Charging What You’re Worth
August 3, 2005
In this Issue
- Personal Note From India: New Site Search Feature, Updated Job Leads
- Featured Article: Virtual Assistance Price List: A Basic Guideline to Setting Rates for Your Virtual Assistant Business
- Virtual Assistant Industry News: VA Conference & VA SummitÂ
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===>Personal Note from India
Hi there,
How are you? Good I hope. I’m doing wonderful. I have added a new site search feature to the website. You can search www.virtualassistantbusiness.com or the worldwide web right from my site. It’s pretty cool. Check it out:
One of the challenges for new Virtual Assistant Businesses is setting rates for their services. I see so many questions regarding what to charge. I thought that I would share with you an article to help you in setting your rates. You may have read this article before, but I think it’s worth reading again. Be sure to scroll down and read it in the “Featured Article” section of this newsletter.
New job leads are up and ready for you. Here you go:
Well that’s it for this week. Enjoy…and I will talk with you again next week.
Wishing you all the best,
India Jordan
Your Fellow Virtual Assistant
Virtual Assistant Business
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===>Featured Article
Virtual Assistance Price List: A Basic Guideline to Setting Rates for Your Virtual Assistant Business
Setting a virtual assistance price list is a crucial part of your business. I’ve seen Virtual Assistants’ rates range from $15 to $70/hr., depending on the VA’s experience, specialty, location, and the project. One of the most common concerns a new Virtual Assistant faces is what to charge for his/her services. A common mistake made by new Virtual Assistants is underestimating the value of their services. The more specialized your service is, the more you may be able to charge for those services.
Here are some guidelines for setting your rates:
Peek in on your competitors
Visit other Virtual Assistants’ websites to see what they are charging for similar or the same services. Look for areas you can improve and perhaps provide a service that they don’t. Find your USP (Unique Selling Proposition or Point). In other words, what sets your business apart from others’.
Calculate your expenses
Your price should at least cover your expenses. Expenses can include but are not limited to:
1. Your Time (Yes, I said your time)
2. Office supplies, equipment, and software
3. Marketing (Internet and Offline)
4. Rent/Mortgage
5. Utilities (Electricity, Gas, Telephone, Water, etc)
6. Taxes
7. Insurance (Business, Health, etc.)
8. Web Hosting and Web Maintenance
9. Travel and Transportation
These are just a few that I can think of off the top of my head. Once you have calculated your expenses, you will have a general idea of what you need to cover them. Of course you don’t want to just cover your expenses, but make a profit as well.
Price your services according to your target market
Your target market is another factor to consider before setting your virtual assistance price list. If you target business executives, then naturally you could charge them more than you could college students. Why? Well…college students may be on tight budgets, work part-time, and/or may still be depending on their parents for financial assistance. Business executives are pretty much established and tend to have bigger budgets. Do you catch my drift?
Price your services according to supply and demand
If you provide specialized services and the demand is high but the supply of VAs offering the same services is low, you can charge more for those services. However, if the supply is high, you may want to consider being more competitive with your prices. If you want to lower your prices and still make a profit, you will also want to cut your expenses.
After considering all of the above, it should give you a general idea of how to set your virtual assistance price list. This is just a basic and general guideline so nothing is set in stone. :)
India Jordan
Your Fellow Virtual Assistant
Virtual Assistant Business
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===>Virtual Assistant Industry News
Virtual Assistant Conference
Will be held in St Louis, MO this year on October 14-15, 2005. Make your plans to be there.
VA Summit
The 4th Annual Virtual Assistant Summit will be held on October 19-22, 2005 in Houston, TX at the Hyatt Regency Houston. Register today if you plan to attend.
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