It's possible I don't charge enough, now. I'm
cautious about raising rates, and the last time I did was pre-Covid. 2020 was pretty rough, with almost no one interested in building new infrastructure; luckily I had long jobs to carry me through most of it.
The $200/hr rate now isn't that different from a $50/hr rate in 2006. It was about half of what a smaller web bureau or design agency would charge at that time. My selling point was that I had the knowledge and will to do the work, if not the manpower and response time that a full agency could bring to bear. So - yes - it has always been a value proposition for my clients who have to trust that a one-man code show with a couple designers in tow can write software that will last ten years and is worth the technical debt incurred with a custom platform. I always remind them that unlike a company, I can get hit by a bus.
But I also omitted the fact that I really only enjoy writing fun, interesting code now... and there isn't much of that. So I find myself spending half the day on my own projects. I don't maximize my income by working long hours. Typically, I work on client projects 2-4 hours a day unless there's a short deadline. Maybe I should charge more for those hours, but I also feel a bit of moral obligation not to raise my prices too steeply on the clients who've made the decision to put themselves into my technical debt. And a lot of times I just do tech support without putting down a charge at all, if it's not really a big bother to me.
If inflation really goes crazy or if this situation ever began to feel like I wasn't being compensated fairly, I would raise my rates more sharply year to year. But... I grew up in ad agencies since I was 15 and got good at eyeballing the price points that brought in just the right customers. I used to be like a "Price is Right" contestant at that age, with the boss asking what I thought an account was worth, what a job should cost, and what they could afford. I've been accused of being too conservative in my pricing before. And of being too expensive. I don't think, personally, that maximizing the amount of money you can get out of a job is a good strategy for building long-term trust.
I have one client who, I know, thinks they have gotten an unfair and obscene amount of value from my hourly work. At one point when the stress of what they were putting on me was breaching what I could handle, even if I doubled my rate, they perceived this and just gave me a percentage of the company. So I'm of the attitude that if you do good work, and really put your complete attention into it, the world will provide for you. I hate hustlers and businessmen, hungry entrepreneurs, etc. I'm not a competitive type. Good craftsmen will never starve. To some extent, coders overrate their importance as part of a priesthood of industry in something new and poorly understood. We're architects and "engineers" with no real qualification. If the toilet in your small business backs up, the guy who comes to fix it is worth more than re-designing your online store. Or - differently, and I'm rambling here - I drive a 1980 Datsun. The only guy within 500 miles who knows that car is a mechanic who has Datsun tattoos on both of his arms... and lives in his shop, surrounded by Datsuns and charges an eminently fair rate. He built a new engine for me after I hauled him an old block. A craftsman.
Too often I hear, "you could be rich", or this or that. From ambitious people, of course. The truth is, the great thing about this life is that I have no ambition to be rich by working for someone else. If/when/how I get rich will only be if/when one of my own projects makes money. Without investors, who I hate, and certainly not on these clients' projects. I don't want or need to take advantage of them just because I could do so.
/rant - Hey, this just touched off a lot of thoughts and I don't normally explain my full thinking about this.