Understanding how to set up your Virtual Assistant price might be difficult, especially if you're just starting. Don't worry, just start with the one that feels the most natural to you and then change it as your business grows and you gain more experience.
If you have broad administrative, design, or marketing skills like data entry, social media posting, simple graphics, basic calendar management, and so on, the typical pay is $25 - $40 per hour. You may easily charge $30 – $50 per hour if you have Advanced Skills for creating graphics, WordPress edits, writing optimized content, course creation, etc. But if you have specialized skills for web designing, SEO, building landing pages, social media strategy, Infusionsoft, and so on, your hourly rate should not be less than $50. You may work your way up from there as required.
It generally implies you're tracking your time and billing your client using retainers. If you keep track of your time, your approach to Virtual Assistant pricing is about billable hours. These are the hours that you bill your clients to earn money.
It is up to you when and how you charge, but you must be aware of your minimum billable hours based on the frequency with which you bill. For example, I know I need to bill at least 40 hours each week to make the minimum earnings required to keep the lights on.
To do so, you must first determine your baseline rate. What exactly is it? It is the very least you may charge for your services while still capable of paying your bills. If you charge less than that then, you are losing money, which is not a sustainable company strategy. Invoicing more than that would be preferable since who wants to make the bare minimum?
Then you'll need to memorize two numbers. You must be aware of your baseline rate as well as the amount you wish to earn, which is your objective. Those figures should be much different. They should not have the same value.
Pricing is a complicated issue. It's an art as well as a science. The best advice I can give you is to never charge less than you need to make or else you will not be able to continue in business for long. And your pricing entices your target audience. Never reduce your rate only to acquire a customer.
They aren't the proper customer for you; let them go. Stick with your pricing then you will attract the ideal individuals for you.
Do not price by the advisory group; in other words, do not ask others how much you should charge for anything. First and foremost, they have no idea what your baseline rate is. As a result, they may be instructing you to select an amount that is far smaller than you are capable of making.
If you're not sure what to charge, some Virtual Assistant coaches and trainers may suggest you start to charge $35 per hour. What if you need to earn more than $35 per hour to keep the lights on? It is not a one-size-fits-all industry, nor are rates or pricing one-size-fits-all. I would have gone out of business fast if I had just started at $35 an hour.
If you charge per the hour for your Virtual Assistant services, I strongly advise you to consider switching to packages instead, unless you conduct administrative tasks. It's difficult to package administrative work because it isn't specialized; it's highly generic. It may be time to consider acquiring new in-demand skills, such as the tools your clients will utilize. MailChimp, WordPress, or any social networking platform, for example, since it allows you to construct service bundles.
This sort of Virtual Assistant price will also allow you to grow more quickly. When you sell your time, sooner you'll run out of time to sell. The next step would be to transition from billable hours to package sales. You can charge more for your knowledge than you can for your time. Because, for some reason, time is considered less valuable than skill, although this is not the case.
If you're selling packages, you should take your baseline number and calculate how long it takes you to deliver each box to assist you decide how to price it. It isn't as easy as A x B Equals C. You could also charge your services based on your years of experience and competence!
Quickly, a package is an off-the-shelf bundle that has been completed for you. Clients do not purchase your time; rather, they purchase a package based on your knowledge. It might be a WordPress or MailChimp package, for example. A package of copywriting or a package of social media. Packages include:
• It is not based on time.
• They rely on competence.
• A bucket of hours is a retainer, not a bundle.
A project is a scheduled piece of work with a known start and finishes dates, such as a product launch or website development. The difference between a package and a project is that with a package, you define what the customer receives. A project is one in which the customer tells you what they want and you respond with a proposal.
When you are a professional business owner you must project confidence in your talents and fees – even if you are new and don't feel that way on the inside. That is why I usually advise people to start by giving what they know. If you will be able to do this, then you will know how much to charge, who to contact, how to complete the jobs, and how to promote your services.
When you first start, if you give or accept work that you have no clue how to accomplish, the opposite of the above will occur. Furthermore, if you make a mistake, your confidence will suffer, then you will begin to doubt if you made the right option.
You must present yourself properly so that a customer can see that you are skilled at what you do. People may believe that if you are cheap, your work would be of low quality and that you do not value what you do. People seeking for a good bargain will always choose the lower rate, so don't try to compete on price with other Virtual Assistants since there will always be someone cheaper than you, and you don't want to be in a race to the bottom. If you start too cheap, it will be considerably more difficult to raise your prices later. It is also worth noting that the previous average UK hourly wage of £25 per hour was established during the last recession since the cheaper virtual assistants couldn't afford to continue in company.
Clients place a high value on your ability of being dependable, consistent, simple to deal with, excellent communicator, clever problem solver, plus understand and anticipate their demands. They will pay a premium for these characteristics since they are in hard to come. Many virtual assistants communicate badly with their customers, fail to keep them up to speed on the status of their work, use personal issues as an excuse for missing deadlines, abandon their clients, and generally annoy them. Position yourself as someone who is dependable, knowledgeable, and skilled at what they do. This can be supported by testimonials and case studies. If you believe you're worth the money, your clients will believe the same.
When you want to 'be kind' to a customer, you may wind up grossly overservicing them and giving them time for free. While a little sum is reasonable, it quickly adds up. As an example: Assume you charge £27 per hour and provide one client a free 15-minute catch-up call per week. That means you're donating one hour each month, for a total of £324 per year. And that's only for one client for 15 minutes every week. So, while how you handle your clients is entirely up to you, please keep in mind that time is money.
Hi, I'm Paul. If you enjoyed reading this article you might like to read also:
Or check Notes from a VA - The Ultimate Guide to a Successful Virtual Assistant Career for more helpful tips.
I would greatly appreciate if you could kindly share this article to people whom you know will be interested to read this through social media, email, text, or message.
Finally, subscribe to my newsletter to get a free sample page of my book and email updates so you're never out of touch.