How Can I Easily Raise My Virtual Assistant Rates?...

I was having a conversation with one of my team members who is also a virtual assistant herself and we were talking about how she’s raised her rates in her virtual assistance business.  It got me thinking that the idea of raising rates in a virtual assistance business is a scary proposition for some.

For a lot of virtual assistants, the idea of raising their rates equates directly to fewer clients.  The virtual assistants I’ve spoken to in the past would rather keep their rates lower and get a “yes” from a potential client versus raising their rates and chancing a “no” response.  The majority of virtual assistants don’t realize that this isn’t the case – that clients really will pay rates higher than what you are currently charging.

So, how can you easily raise your virtual assistant rates?

The first thing I did back in the day was decide where I’d like to get to, in terms of an hourly rate, that would satisfy the business needs and my own financial needs. Once I knew that dollar amount per hour, I then knew exactly where I was going rate-wise.

Whenever I would have a call with a potential client, I would raise my rate by $5 per hour. This meant that I was bringing in new clients at various rates but my rate was getting higher and higher with every potential client call.  Within a short period of time, I hit my hourly rate cap and realized that I was still getting new clients.

So, here’s what that looks like:

• Existing clients – $25/hour
• Potential client “x” – $30/hour
• Potential client “y” – $35/hour
• Potential client “z” – $40/hour

You get the idea.  The reason I love this model is that you can ease your way into a higher rate!  If you aren’t comfortable jumping it up with every potential client, do it with every 2-3 potential client calls.  When you start to receive resistance, you might find your market’s natural tension rate for an hourly rate or, you can become choosier with clients you bring on board.

The biggest piece of advice though about raising your rates is that you just have to do it. Know your worth and ask for it!  If someone balks at your rate, move on and find clients who honor the rate and honor your services.  You will be happier in the long run (and you’ll be a little richer too!)

The Design Process – Help Your Clients Be Cl...

Handling a New Client in Your VA Business...

These clients have just been hired by you to help them in their business. It is important to have a system in place so that you can be organized and efficient in your methodology. The first thing I recommend doing is creating a checklist so that you can make sure you are getting everything you need to the client and from the client.

The second thing would be to set yourself up with a service such as Basecamp. Basecamp is my saving grace and is how I can effectively manage all of my client projects with my team. I can delegate bits and pieces to them, my client can see what is done and what isn’t and it’s a great way for me to stay really organized and provide maximum efficiency to my clients.

The third thing is to create a welcome package for your clients which explains how your business operates, who your multi-VAs are, your policies, your hours, etc. Anything that your client is going to need to know about how you work and what you do.

You want to eliminate misunderstandings early in your relationship so that you can both prosper and flourish together. You also want to make sure that you are staying in line with what makes you happy as a business owner and solopreneur. Don’t fall into the trap of doing what other people think you should do but instead, do what you want to do.

The fourth thing to do is establish an action plan early on for that new client. I don’t mean this in terms of the work you will do for them but rather how you will process them over time. Track their starting rate, when they started, when it makes sense to increase their rate in future and anything else that may be of importance for you and that client in the future.

I recommend doing rate increases for existing clients every year if your rate is not already set fairly high. Otherwise, you can look at a year and a half into your relationship or two years into it. There is no real science to this but rather finding a time when you feel comfortable increasing their rate.

The biggest thing you will be doing with a new client is educating them on what it is you do and how to work best with you. As we all have different working styles, this will be solely connected to you and your business. You want to take the time to nurture your relationship with them and build a great, long-lasting relationship.