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
10. Continuing Education
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. 🙂
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