Increasing Your Rates the Smart Way...

In your virtual assistance business, do you find yourself quoting a rate and then wishing you hadn’t said that? Maybe thinking something was ‘easy’ at first but realizing you should have charged more and now being in a spot where you don’t know how to ask for what you deserve?

I’ve been there too.

Now, I’ve developed a system that helps me to continue to earn what I deserve and to deal with existing clients rates too. I wanted to share my system with all of you in case you are feeling slightly boxed in when it comes to your rate.

The first thing to remember is that you are a business owner and you decide your rates.  You are not an employee asking for a raise and you certainly don’t have to set your rates according to what other people think you are worth.

The second thing to note is that you can increase your rates once you gain new experience.  The best way to do this is to charge your new clients a higher rate and keep your old clients at their issued rate for at least six months to a year.  When that time comes that you feel comfortable making a rate change, e-mail the client at least 30 days in advance and tell them about the rate increase and explain why you are increasing your rates.

The third thing is to feel confident about your new rate.  It’s easy to feel insecure about charging a higher rate but if you don’t, other people will and you’ll be the virtual assistant doing the same work for lesser pay!  So, be proud of the fact that you’ve reached a stage in your business where a rate change makes sense and honor that.  Stay proud, confident and know why you are worth it.

Are You Over-Spending in Your VA Business?...

When I started my business back in 2004, I began it with very little cash flow.  For the longest time, that worked perfectly – in fact, I even wrote a report about it called ‘What Advertising Budget?‘ which I give away to my group coaching participants.

In this report, I discuss the various ways that you can get advertising and publicity for your business without spending a dime.  It seems that some virtual assistants enter their brand new business with the mindset of, ‘I need to spend money to make money’ and while I agree that in some cases this is true, it is not necessarily true of virtual assistance businesses.

The thing is, you could purchase every gadget out there, every recommended tool, every recommended training, every single info-product but really, at the end of the day, is spending all of that cash going to get you ahead?  You might be thinking, ‘Well, learning all of those new things helps me to attract more clients!’ Right… I agree with you.  However, can you really effectively learn ALL of that at once? If the answer is NO, then pace yourself.

Spend a little bit at a time when it feels right and makes sense to do so.  Don’t just run out and buy something because someone else says you need it.  Get what YOU feel you need based on what your business asks for (ie: a new client needs you to have Dreamweaver…) and ignore the rest.

Passive Reve-what?...

I thought this was an appropriate title for a very important topic of discussion.  This topic is passive revenue and if your business isn’t yet bringing in passive revenue, you better change that and quick!

So, what is passive revenue? Passive revenue, in my own terms, is income that you generate by doing nothing.  Now, don’t get me wrong, for the most part it isn’t truly “nothing” but rather doing something once (ie: creating an ebook) and earning income from it for years to come.

This is a key quality of business owners and entrepreneurs who earn income while they sleep.  They do this not by trading their time for money but rather their expertise for money.  Their product for money.  The beauty of this type of business setup is that it is actually quite easy to do!

What makes a good passive revenue item? Well, that depends on the business you are in.  Ebooks, special reports, audio programs, teleseminars, etc. all make great passive revenue items.  The key is to find something you are really good at or have extensive knowledge in and use that to create a product that people will be interested in.

It’s easy to set them up and once you do that work once, you’ll reap the benefits of selling that product for a long time to come.  The best part is that most products also give you more credibility and help establish you as an expert.

So, go out and create!