A sidenote to 'keep raising your rates'. At some point, for some sort of work, you really will be pricing yourself out of that market. I've had people express that concern to me "I'll never get the job if I quote that much!", etc.

My response years ago was to adjust the price down some (and I did it myself) and sometimes you'd get the job.

My advice now, typically, is ... don't go for that type of work. Don't bid on that project. If what you're bidding on is commoditized to the point where anyone can do it for 5x less than you want to charge, find another type of skill to enhance and sell that.

This approach isn't for everyone, obviously, but I'm finding it works. This might just be a variation of "go where the competition isn't"?