Developing virtual assistant rates which are sustainable is important. How do many virtual assistants determine their rates? This may surprise you but they determine rates after looking at their competitors’ websites. Some even go as far as asking the client to set the rate. Ideally, you should do a cost analysis and determine your prices. Anyone who wants your services should be able meet this cost.
Your business cannot grow if you do not determine your income accurately. To do this, you need to know what it costs you to run the business. Mistake made in determining rates are as disastrous as not marketing your business.
Determining Virtual Assistant Rates
As pointed out before, to set your rates and stay in business for the long-term, you must know your expenses. As a virtual assistant, you expenses may include:
- Cost of internet.
- Costs related to computer and software.
- Web hosting services.
- Telephone costs.
- Budget for marketing.
- Electricity costs
When determining expenses, you avoid depending on hunches and past experience. Look at your business and write down what cost of the above items really is. Revise your expense regularly to capture the actual cost of doing business.
Setting Virtual Assistant Rates: Be clear on package details
When you create a package, be clear on the detail and price. If you say “we post articles to your blogs for $10”, clients may get confused. Therefore, be clearer by saying “We post 5 articles to blogs at $10”. This helps to avoid a situation where a client expects 50 articles to be posted to blog at $10. Clearly, this would undercut your prices.
Virtual Assistant Rates: Listen to your Clients
Every client is unique and should be treated as such. You therefore cannot expect to meet their needs with one pricing approach. There are 4 main ways to charge your clients:
- On a retainer
- As a package
- As per individual projects
Before you quote any price or recommend a pricing system to a client, listen to their needs. This ensures that you provide a quote system that will be profitable to your business. It will also not hurt the customer. Remember that how match you charge can be used as a tool for retaining customers.
Know how long the Project will take
No matter how you charge the client, you must be sure of how long the project will take to finish. If a client wants to be charges as a package, be sure that the project does not take too long. If it takes too long, then the best charging options would be hourly. You can do this by understanding the scope of the project. Additionally, if you know exactly how long the project will take, it ensures that you meet client’s deadline.
It is important that you do not sell your services below your set virtual assistant rates as it may spoil your brand in the long run.