Are your VA services valuable?
Of course they are. There are hundreds of businesses, realtors, lawyers, coaches, speakers, etc. who could not operate successfully if it wasn't for their Virtual Assistant working behind the scenes. Their VA probably looks after all of their correspondence, blogs for them, and handles their schedule. And that is just a small portion of what their VA almost certainly takes care of.
Do you consider your time to be important?
Why wouldn't it be? When determining your prices you must consider how many hours a day/week/month you work at the business. How many are billable hours? The billable hours must ensure the time you are spending on your own paperwork, marketing, etc. is covered by your fees. Those are considered to be your overhead costs. As your overhead costs rise so must your prices or it may be the time to consider taking on more clients or better managing your time.
Is your experience as a VA worth more than what you are currently charging?
How experienced are you at the services you are providing? Do you have unique skills that are not common in the industry and are you high-in-demand? Have you added certifications or credentials to your portfolio that should be considered when determining what your rates should be? At times we undersell ourselves. We all do it. However, when you put into perspective the services you provide, your expenses and what you require to live you must not hesitate to charge appropriately.
When should you raise your rates?
Every VA gets to the point in their business when they wonder if they should be raising their rates. As you become more proficient at what you are doing and continue to educate yourself on new procedures, programs, etc. you can demand a higher rate from your clients. Or if you offer a special service that is unique and not easily available that is also worth something extra.
Rates can be determined by the length of time a Virtual Assistant has been in business and what their reputation is in the business community. A high-in-demand VA can and should charge more than someone who is just starting out or someone who has limited skills.
Having a full client list is something we strive for but it can be a challenge. If the client list becomes cumbersome you may need to weed out who your clients are. This can be done by raising your rates and does not necessarily endanger your client list. It can also give the perception (which is actually true) that you are high-in-demand and if you agree to take them on as a client they will have to pay your rates.
If you worked for an employer, in his office environment at his set hours you would be paid a rate of pay agreed upon by both. However, when working as a business owner you supply your own office, equipment and take care of your personal benefits and sick time yourself. These are considered to be the cost of doing business and your fee structure will obviously cover those expenses. Don't forget your expenses will rise and therefore by keeping track of these expenses will ensure your rates cover them.
Most Virtual Assistants or business owners raise their rates yearly, taking into consideration the factors above. It isn't a good idea to be altering rates whenever the mood strikes - you probably won't be perceived as being very professional.
If you aren't sure if you should raise your rates or want feedback, take a poll either on your website or ask your clients for their thoughts. Make a list for yourself of the pros and cons which will help you make a decision. Remember, an increase doesn't have to be huge - it can simply be a $5 per hour more over what you charged last year.
Operating a business as a Virtual Assistant is important work and the VA must understand their own worth ~ so charge accordingly and raise your rates when necessary!
Carol Ann Quibell is the co-owner of Lorac Virtual Solutions providing businesses with start-up assistance, administrative help, writing services and training material. She loves to share her knowledge and skills with her clients so they will succeed. Visit her at
http://www.loracvs.com Get your copy of START A VIRTUAL ASSISTANCE BUSINESS
http://ht.ly/37R9u
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