest, training, marketing, family, or a better fitting project. Track what happens. How many people accept the new rate? How many negotiate? How many decline? How has your income changed? How has your workload changed? How do you feel when you begin a project? Don't judge the decision by the first no. Look at the pattern. And you know, let us talk briefly about union rates and the secrecy surrounding money. Unions establish minimums and protections for a reason. At the same time, audiobook agreements and individual contracts differ. So your right to discuss compensation and any confidentiality obligation may depend on your employment status and the agreement involved. So I'm not going to tell you that nobody can discuss rates because that's too broad. I'm not going to tell you to disclose the terms of a contract you agreed to keep confidential. You got to read your agreement. Ask your union representative to get qualified advice when you need it. So let's review. Write down where you are now. Write down where you want to be. Calculate the labor behind that number. Decide what your rate includes. Choose an effective date. Quote the new rate to new clients and give existing clients clear notice. Create a specific transition plan for ongoing series. Practice saying the number without apologizing in the mirror to your cat, to your best friend. Decide in advance what, if anything, would justify an exception. Then review the results after three to six months. Your rate is not carved into stone. It is not a sacred promise you made at the beginning of your career. It is a living part of your business. And you are allowed to change it as your work, experience, costs, and goals change. You are a human being with a vast collection of knowledge and skills. You are an expert in the work you do. Act like it. The goal is to build a career that is financially, mentally, physically, and creatively sustainable. And, you know, maybe have a little bit of fun along the way. And you are allowed to charge for it accordingly. As always, it is wonderful to have you here. I am so, so thrilled to have so many people messaging me and talking about how much this podcast and these conversations are energizing them. I love it. So thank you, thank you, thank you for being here. I will see you next week. And until then, take care of yourselves. I'll talk to you soon.