Setting your rates as a new virtual assistant can feel scary. Many new VAs price their
rates very low in the hopes that this will attract more clients.
While you may get more interest initially, this method usually backfires because bad
clients tend to hire based on your price alone. You’ll end up thinking that
being a VA doesn’t pay enough and is too much of a headache to deal with.
Here’show to set better rates that attract quality clients…
See What Others Are Charging
It can be helpful to look at what other VAs charge to help you set your prices.
Some virtual assistants do post their rates on their website.
Make sure you’re price comparing with VAs who do your type of work. Comparing
rates between a VA who specializes in web design and a VA who specializes in
social media videos won’t help you set your rates.
Hourly Rates vs Fixed Price
Next, you need to understand how VAs set their rates. There are two common ways to do
this. Some virtual assistants charge a fixed price per project while others charge
an hourly rate.
The hourly rate is helpful when you’re new and inexperienced. It gives you the
space to learn how long it takes you to do certain tasks, which projects your
clients value, and what a fair wage for your time is.
However, the hourly rate is not helpful if you have advanced skills. For example, when
Kirsten started out as a VA, she set up mailing lists for her clients. The
process took her about 4 hours and she charged $25 per hour. This means her
clients were paying her an average of $100.
But as Kirsten developed her skills, it only took her 2 hours to handle mailing list
set up. Since she was still charging by the hour, she earned $50 instead of
$100. This means she was losing money because of her experience.
The way to overcome a problem like this is to offer a fixed price. That’s what
Kirsten began doing. She charged a flat-rate fee of $100 for every mailing list
set up that she did. She was still offering the exact same service, the only
difference was the new price reflected Kirsten’s years of expertise and
knowledge.
Ask for a Deposit
Make sure you ask for a deposit from your clients at the start of each project. This
protects you in the event that you start working on a project but your client
has to cancel it for some reason. You’ll still have the deposit which should
cover the time you’ve already invested.
A deposit also protects your client, too. It assures them that they’ve booked
time on your busy schedule and makes their project a top priority.
Most clients understand this and will happily pay the deposit. But if a client balks
when you bring this up, they may be more interested in test driving your
services than making an actual purchase.
Setting your rates when you’re first starting your virtual assistant business might
make you feel nervous. This is natural and you’ll become comfortable discussing
your prices as time goes on.
Learn tp turn your clients into repeat customers when you enroll in our Nomad in 90 Days Course